What is the best time to buy technology? If you are running your own, small business, you have no doubt thought about the ways that having greater technology could improve things for you and your customers. However, as a small business, you are not likely to have the money for much right at the start. So when is the right time to purchase technology for your small business?
The truth is that you should be purchasing technology from the very start. Modern businesses cannot survive without it. To get started as a company, you will likely need a computer, and internet connection, several types of software or apps, and a printer/scanner. However, many businesses will require more just to get off the ground.
Once you have everything you need to get started, you should hold back for a while until your profits are strong enough to recoup your starting costs and, at a minimum, cover your monthly expenses. The safest time to start purchasing additional technology for your small business is once you can comfortably dedicate 7% of your monthly profits to the purchase and maintenance of technology.
Once you finally reach that point, you do not need to go crazy. There are many affordable technological solutions that work for small businesses. Rather than purchasing expensive software programs, utilize budget-friendly apps that accomplish the same thing. Opt for refurbished computers and other devices instead of purchasing them brand-new. Essentially, always research your options in advance and select the one that is best for your bottom-line.
Remember: technology is vital for your business, but it isn’t a good reason to land yourself in debt. Be patient and do your homework to get the best results for your small business.
What technology have you purchased lately that helps you in your small business?