Sticker SHOCK! š²
I have been doing my office's annual purge and came across some old invoices from the earliest power equipment my business purchased. Believe it or not, some of the equipment I use has doubled in price for the replacement model at today's cost. Since it is our responsibility as owners to be profitable enough to replace/repair equipment as needed, I find myself adjusting my equipment cost recovery number upward almost monthly in my budget. How often are you adjusting your cost recovery upward to adjust for the ongoing inflation?You Quit Your Job to Start a Business ā So Why Gamble on a Used Truck?
Everybody says the same thing: āJust buy a used truck, itās cheaper.ā Yet, That same truck breaks down 3ā6 months later. Now your jobs are delayed. Youāre borrowing vehicles from your spouse or rental. Youāre stressed out and behind on bills. And suddenly the ācheaper optionā is costing you way more. Here's my personal take: You quit your job ... You are betting 100% on yourself, to care for your livelihood. If youāre betting your whole future on this business ā why risk it with a vehicle that might leave you stranded? I hate blaming others, or the lack of accountability. So if I can control one variable ā like my ability to show up to the job, that will pay me for my services... Iām going to do it. But that's just my opinion. My hot take, What do you all think? I created this visual for myself to follow and share whenever anyone is deciding to get a vehicle.Should I lease or buy a work vehicle?
We at GB Plumbing decided to lease our first work vehicle as we thought we wouldnāt be growing or doing much besides having 1 truck. But once things got busier, and we had to start hiring more, we had to buy a truck pretty quickly to keep up with the demand of work, and same for our third vehicle.Maintaining Your Equipment: Tips & Tricks from the Prosā
As a business owner, keeping your equipment in good shape is key to staying efficient and reliable. Iāve learned that regular maintenance and knowing when to upgrade or replace tools can save a lot of headaches down the road. What are some of the tools or equipment you canāt run your business without? And how do you keep track of maintenance or repairs?ā* Maintaining your equipment is essential for keeping your business running smoothly. Over the years, Iāve learned that regular maintenance and staying on top of repairs can prevent costly breakdowns and delays. Some of my go-to tips are scheduling monthly check-ups, keeping track of warranties, and having a solid backup plan for when equipment goes down unexpectedly.
