As a business owner, you are probably well aware of how much it costs just to keep your business going. Startup costs can be very expensive, especially if you have to budget for all new equipment. Renting office equipment may be a better choice, especially for new business owners.
Lower Upfront Costs
A machine costs more than just its purchase price. You also have to budget for supplies, routine maintenance and replacement costs in case it breaks down. When rent from a copy service Washington DC, however, you pay one monthly fee that covers the use of the copier as well as any repairs it needs.
In order to get a substantial business loan that covers all your expenses, you need great credit and a solid business plan. A lease agreement, however, requires less exacting standards. For entrepreneurs who don’t have a lot of established business credit, a lease may be the easier financial option to get.
More Frequent Upgrades
Technology advances rapidly. You can buy the newest equipment model when you start, and manufacturers will make significant improvements several times before you can get the older model paid off. When you lease the equipment, however, an upgrade may be as easy as requesting the newer version as soon as it becomes available to rent.
Better Tax Benefits
Equipment leases are part of the necessary expenses you need to run your business. If you rent the equipment you need for your business, every penny you spend on the lease is tax deductible. Lease agreements are easy to document and help make filing easier.
Many of the expenses associated with starting or expanding a business are unavoidable, but equipment purchases aren’t always necessary. Take the time to assess which machines you need to buy and which ones you can lease. You may be surprised to discover how beneficial renting can be.