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To Hire Or To Buy?
(This is a contributed post)
All businesses require equipment in some capacity. And, as you well know, not all equipment lasts forever, nor is it needed throughout your entire business lifecycle. With that being said, one of the key decisions you need to make is whether to hire or buy the equipment. In this blog post, we will look at the pros and cons associated with both options so you can determine the best solution for you.
When to hire…
The best thing about hiring equipment is that you can cater to seasonal demands and busy periods. You should definitely hire equipment if you are only going to require it for a short space of time. This is often the case for dry ice blasters and other equipment of this nature. A lot of people also decide to hire equipment for their business when it is an expensive piece of kit and they want to try it out before they buy it. After all, you want to make sure that your business is going to be well spent.
You may always want to hire equipment if you are a start-up and you do not have the money available at the moment to purchase the equipment outright. Your budget will often dictate what sort of solution you are going to go for. While hiring is cheaper to begin with, ownership can work out cheaper over time if it is a piece of equipment you are going to use continually. You also need to consider the fact that you will be responsible for the maintenance and servicing of any equipment if you own it, whereas this is not the case if you hire it. You will be supplied with a replacement as soon as possible and at no cost to you if something goes wrong.
When to buy…
If the piece of equipment in question is an integral part of your business and something you are going to be using on a daily basis for your company’s lifespan, the obvious solution would be to purchase the equipment. Yes, this may be more expensive to begin with but it will actually work out much cheaper in the end. If you were to hire the equipment, you would simply be paying out money month-on-month for something that is integral to your operations but you have no ownership of. A lot of people also do not want to be too reliant on hired equipment, as they view it as risky.
As you can see, there are pros and cons associated with both options. It is all about determining what is right for your business and the situation you are in. Hopefully, the points that have been discussed above will have helped you to come to the right decision for your business.
