Recycled, used, rebuilt, remanufactured, previously owned, up-cycled, whatever the name may be, buying brand new equipment for your business is often not necessary or budget friendly. As a business owner it is generally more prudent to do a small amount of research and purchase a previously owned piece of equipment. Below are some tips I have found to be useful after many years in business.
Purchasing Previously Owned Equipment:
Tip #1: Know Your seller. Define Consumer Service. Business Owner Beware!
It is easy to go online and randomly search for a product. Undoubtedly there are thousands of companies nationwide, even worldwide that can supply equipment for your business. Do some research. As a business owner, it is your responsibility to check the better business bureau, read consumer reviews, and be aware of the type of company you are dealing with. Loyalty goes a long way, if you do find the right company, stick with them. Reciprocity is a key ingredient for good business.
Tip #2: Know Your Product.
Even the most honest of salesmen will not know the inner workings of your equipment needs. As a business owner, that is your job. For example, in my company I know that many remanufactured circuit breakers have no extended warranty; therefore I know what problems to expect from all the major brands and look for that when I make my industrial switchgear purchases. Being knowledgeable about your trade and business needs can prevent major profit loss. My research on industrial switchgear purchasing has saved my company thousands of dollars in wasted expenditures.
Tip #3: Know Your Business.
This applies to most major resellers. Know the correct time to replenish your stock. For example, if you are a retailer of industrial circuit breakers (such as myself) and tend to sell 5 low-voltage switchgear units a year, is it wise to purchase 20 simply because the price is right? Or, if you tend to make those sales in the spring, is it wise to purchase those units out of season? Likely, the company budget can be spent in a more profitable area. I refer to my consumer base, locale, and expenditures before making any impulse industrial switchgear purchases. Price is not the only mitigating factor.
Tip #4: Know Your Inventory.
On the other hand, if presented with an opportunity to purchase previously owned equipment for a reasonable price, you should be able to know how much you already have in stock. Delaying a close on a deal to check your inventory may result in losing out on a great opportunity. Be prepared when opportunity knocks. Quality previously owned equipment is often a good investment.
Tip #5: Know Your Audience-After Purchasing Tools Used In Industry Your Previously Owned Equipment
As a business owner primarily concerned with industrial switchgear purchasing I tend to focus my sales on companies. Know your target, who does your carefully selected inventory appeal to? Minimize wasted time trying to sell to an uninterested party and know who your products appeal to.
As a business owner, I purchase and sell previously owned equipment with a considerable air of caution. As far as my trade is concerned I have done considerable research about industrial switchgear purchasing and I feel the time spent was well worth it. A little time and research about your industry can increase profits considerably.
