As your business grows, you’ll probably need more and more equipment to keep up with demand. This can lead to multiple costs for your company. You’ll need to purchase the equipment, maintain it, and have it repaired. Leasing office equipment may be a more cost-effective solution here. Many businesses lease items that see heavy use. These could include everything from ice machines to printers to more specialized machinery. Here are the main pros and cons of these approaches:
Buying Office Equipment
Buying a piece of equipment has advantages and disadvantages.
- You can get the exact model or specifications that you’re looking for.
- You’ll be able to modify the equipment as necessary.
- You will have 24-7 access.
- You are responsible for all maintenance and repair fees.
- You may not have the budget to buy the most advanced model every year.
- When the equipment reaches the end of its lifespan, you will need to remove it.
- Keep in mind that some equipment can’t be sent to a general landfill. You will need to research alternative options.
Leasing Office Equipment
You can also lease office equipment from a rental service or, in some cases, a retailer.
- Leasing allows you to get equipment on demand, which can be an advantage for seasonal businesses.
- Leasing office equipment creates low up-front costs, which is a good fit for businesses just starting out.
- You can also access the latest models or features.
- If technical problems come up, you can typically contact your equipment’s provider to repair it.
- Long term, this may have a higher cost than outright buying the piece.
- If your business needs a highly specific model or kind of equipment, you may struggle to find one for lease.
Which Option is Right For You?
Generally speaking, most businesses can benefit from leasing or a hybrid approach. In the second case, certain items needed year-round can be bought while the rest are leased as needed. This gives businesses a lot of flexibility to deal with industry shifts and customer demand. If you’re in a fast-moving industry, leasing equipment allows you to upgrade quickly. This way, you will stay at the cutting edge of the latest technology.
Are you interested in leasing office equipment? You’ll need to find a company with experience and a wide range of products available. To lease industry-leading office equipment, contact Golden Gate Office Solutions today.