When you purchase new equipment, the price tag is just the first expense your business will incur throughout its total service life. Before you purchase a big-ticket item—even when the equipment is meant to last for years—take the time to consider ancillary costs that will follow the purchase.
Some of these basic cost factors may include:
- Maintenance and servicing
- Annual safety or industry-specific inspections
- Costs related to unexpected facility downtime
- Improvements and upgrades