Business Equipment | Entrepreneurial Resources
Equipment refers to a wide range of items from manufacturing equipment to office tools that help build an arsenal of entrepreneurial resources. Some equipment is considered to be liquid, that is easily converted into cash, while other equipment is considered to be fixed – long-term, tangible assets that are not easily converted into cash. Fixed assets, unlike real estate, are generally moveable.
Types of Work Equipment
- Manufacturing - welding tools, production lines, furnaces, machine tools, circular saws, power presses, and lifting equipment
- Building and construction - hand-held power tools, ladders, hammers, drills, knives, and screwdrivers
- Offices - computers and photocopiers
- Workplace and off-road vehicles - dumper and forklift trucks, tractors, rail and road haulage vehicles
Acquiring Equipment
The professional networking groups here know that purchasing a business’ needed equipment will depend on the type and amount of equipment required. There following are a few options to financing equipment:
- Use your own savings to buy the equipment
- Seek investors such as venture capitalists or angel investors
- Approach a financial institution to take out a loan
- Take out a capital lease from another organization
A capital lease is a lease of business equipment which represents ownership and is reflected on the company's balance sheet as an asset. A capital lease, in contrast to an operating lease, is treated as a purchase from the standpoint of the person who is leasing and as a loan from the standpoint of the person who is offering the lease, for accounting purposes.
Workplace Equipment Safety Employers are legally required to ensure that all equipment supplied and used for work purposes is safe and does not pose a long-term hazard or risk to employee health. These rules apply equally to all workplaces, from offices, shops, and hotels to engineering or car repair services.
All businesses must ensure that their equipment is used and maintained:
- To reduce the risk of accidents
- To reduce the damage to health
- To meet health and safety requirements and regulations
Employers are required to:
- Remain abreast of the maintenance required to keep the equipment safe
- Know the rules that cover the disposal of equipment
- Ensure that those using equipment have sufficient knowledge and training to use it safely
