What You Need To Do Before Leasing Equipment
Just about every business needs some kind of equipment in some shape or another. Maybe you just need a new computer and printer, or maybe you need equipment to manufacture your range of products. Even the small stuff adds up, so how do you get everything you need without blowing your equipment budget? Here’s what you need to think about before you start equipment leasing.
Plan Your Equipment Needs
When you’re working with a budget, planning is essential. Pick a number you’re comfortable with for the total rental costs, but keep in mind that this needs to include any other fees you may also need to pay.
You should also consider which pieces of equipment are abolutely necessary to running your business right now, and which pieces would simply be nice to have. Keep in mind your growth goals and consider where you want your business to be several months or years into the future. Would you need more equipment to meet those goals? Would regular equipment upgrades be essential to your success?
You should also factor in the educational aspect. If you don’t know how to use the equipment, will someone at the leasing company need to teach you?
Research Potential Leasing Companies
Leasing companies can vary greatly from one place to the next, so you’ll want to do your research before you ever hand over your cash. Forming a good relationship with your company can make new rentals easy, and you may even snag some extra discounts. Try to find out exactly who you’ll be working with throughout the life of your lease and see how they relate to you and your company goals. Make sure the company has been operating for a while and has a good track record.
When you get your hands on a lease agreement, make sure you understand all of the terms. It’s important to know who is responsible for regular maintenance and any repairs before they need to happen. This way the disruption to your business is as minimal as possible. You may also want to ask if it will be possible to upgrade your equipment before your lease is up.
There are many benefits to equipment leasing, but there’s also room for error if you don’t pay attention to the details. By planning out your needs accurately and screening potential leasing companies, you can find the equipment you need on your terms.