Owning equipment is by far the most convenient way to use it – it’s yours, for better or for worse. On the other hand, while owning desks and computers for your business goes without saying, buying everything sometimes isn’t the best solution. Even if you opt for buying used equipment, your finances will likely be in worse shape (even in the long term, depending on your business type) than renting what you need.
Advantages of renting equipment are numerous, so let’s take a look at some of the main benefits.
Renting is Cost-Effective
Despite what many think, ownership doesn’t always beat renting in terms of cost-effectiveness. For example, although renting instead of buying a car for personal use is downright ridiculous, this doesn’t apply to business machinery. Expensive and difficult to come by, equipment includes a large number of additional costs; for example, storage, maintenance, repairs and registration fees. Opting for renting business machinery means a smaller upfront outlay, which makes it easy to predict your budget. Renting equipment is pretty basic and simple, meaning that there isn’t a whole lot of unforeseeable situations that may occur.
No Transport Costs
Transport costs might not be an issue for a company that operates within a single area. Every business that provides services across a country or even across a continent will have to set aside more money for equipment transportation, at least at some point. If your company is the latter example, renting will likely be a better choice – renting equipment such as forklifts in every town your business covers always beats having to deal with transport costs, delays, on-road damage and other potential issues.
Get the Most Up-To-Date Equipment
The modern business world is quite ruthless and the technology progresses at a rapid pace. Essentially, this means that a couple of years after purchasing a brand-new piece of equipment, you’ll have to come to terms with the fact that it will be outdated, less efficient and potentially more prone to break-downs. This is particularly a problem for small and medium-sized businesses, who are not as financially stable as large businesses and can’t keep up the pace with brand new state-of-the-art innovations. On the other hand, business equipment rentals base their business models on having the latest equipment at their disposal; this market is very competitive, which means that there will always be enough latest-generation equipment available for hire.
Pay Only When You Need It
You don’t need everything, not always! Of course, if you’re a business that heavily relies on your warehouse, owning a wide range of lifts is definitely the smart way to go, even if you have to refresh your equipment stock every couple of years. Alternatively, scissor lift hire is a fantastic option for companies that may occasionally need these. This definitely beats having to own a lot of equipment that you never use, not only due to maintenance costs, but also because unused business paraphernalia tends to break down somewhat frequently, especially forklifts and similar vehicles.
Dealing with Experts
Expert advice is irreplaceable. When buying equipment, you’ll likely get detailed instructions and an option to contact customer support. However, equipment rental services will not only offer quality advice, but also allow you to hire their own personnel for operating these machines, which, depending on your needs, might pay off significantly in comparison to having to deal with retailers.
This all having been said, it’s worth noting that buying business equipment is sometimes simply a better choice than renting, especially in terms of machinery related to your field of business. Renting equipment, on the other hand, offers you the most recent pieces of technology, will cut the costs that you’d otherwise spend on various fees and will provide you with experts that are always at your disposal.
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