You’ll have to make a choice when it comes to getting equipment for your business - you’ll need to think about whether you want to hire it or buy it. Although you might instinctively think that buying it would be best - after all, you’ll own it then, and it can be an asset - it might be that hiring it would be better. Read on to find out some of the reasons behind this thinking so you can decide what’s best for you and your business.

Saves Money 

One of the best reasons to hire equipment and not buy it is that it will save you money on upfront costs. Buying equipment can be a huge cost, and if you can’t pay for it all at once, you might need to take out a loan which is a big financial commitment for any business, especially when they’re new or small. When you look at the cost of forklifts to hire rather than buy, for example, you’ll see the upfront costs are much smaller, or even non-existent. 

On top of this, there are lower maintenance costs associated with hiring equipment too. When you rent something, you’re usually not responsible for making repairs or maintaining it - that’s something the rental company deals with. 

Flexibility 

Business needs can change overnight, and just one new contract can mean you need a lot of new equipment - equally, the end of a contract means you might not need to many machines anymore. Buying equipment really limits the flexibility you might have, but when you rent the equipment instead, you’ll be able to quickly adapt to whatever it is your business needs. 

Plus, it’s not just about the number of machines you have or need; it’s about the type. It might be you need to do one job that requires specialist equipment, and buying it means you’ll be stuck with it and not need to use it once the job is done. Renting it means you can have it just for when you want it, making it a much better way to handle a project. 

Reduced Risk 

Equipment, especially anything technological, can lose value quickly as new and improved models and upgrades come onto the market. When you own equipment, you’re the one bearing that risk - when you come to buy new equipment, you’ll probably spend more, and if you were to sell the old things, you’re going to lose money. 

When you hire equipment, you eliminate this issue altogether, as how much the equipment is worth overall won’t make any difference to your balance sheet or mean that you make any kind of loss. 

On a similar note, you can easily make sure you always have the most up-to-date equipment when you’re renting because you can just switch what you’re using now for the latest model. That’s not something you can do quite so easily if you own the equipment, even though it’s an important part of staying competitive and making your customers happy.