Why is Renting Business Equipment a Smart Decision?
If you’re just getting started with your business, you might be considering whether it is better to lease or buy equipment. While this decision can be tough to make, there are a few things that will help you decide which option is best for your company. In this blog post, we will explore the following:
-What type of equipment do I need?
-Which lease payment options are available?
-How much does leasing cost?
-What are some benefits of leasing?
We’ll explore these questions in more depth below. First up, let’s take a look at what type of equipment you’re looking to use before deciding whether or not this can be leased. Not every piece of equipment can be rented – only certain types are eligible such as office furniture, tools (non power) etc. If your company needs heavy duty machinery that will last many years then it is probably best that you buy rather than rent so you know how much money your budget will cover over time. However if you need something that is short term, such as a laptop or office chair then it may be worth leasing so you can avoid buying the equipment.
Benefits of Leasing:
-You don’t have to make an expensive upfront payment which could leave your budget low after other costs are factored in. This means you won’t need outside funding from an investor or business loan provider
-The contract period for most leases ranges between 12 – 36 months and at the end of this time frame there is typically no obligation on either side meaning if something goes wrong, one party isn’t stuck with any leftover debt attached to it
Do I Have To Sign A Long Term Contract With My Lease Provider? In some instances yes but increasingly lease providers are now offering more flexible terms. The Hire Guys Balcatta have outstanding deals on all equipment you can rent from them.
Benefits of Renting:
-You can try out the equipment first, for example if you’re renting a car then you could rent it on an hourly basis to see how much usage there would be before committing to buying one
-Renting has no upfront cost meaning this is another way to control your budget
-There are no ownership responsibilities or worries about depreciation like you would have with buying a product
We recommend that businesses rent equipment from companies that offer flexible terms, more than one lease provider to choose from and competitive rates. This way you can create the best possible solution for your specific business needs.