How to Know When It’s Time To Finance Your Equipment
Virtually any type of business will, at some point, require you to have some sort of physical equipment in order to maintain it. Whether it be brick ovens for a pizza place, building materials for a construction business, or even a simple laptop for an online e-commerce shop, you will need to have equipment at your beck and call to perform your daily tasks.
The slightly unfortunate thing is, that even if you take meticulous care of your business equipment, eventually, you will need to spend money on things like maintenance & repairs, replacement, updates, and other expenditures that come with having “things” that you work with daily. Keeping up with your equipment can cost a pretty penny, and often times business owners cannot afford to make such big expenditures on their equipment when there are so many other costs involved in maintaining and growing a company.
Luckily, Equipment Financing loans are available to a wide range of business owners. Of course, taking out a loan does not come without its risks, so it’s important to be sure that an Equipment Financing loan is right for you. Here are three signs that it’s time to finance your equipment with a small business loan.
1. You Are Growing
Unless your entire business is conducted online, which is becoming more and more prevalent these days, if you want to grow your company you will more than likely need to purchase more equipment. Maybe you need more pizza ovens because you’ve expanded your restaurant to fit double the amount of people. Or maybe you’re opening up another branch and you need more inventory to stock up on. However you are growing, you will need to scale your equipment to match with your larger demand.
2. Your Equipment Has Broken
This is a fairly obvious one, but nothing in this life lasts forever, and that goes for equipment as well. Sometimes things break from damage or simply from overuse, and must be repaired or replaced altogether. Don’t let a malfunctioning appliance lose you customers. Instead, get funding for the money you need to have your equipment working at its optimum capacity, and keep your business running as usual.
3. It’s Time For an Update
Maybe everything is working “just fine” but the newest pizza oven technology has just been released, and can up your productivity 3X! Even though your equipment is functioning properly, sometimes it’s a better business decision to spend a bit of money to make a lot more of it. If having the newest, most updated equipment will help your business, it’s a good idea to make the purchase.
Ready to take the first step to reaching your financial goals? Click here for a FREE quote from Onebox Funding, and find the best loan with the lowest rates, today!