A lack of space and/or a need for portability can make a conventional drill press impractical. In that case a drill stand, a lighter more mobile tool with which you can use a regular hand drill, can be indispensable. If you have experimented with inexpensive drill stands, you will know that they at best only reduce the margin of error when you need a straight hole. If you need to do precise work, and a quality drill press is out of the question, there is no other answer. You need a good quality drill stand, including a beefy steel column to ensure stability even when using larger drill diameters. It is also important to make sure the stand has enough drilling depth for your purposes.