When do you invest in equipment and tools?

If you are in the business of home improvement or own a contracting business, you must know when to say when. There’s a time when renting equipment is chopping up profit and manual labor is too slow. A concrete company must know when to purchase a bobcat. Painters must eventually invest in a sprayer. I’ve seen many that look at tools as being too expensive yet when you have the proper tools for the job, everything is so much easier.

In my early days I dealt with a company that lived in the dinosaur days. We wore out our share of wheel barrels, sledge hammers, picks and shovels. Eventually the owner of the company seen the efficiency of having powered equipment and slowly made adjustments and investments. Some people take on side jobs feeling the entrepreneur zeal to stand on their own because they have the skill yet don’t have the equipment.  Therefore the job takes twice as long as expected or twice as much and they leave with no profit and loose that spirit to do for self.

For homeowners it’s better to rent, borrow or hire people for work far beyond your scope.  As for the contractor to become highly efficient and to keep your prices competitive investing in the proper tools and equipment isn’t an option.

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