BusinessTeacher
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BusinessTeacher

How to Save Money on Equipment when starting a Student Business

Starting a business as a student typically involves a more restricted budget than other businesses that start out, and so it is essential that you manage your money well and spend wisely. A key part of starting a business is buying equipment, as without it you cannot do your job and your business will not be able to get off the ground.

However, that doesn’t mean that you need to spend all of your budget buying equipment, it is actually an area where you can look to be careful with your money to use it in other ways, providing an opportunity for greater success further down the line. Take a look at our top tips for saving money on business equipment and software below:

Tips for saving money on business equipment

Buy Second-Hand Equipment — The mistake that many people make when starting a student business is thinking that their business requires the latest technology and the latest equipment, bought brand new. However, this is not the case as quality second-hand equipment will do the same job, at a much lower cost.

Make use of University Equipment — Universities have masses of technology and equipment for students to use for their studies, much of which would be great to use for some of your business operations. Most universities support and encourage innovation and entrepreneurship from their students, meaning that they may grant you permission to use their equipment for your business.

Stay on the lookout for Offers and Discounts — Companies that sell and lease out products that you could use as your student business equipment will often have offers, active discount codes and loyalty schemes for you to make use of.

Maintain and Repair, rather than Replace — One of the best ways to save money on equipment moving forward and in the long term is to maintain and repair your existing equipment, rather than spending money on replacing it when it breaks. By properly maintaining and servicing your equipment, as well as repairing it, you will be able to make your equipment last much longer before being forced to spend money.

Lease Items of Equipment — If you do not have a pot of money to dip into every time you need to buy some equipment, leasing could be the solution for you. With low upfront fees and a payment plan spread across the length of the agreement, you can get your hands on quality equipment in a way that suits you and your business financially.

Alternatives to buying business software

Freemium Software — Freemium software is essentially created by companies to encourage you to buy the full version of their software. Many people like the basic version of their software and so purchase the full version, however you do not have to do this. Freemium products don’t have a time period associated to them, and so you can just continue to use them for as long as you like, or until your businesses grows to the point where the upgraded version of the software is needed.

Open Source Software — Open source software is produced by programmers and provided free of charge for you to download and install. This kind of software can prove to be a very cost-effective alternative to other very expensive pieces of software, saving you plenty of money!

Web Applications — Web applications for software can again be a very cost-effective way to benefit from quality software that is necessary for your business to operate. You do not have to worry about any of the technical aspects, simply using your browser to access the system, whilst also often being able to pay a monthly subscription, rather than paying the full price upfront.

BusinessTeacher.org are a UK-based company, aiming to be the UK’s leading provider of business educational support. We provide free business resources and learning tools, perfect for helping business students and professionals to develop their knowledge and gain a better understanding of different aspects of business. Our Business Q+A section and our Business Case Studies are a fantastic support to those looking to start a student business, helping to answer some of your burning questions and showing you case studies of other businesses in your industry.

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AllAnswers

All Answers Ltd is a UK company dedicated to excellence in education. With a number of flagship brands, we provide help and support to students and educators.