Equipment Leasing: Advantages for Small Businesses
Owners of small businesses already have enough financial worries without concerning themselves with the cost of buying new equipment to operate their company. Instead of purchasing computers, desks, ovens and anything else needed, it often makes more sense to consider equipment leasing instead. Learn how leasing can save money while improving your business capabilities at the same time.
Learn What Equipment You Actually Need
Imagine buying two copiers for your office only to later learn you can function with just one. Rather than go through the hassle of having the copier boxed up, shipped out and returned before getting a refund, it’s better to have a short-term lease so you can switch out equipment to see which is the best fit for your current needs.
Ease Your Financial Burden
You may not realize it, but you can deduct certain lease payments from your taxable income, which sweetens the equipment leasing pot even more. There’s also the fact that you might have trouble finding a financial institution that’s willing to offer you credit for buying up all the equipment your business needs, something you don’t have to worry about when you lease equipment. Finally, you may prefer the budgeting freedom that comes with making monthly payments on leased equipment instead of the lump sum payments of purchasing, which can set you back financially for several months.
Do Away With the Cost of Maintenance
Just like with automobiles, office equipment also requires occasional maintenance, which equals extra costs. Depending on the item, you may need to have it serviced ASAP, which means coming up with the money ASAP. Leasing companies take care of the maintenance, and you could have the option of simply switching out the malfunctioning equipment for an upgrade without increasing the cost of your payment.
Stop Worrying About Disposal Woes
While you may be able to sell office equipment you no longer want, there’s a chance you may have no choice but to dispose of it on your own. Companies that use massive pieces of equipment like jets or trucks may not be able to simply dump unwanted equipment in the trash. Environmental regulations could limit your disposal options, leaving you with a problem on your hands that diverts time and resources from the day-to-day operations of your company.
Equipment leasing can be a great advantage to small business owners who are just getting started. Less money spent on equipment equals more money funneled to other areas of your business.