When we talk of leasing business equipment, we instinctively tend to think of mighty corporations hiring huge chunks of robust industrial machinery, or perhaps even just fairly big businesses choosing to borrow enough hi-tec IT equipment to fill an entire fleet of spaceships.
It’s not always a concept that you would readily associate with Small Business.
For example, here at the Martin Print office, the only kind of leasing development that we’ve seen over the last few weeks, was when Old Bert borrowed the electric stapler, and forgot to bring it back again.
I’m not even sure why exactly he was trying to repair a leaky tap with an electric stapler in the first place, but Old Bert’s mind works in very mysterious ways, and I’ve long since given up trying to work him out.
But have you ever considered the advantages in leasing the very latest state-of-the-art office equipment, on a smaller scale, to suit your own business?
Leasing vital equipment can be of enormous help to new business start-ups, and can prove to be an invaluable strategy in getting a business off the ground in the first place.
But it can also play an incredibly powerful role for an existing Small Business, looking to grow and expand and take advantage of the very latest technology, without having to blow an absolute fortune!
You can lease more types of valuable office equipment than you may initially think, and the very handy lease agreement means that you can spread the potentially hefty cost over a much longer period of time.
This means that you get the brand new hi-tec equipment right now, just when your business really needs it – but you get to save your crucial capital for all the other demanding areas of your business!
It’s not a bad deal really, is it?
So, what kind of equipment can I lease?
Well, this is the interesting part. Just about anything.
In fact, it would probably be easier to list equipment that you wouldn’t be able to lease.
As I mentioned earlier, we tend to think of big companies leasing colossal structures of machinery which look like they’re capable of powering up several planets – but in fact we can think much smaller than this.
I’m not trying to suggest that you should go out right now and lease something as tiny as a pocket calculator, but it’s certainly true to say that just about any piece of office or business equipment which could genuinely improve the fortunes of your company, can be easily and conveniently leased without having to break the bank.
IT Equipment, Specialised Machinery, Point of Sale Equipment, Vacuum Cleaners, even a nice new bit of swishy office furniture. The list is pretty much endless.
If your business needs it, then chances are you can lease it.
How would it work?
After you’ve scouted around for the best deal and signed your lease contract, the equipment is yours to use, but will naturally remain the property of the lender.
You’ll then simply be charged a fixed monthly payment for the full length of the agreement.
It’s always a good idea to thoroughly check your terms and conditions before signing on the dotted line, as each offer could vary considerably, but you may only really pick up on this in the small print. For example;
How long does the agreement last for?
It’s all very well saving yourself a pot of money, but it might seem less attractive if you’ve tied yourself into a contract to lease an office chair for the next 72 years!
Who is responsible for maintenance and repairs
In certain cases, the lender may well cover the cost of any damage and may even offer some type of regular maintenance service – but it’s also worth bearing in mind that in many other cases, you will have sole responsibility, and so you need to work out if you’re going to be happy with this.
What happens at the end of the agreement?
Don’t just assume that the equipment will be yours to keep – remember that you’re not actually buying this equipment, you’re only borrowing it! So it’s actually destined to go straight back to the lender.
However, some lenders may offer end-of-term options in which you can upgrade to even better equipment, or get the opportunity to sign an enticing new deal.
You may even be given the chance to buy the old equipment outright at a knockdown price, although this is likely to fall outside of any official agreement, and be done purely on an individual basis.
Well worth enquiring about though, if you think this might be of interest to you!
Where do I go?
There are several options available to you, if you decide that leasing is the way forward!
Many banks and major lending institutions will offer great leasing deals for their valued business customers.
Alternatively, you could try a search for finance providers that specialise in equipment leasing for Business (such as FlexiCommercial).
This particular solution will allow you to choose the exact equipment that you need, and then apply directly through the financier.
The whole process is probably let simpler than you may think, just make sure that you shop around for the best deal!
In fact, this might be the perfect time for me to start looking at options for leasing an absolutely giant industrial stapler – something that is so huge it can’t just be picked up, taken out of my office, and never seen again….
What are your thoughts on leasing equipment? Could borrowing result in better business for you?