Upgrading kitchen equipment can be a tough task for food vendors who haven't planned ahead. But, without good equipment your business suffers! So, start planning now and use these tips so that the upgrade won't be so costly.
First, set a budget: Create a budget and a separate bank account which you use only for upgrading kitchen equipment. The budget will tell you how much to set aside every week. While you may not have 100 percent of the money you need when it is time to upgrade, you'll have a big chunk of it.
Second, set a schedule: Take inventory of all of your equipment and the condition of each item. There usually isn't a need for upgrading each piece, all at once. Instead, pick one or two pieces per year and upgrade those.
If you bought a food truck which has a mix of old and new equipment, upgrade the oldest first, after upgrading anything that doesn't work or cannot be brought to a "like new" condition.
Finding Replacement Equipment: Don't think you have to go directly to a manufacturer for a specific brand of kitchen equipment. The Internet has opened many options to food business owners looking to save a buck. Just be careful! For example, a price may be hundreds cheaper at one store, but their shipping fees may make the total cost higher.
Keep your eyes and ears open for restaurants and other food trucks that are closing. Often, you can find used kitchen equipment when another food business closes their doors. Also, check restaurant supply stores that do not necessarily advertise heavy-duty kitchen equipment.
Financing vs. Cash: If you are able to find used or have set aside an account for kitchen equipment and can pay cash, you will save a ton on finance charges. If you do have to finance, be sure to compare interest rates.
Sometimes the bank may have lower rates, and sometimes in-house financing with the company you are purchasing your equipment from might have lower rates.
Warranties: If you are buying new equipment, you typically want to spend a little more for something with a better warranty. While it may cost you a couple hundred extra now, it could save you big money in the long run.
If you are buying used equipment, check to see if the seller has a warranty and if they do, find out if it transfers.
The Bottom Line: Use a combination of putting aside and planning ahead, to save thousands of dollars. And, create a long-term plan to keep from encountering any surprises.
So, check for sales, watch for food service businesses which are closing, keep a separate savings account, budget for equipment, and upgrade a few pieces each year or two. You'll save money, headaches and downtime.
article: Richard Myrick
image: Stéfano Girardelli
