Benefits of Renting Equipment
Many business owners are faced with the dilemma; whether they should rent or buy the equipment they use on a regular basis. While many prefer to buy, just as many want to rent. Either way, there are benefits to both buying and renting equipment.
Here are some reasons why you should rent equipment instead of buying it!
You don’t need the money up front
Equipment can be very expensive. Many small business owners don’t have the money or the capital for a loan to be able to make these kinds of purchases, especially in the beginning.
If you can afford to buy equipment, you may prefer to spend your money on something else. There are always costs involved in running a business; your equipment doesn’t have to be one of the largest ones.
There is less maintenance when renting equipment
When you own a piece of equipment there’s regular maintenance that needs to be done, as well as any repairs. When you are renting equipment, they are usually in charge of maintaining the equipment, especially if you are only keeping it for a short amount of time.
If you are renting equipment, you may not have to worry about storage
Many companies offer storage for their equipment when you are not using it. This can really save you because you don’t want your equipment sitting outside in the rain, heat, and even snow. That is not good for it.
It can be really expensive to build a storage shed big enough to store all of your equipment. So you might want to rent whatever you need for the job.
There can be a lot of stress and worry when you own your own equipment
You’re going to have big monthly payments needing to be paid, whether or not you have jobs lined up. When you are first starting out and you don’t have much work, those payments can seem daunting. Even if you have been in business for quite a while, you are going to have slower times where you might not have the money to pay on the loan that you used to get your equipment.
When renting equipment, you can constantly upgrade so you’re only using the best
You will be using the best technology to do the job so you can often do it faster and more efficiently. Newer equipment is also better on gas, which will save you even more money. You also have less to worry about when it comes to your equipment breaking down since you are using newer pieces.
You can offer more options for your customers
If you’re able to rent certain pieces of equipment for one or two jobs, you’re going to be able to do different jobs. You won’t be stuck using your big equipment when something a little smaller may do. You may also be able to do ditches when needed because you can just rent something to get the job done!
Though many people feel like they should buy their equipment outright (or get a loan), for many renting equipment is a better option. You’re not going to have a big payment out front or a monthly payment until you get it paid out. You won’t have to worry about your slower times when you might not be able to pay on your loan because the piece of equipment is not being used. Then, there are the maintenance costs, as well as any repairs. However, you can’t forget about the storage also. You will need a big barn to store all of your equipment in and that can be costly too!
Contact us for all of your equipment rental needs.