Knowing When to Purchase New Equipment

In my 20 years in this customization industry, I have seen several people with way more equipment than needed. I can’t tell you how many trade shows I have been to where people had told me they still hadn’t opened the box of the last piece of equipment they bought.

We get drawn to that shiny new object trying to be everything to everyone. Then what happens is we tend to use the equipment we feel most comfortable with and end up having regrets. The best way to determine when to buy that new piece of equipment is to build a market for it first by outsourcing the work to a partner.

Then, as you can prove the validity of that market based on your ideal customer, you can determine an actual number you need to have saved, or sales goals you have to meet that then tells you when to buy the equipment. I know many people that, when looking back, wished they would have just outsourced almost everything but their core passion and competency and left the headache of new equipment to others.

Editor’s note: These and other questions are answered and discussed by Todd Downing and Aaron Montgomery of Our Success Group regularly as a way to continue to commune with the OSG family during the COVID-19 pandemic. You can find these live videos called Q&A With Todd and Aaron over at www.liveosg.com several times a week.

Learn more: 5 Things to Consider When Looking for Equipment Financing