Professional painting contractor Scott Burt has written numerous articles for us over the years. Along with being a highly-skilled and sought-after painter and educator, he’s also a successful businessman.
I spent some time with Burt and his business partner Todd Pudvar on a recent trip to Germany, during which he mentioned an article he’d written for his site Top Coat Review. It will undoubtedly be of interest to most of you.
The article, "How Much Does a Tool Cost?," explores the question in depth and Burt offers some insights that you’ll want to hear. All of us are guilty of balking at price tags from time to time—and are undeniably cost-conscious. But Burt challenges us to take a harder look at how to determine a tool’s return on investment.
The first thing he considers is how quickly a tool can pay for itself. There’s an easy formula for that. Here are his two rules on tool investing:
1. Don’t buy tools you don’t need
2. Don’t lower your rates
Check out the original article for more insight.
Let us know how you determine a tool’s worth and how you approach tool buying, by commenting below.