The cost of living is rising quicker than it has in decades, and there are no signs of it slowing down any time soon. Therefore, businesses need to generate cash flow by any means necessary to make necessary upgrades and continue further. In the manufacturing industry, where unused machinery often lies in storage collecting dust, a great way to make some cash is to move them from storage and sell them. However, you need to prepare for your sale to get the most out of it – we discuss this further below.
Know What Can Be Sold
When you need to generate cash by selling used machinery, you’ve likely got a rough idea of what you can sell. However, it’s worth going through all of your machines to check if there is anything else of value to be sold. If you’re unsure about what equipment you can sell, ask for support and understand exactly what you’re selling – this will help better estimate the potential income.
Carry Out Market Research
To get the most out of your sale, you need to research the market to avoid making critical mistakes. The first step to take is checking site specialist sites like Surplex.com to find out what similar machines are currently selling for. If your machinery is relatively general, you can check out the likes of eBay as a secondary source. You need to price your product at the sweet point. If the machine is marked too expensive, you’ll turn away buyers, but if it’s priced too low, there’s no point in making the sale in the first place.
Inspection and Refurbishment
Sometimes machinery is taken out of use because it was faulty, in which case you’ll need to carry out a thorough inspection and make necessary repairs. However, if you are unable to refurb the machine yourself, you’ll need to have it repaired professionally. Selling a functioning machine is the best way to generate income, but you need to assess whether it is worth the time and money; you may make more cash by breaking it down into parts.
Take Photographs and Gather Documentation
Now your machine is ready to go, it’s time to gather together essential documents including maintenance reports, manuals, and purchase documents, which all prove you own the machine. Then, you need to photograph your machine to post online with your ad – a buyer won’t always be able to come and view it in person. When selling online, you need to be aware of fraudsters and time waters, so be vigilant and verify the seller early.
Find a Selling Site
Countless websites will sell your used machinery, but you need to choose the right one. If your equipment is relatively niche, find a website that caters to that industry (e.g., fabrication). Before posting your machinery online, be sure to read the small print for any hidden commissions and fees.
Cash flow is essential for staying in business and needs to be generated in inventive ways during times of recession. Have a look through storage facilities and sell any unused machinery to make some money.