3 Reasons You Should Rent Equipment
When is it best to buy new equipment and when is best to rent? It all comes down to cost and necessity. Investing in an expensive piece of equipment that directly generates income for your business makes sense. But there are quite a few scenarios where renting is the way to go.
Renting will help you to manage your budget more effectively.
Budgeting is always front of mind when it comes to the purchasing of new equipment. Establishing a thorough needs and implementation period framework will ultimately be the deciding factor. You might only require a piece of equipment for a limited period of time or urgently need new equipment but don’t have the available funds. In this case, renting makes more sense. If your business is heavily reliant on the equipment on a daily basis it would be best to buy it upfront.
In a startup environment or small business, where cash-flow is already constricted, renting will allow you to save extra cash. This can be used on other essential business tools or simply to expand the business and its offerings.
Renting is also an effective way to counter the depreciation of assets. By avoiding large expenses you stay out of debt. When renting, you also have a clear indication of what your monthly expenses are and it’s easy to calculate the interest if you have a rent-to-own contract. On the other end of the scale, buying does have the benefit of a tax break for assets in new businesses.
Equipment rental means that it’s easier and cheaper to stay up to date with the latest technology.
In a business environment that relies heavily on technology, it makes sense to rent equipment. It places you a position to immediately get your hands on the latest technology. This way you don’t break the bank or face months of large repayments to only find newer alternatives once you become the owner.
Equipment rental is also a form of test-driving new technologies, helping you to establish what works and doesn’t work for you. Renting is also a good way ensure that your business can afford to keep up with its competitors and acquire more equipment to broaden your business capabilities.
Maintenance of your equipment is taken care of and you get greater access to other products.
Once you take ownership of any piece of equipment it becomes your responsibility to maintain it. If you rent, the supplier is responsible for the upkeep. This is not only a sense of financial relief but also minimises the pressure on whoever is responsible for maintenance.
If equipment breaks down, the supplier would be able to offer you a stand-in. If you were to buy the equipment, you would have to make alternative arrangements or do without the equipment until repairs are done.
Opting for equipment rental not only enables you to save on upkeep but gives you access to guidance on how to best use the products. A supplier that specialises in specific equipment rental can offer you personalised solutions. When you buy the product, however, added services usually end once the sale has been made.
For customised audio visual rental packages to suit your business’s needs, go to the AVT website to view their products.
