Issue link: https://resources.nanotempertech.com/i/1050533
19 Pro Tip If you are charged with taking the lead on purchasing the equipment for your lab, you should first ask how much it will cost. Some vendors will provide offerings that only include the product, but others may also include the so ware and, in some cases, consumables. Also, consider the need for a warranty and service, as you prepare for maintaining your system for many years. To get a sense of the total cost of investment, including upfront and follow-on costs, ask vendors what is and isn't included in the quote they give you. TOTAL COST OF INVESTMENT Budgeting properly for a new instrument means looking at more than just the price tag––there are other costs to consider. Here is everything to be aware of when thinking about the total cost of your investment. Purchasing costs – the sticker price of the new system Installation costs – how much it costs to have the instrument set up by the vendor Running costs – how much it costs to run the system in terms of consumables and energy Service and maintenance costs – how much you will get charged for repairs or regularly scheduled maintenance, and how that impacts lab downtime Support costs – how much it will cost to get technical support for the so ware or scientific support for your applications Additional so ware upgrades – what you can expect to pay for major so ware upgrades Next, you will need to figure out how to pay for it. Your organization may already have a plan in place for purchasing new capital equipment, in which case you may be able to use money that has already been set aside. Alternatively, you can factor the new equipment purchase into a new budget for the following year. Depending on how the purchasing process works at your organization, you may need to involve a lab manager or procurement officer. Find out what kind of documentation you need to provide in order to gain approval. The sources of funding for new equipment vary between academia and industry. At a university, researchers will need to apply for public grants or receive funding through private sources such as donations from research foundations, individual donations, crowdsourced funding platforms such as GoFundMe, or collaborations with other groups that have similar interests.