If you run your own business, the technology and equipment you use can have a significant impact on efficiency and the quality of your work. But for small businesses, buying and using the latest laptops, printers and any other necessary equipment can require significant cash outlays. This is why renting is a smart alternative. Rather than buying technology outright, renting allows you to rent the latest iPad, laptop or computer through low monthly payments. For small businesses or sole operators, this makes it significantly easier to manage cash flow and monthly budgets – and you’re not sinking money into technology that will soon become outdated. You and your business can continually run on current and up-to-date technology. There are also a number of additional benefits to renting:
Value added services
Many technology rental companies provide more value by offering free services to their customers. These can include loaner equipment if your rental equipment breaks down. If you rent a laptop, for example, and it breaks down or is stolen, you’ll enjoy the security of having a loaner laptop provided for you in the interim.
Continually upgrade your services
When you rent your technology you have a range of end of term options, including the option to upgrade to the latest technology. This gives you and your business the opportunity to be continually at the forefront of technology without having to put down a significant cash outlay.
When you rent equipment that is used for business purposes, the monthly payments can be up to 100% tax deductible. This makes renting a smart and cost effective option for businesses – they won’t have to part with large sums in one go and will still enjoy tax benefits.
Renting terms are generally flexible, giving you the freedom to update your equipment as your technology and computing needs change. This is helpful if your business takes on a new project or you embark on a new business endeavour.
There are a number of benefits – both financial and practical – when businesses choose to rent their equipment as opposed to buying it outright. It’s just one way that businesses can be frugal and benefit from a range of options when it comes to financing the equipment needed for a business to run and be profitable.
This guest post is a collaboration with Rent Smart