Businesses and companies differ in style, purpose, and structure but regardless of how they differ among each other, there are few that use any size and sort of equipment that can afford ill-matched for the task or sit idle and unused. There are various markets that offer the equipment you can rent for any purpose it may serve — Strongbox, for instance, offer a wide range of up to date industrial equipment that can satisfy business purposes. Apply a cost-benefit analysis to result in you a much stronger sense of which option fits best, as well as where and why. Here are the advantages you need to know about renting equipment versus owning it.
- Forgo the upfront investment. Equipment which is not tied up to a large chunk of money frees up funds for a business to pursue an opportunity and keep up other important parts of the business.
- Decrease long-run expenses. With rental equipment services, the cost of maintenance is being shouldered by the company and tends to be less predictable.
- Avoid storage and transport costs. Rental can save you from the worry over logistics in transporting and storing equipment from site to site.
- Save at tax time. Rental businesses are a deductible expense, while purchased equipment gets tax at a depreciated rate over its lifetime.
- Maintain strong borrowing power. Banks and Internal Revenue Service does not look at rental equipment versus owning it the same way. Rental expenses are not seen on balance sheets so it maintains stronger borrowing power for a business.
- Achieve worry-free compliance. Choosing a construction equipment rental can relieve of the business’ need of tracking the sporadic regulations changes and provides automatic, consistent compliance.
- Reduce waiting and other associated losses. Lost time at job sites would lead to the loss of profit and compliance, so it is never good to have people waiting around for an equipment still in use. A rental equipment can provide its on-demand delivery and you can pick it up to the exact time frame you need.
- Avoid long-term commitment. The thought of purchasing brand new equipment can cost a lot of money and must be busy to continue its purpose for buying it. It comes along with warranties, service contracts, financing options and other things you will have to worry about. With renting equipment, you avoid the anxiety of having to work will all the things needed for an owned equipment.
Rental equipment provides its customers the convenience and relief of not having to keep up with the machine’s maintenance. Check for a reliable rental equipment company deal that can provide for your equipment needs.