Purchasing equipment for any sort of industrial environment is not a simple process. It’s rarely as simple as going down to a dealership and making a purchase or stopping at a retail store and pulling out a credit card. These purchases often involve writing six or seven figure checks, dealing with financing issues and waiting anywhere from six months to three years to have a product delivered.

Making a bad industrial purchase can be a disaster for a small or medium-sized business. Fortunately, there are a number of services that are making it easier to purchase industrial equipment at affordable prices. Marketplaces in specific industries have popped up that allow companies to get the equipment they need at competitive prices. These marketplaces allow sellers to list the equipment that they have for sale and transparently list the prices up-front. Buyers that make use of these services can often get their needed equipment sooner and at much better prices than if they had ordered a product new.

If you’re looking for a piece of industrial equipment, such as a drill pipe, and aren’t able to find one of these on an online marketplace, you may have to deal with an original equipment manufacturer (OEM). First, make sure that you know what all your options are. Know which manufacturers can make the product that you need and what products would meet your industrial need. Understand what the pricing looks like and what the total cost of ownership is before making a purchase so that you know what you’re getting into.

There’s an old saying that the person with the most information wins. Make sure that you have all the information that you need about an industrial purchase, because making a bad purchase can end up costing a company a small fortune. You could find that your business bought unreliable equipment or that the purchase that you made isn’t what you needed if you don’t do your homework up front. Move slowly and get all the information that you can before making a purchase.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.