Small business owners often don’t have the capital to buy all the equipment they may need for their work, especially when they’re just starting out. Fortunately, equipment you may need only on occasion can be hired on a short-term or long-term basis. This allows you to bid on projects you might not get otherwise without owning the equipment needed to complete the project in a timely and safe manner.
Hiring Equipment Saves Money
Depending on the type of equipment you need, there are many ways renting or leasing it can help your business save money. When you hire equipment for a single project, you only need to place a deposit on it and pay the rental fee, instead of outlying a large down payment as you would when buying it. Leasing equipment also has some tax advantages, which your accountant can explain.
Company Responsible for Repairs
If you hire or lease a lorry or forklift for a project and it breaks down, you won’t be responsible for paying for the repairs. Instead, the company you rented it from will be financially responsible for repairing or replacing it for you. This can easily save your business a great deal of expenses in repair costs and project delays.
Hire Best Equipment
When you hire or lease equipment instead of buying it, you will get to use the latest models. Instead of keeping equipment until it finally doesn’t move any more, you can upgrade it as needed or send it back when you’re not using it. If you only need a piece of equipment for the occasional project, you can hire it for a short time and have it picked up when it’s no longer needed, so you are not spending money on something that will only gather dust.
Experts Will Install
Some equipment you use for projects may need to be installed by the company from which it is hired so it is safe for your crew. Scaffolding allows employees to work with their tools and supplies next to them when renovating the exterior of a residential or commercial property or working on high walls or ceilings inside. However, if it is not correctly assembled, it can be dangerous, so experts from the company will assemble and then deconstruct scaffolds when they are hired for a project.
Get What’s Needed
When you lease or hire equipment, the company with which you work will help you get what you need. If you were to buy a piece of equipment, the salesperson would likely be interested in making a commission on the sell and would try to sell you a more expensive model that you don’t need and can’t really afford. However, the rental company you work with will help you find the best model for your needs because they will make their money from the lease or rental.
Leasing or hiring equipment can save your business money, and there may be even some tax advantages for your business.