Construction Equipment Illustration
The average cost of a single piece of machinery needed on a construction job can easily climb to $10,000 or more. Once you need heavy duty equipment, you might find that the cost tops more than $100,000. Every time that you reach for your checkbook or credit card for new machinery, you spend money that cuts into your profits. The less profit you make, the less money you have to pay your workers and the less cash that you have for yourself. There are some simple ways you can save on all the equipment that you need to make more money for yourself.
Share Equipment
Did you know that sharing equipment lets you save on everything you need to operate your construction business? Though it might seem counterproductive to share supplies with your competitors, sharing lets you both make money. Two or more companies can invest in one piece of equipment and split the cost into equal parts. If you decide to share equipment, make sure you work out a schedule in advance that determines when each company uses the equipment and when each tool moves to the next company.
Rent Supplies
What happens if you need an expensive piece of machinery for one job but aren’t sure that you’ll ever use it again? Spending thousands of dollars or more on something that will just go into storage and sit there for years is practically throwing money away. Rental companies let you get all the equipment you need without spending a lot of money on things you won’t always need. Most companies require that you put down a deposit that it will refund you after you turn back in the machinery in good condition. Other companies only charge you for the rental itself. Check this out to see more about renting heavy duty equipment.
Buy Refurnished
Save money on all the construction equipment your business desperately needs with refurnished equipment. Why pay full price for machinery, when you can get practically new equipment at a much lower price? Companies acquire used machinery from other companies, make any repairs needed and restore the equipment to original equipment. Most pieces come with a warranty that ensures the equipment you buy will last for years. Buying refurnished equipment, renting supplies and sharing tools with other companies can all help you save on construction equipment.