5 Benefits of Equipment Rental
Having the right equipment on hand for the right job is critical to success in industries as varied as distribution and warehousing . Businesses needing new warehouse equipment (such as lift equipment), however, sometimes do not realize that they have options when it comes to obtaining these items.
For example, for companies that are struggling to find the money for such a large purchase, who are facing short-term needs for certain equipment, who do not want to be burdened with compliance concerns, and/or who wish to reduce their overall expenses, equipment rental can offer a number of advantages. Here are just a few of them.
1. Equipment rental provides access to new opportunities for businesses.
Say you are bidding on a contract for distributing a new product. Unless you can guarantee access to turret trucks, reach trucks or order pickers, you could lose the contract. Maybe you won’t even consider bidding on the job at all. And that means missed opportunities, missed revenue, and limits placed on your business. All because you could not access the right piece of equipment.
At the same time, it may not be possible to purchase a piece of equipment for a new job. If you lack the significant capital required to obtain this equipment right away, buying outright is simply not an option. If you want the equipment and the contract, you need an alternative.
Equipment rental offers this alternative. You can obtain the equipment, such as forklifts, that you need for the job with rentaland that can enable you to say yes to opportunities that would otherwise have been out of your reach.
2. Equipment rental guarantees access to the right equipment for short-term projects.
Similarly, equipment rental can be useful for short-term projects or for accessing machinery you only need intermittently. For example, it is recommended that you only purchase a piece of equipment if you can put it to use 60-70 percent of the time. Otherwise, its usefulness does not justify the purchase cost, maintenance costs, and other expenses associated with owning a piece of industrial equipment.
Yet, many projects require at least the occasional use of certain pieces of equipment. In order to complete these projects without cutting into your profitability or being saddled with high expenses for a low-use item, consider equipment rental. Doing so gives you immediate and reliable access to all of the machinery you need for any project, without requiring you to expend money that could be better used elsewhere.
3. Equipment rental eliminates the costs of ownership.
Purchasing a piece of equipment, such as a forklift, brings with it a number of long-term ownership costs. For example, each piece must be carefully maintained in order to ensure both safety and long life. These maintenance tasks require expenses associated with hiring specialists, paying for parts, and handling downtime while the required maintenance is performed.
Equipment rental allows you to bypass these costs of ownership by giving you the use of the equipment without the expense and stress of keeping up with the maintenance, storage, and transportation costs. That job now falls to the rental company. You simply use the equipment for as long as you need, and then return it to the rental company to be cared for.
4. Equipment rental gives you access to state of the art machinery that is always in compliance.
For small businesses, a gap can exist between their older machinery and larger companies with newer machinery. This gap can often cost smaller businesses jobs that would have expanded their opportunities and their growth potential.
In addition, owning older equipment means needing to constantly be on top of ever changing regulations (Such as emissions requirements) that govern the operation of the equipment. Failure to comply, even unintentionally, with these requirements can damage your reputation and lose you business.
When you opt for equipment rental, however, you have the opportunity to close this gap and ensure that you are always in compliance with the latest regulations. Machinery made available by rental companies is generally newer, meaning you can guarantee access to the very same quality of machinery as larger companies when bidding on contracts. This up to date machinery can also make your job faster and more efficient, improving your performance over the long term.
In addition, you do not have to worry about compliance when you choose equipment rental. Compliance becomes the responsibility of the rental company. Instead, you can rest assured that you are complying with all necessary regulations without investing the time, effort, and money required to maintain that compliance yourself. Doing so can improve your overall business reputation and avoid potentially disastrous incidences.
5. Equipment rental gives you certain tax advantages.
Finally, equipment rental can give you certain tax advantages. For example, you may be able to immediately deduct rental equipment expenses, instead of depreciating them over time as you have to do with capital equipment. In addition, you maintain more borrowing power for your company. These advantages can further boost the financial benefits of equipment rental.
Whether you are looking to purchase new equipment or used equipment or want to look into equipment rental, Darr Equipment is here to help. We can assist you with finding and obtaining the best equipment for all your needs. In addition, we provide professional maintenance and repair to a wide range of industrial equipment, making owning your equipment easier as well. Our support can make it easier and less stressful to meet all of your industrial equipment needs.