Whenever you think of starting a business, first punch that shakes your mind is COST required to purchase business equipment. No matter if you think of a starting or expanding existing one, you always require finances to buy business equipment. Few years back, it was a real disturbing problem & quite difficult to deal with. However, it was past! Today, you don’t need to worry about buying business equipments because now you have the option to rent equipments for your business. The question of whether renting business equipment or not is tricky one, both obviously have their own advantages and disadvantages. Are you interesting in exploring advantages and disadvantages of renting business equipment? Let’s find out & make the most viable decision!
Advantages Of Renting Business Equipment
Although, there are both advantages & disadvantages of renting business equipments, but one factor that you should consider while taking the decision is Ease Of Payment. Payments while renting are competitively flexible & there comes a time when businesses get frustrated because of spending so much capital on equipments that depreciates, breaks or go outdated. If you don’t want to spend all of your capital on equipments, in that case renting is an efficient activity that can save you from all the hassle. I also believe it is wise to spend money on something more strategic than spending it all on depreciating equipments.
Businesses using equipments that often require update should definitely opt the way of renting because it enable them to acquire and use latest and updated technology quicker & easier. In addition, the option of renting is inexpensive and easy, it comes with predictable payments. Meaning, you don’t need to deal with large lump sum to buy what you require. Most importantly, renting is often 100 % tax deductable. When you purchase equipment you definitely have to pay related taxes, but renting makes set you free from equipment related taxes. Moreover, you will not have to pay for maintenance. Normally when there are issues due to normal wear and tear, leasing company takes the responsibility of fixing the equipment.
It is essential to note that, business do not require equipments for their premise only, equipments/services (laptops, iPads) used outside premises can be hired instead of purchased. There are businesses that take loans to buy business equipments. Trust me it isn’t a good idea, we have seen people going into deep debts because of loaning a lot of money. Renting enable you to efficiently deal with heavy financial blowback especially when you are starting. Equipment renting enables you to pay low flat & save money!
Decisions making is an important activity therefore, it should only be taken after knowing both sides of the story. We believe, by now you are well aware of the advantages of renting business equipment. But, you possibly should also know about the disadvantages of renting business equipments.
Disadvantages Of Renting Business Equipment
One of the major disadvantages of renting office equipment is the cost of deposit. You need to deposit considerable amount before renting the equipment. Since you don’t own the equipments, it gives you no equity. With renting, you don’t get the option to sell the equipment once you’re done using it. In short, there isn’t any potential to make any money back. You need to efficiently do your homework before leasing because there are some companies that have complex lease specifications.
Another thing that you should keep in mind is that that maintenance of office equipments often depends on the leasing specifications of the renting company. There are cases where you have to wait long time for fixtures that need immediate attention. Also, if you stop paying for your rentals, the company reclaims the equipments and you are left with nothing. It means that you always need to stay on the top of monthly payment if you want to continue using the equipment.
After reviewing all the advantages & disadvantages, I believe that business operating in today’s competitive world should rent business equipments since it is the most viable & trending option today. However, you need to figure out what do you want from that lease.
If you are thinking of renting laptops, you definitely should rent it from Hirelaptops.co.uk as they are industry specialists & serving big clients for years. They provide the most efficient service in most affordable price!