It’s easy to think that when you need something, you should buy it. That way, if you need it again, you already have it. But there are lots of considerations when it comes to purchasing things in specific circumstances, and that’s when renting equipment may begin to make more sense.
Think about the four cases below where the process of renting something makes far more sense than trying to purchase it and store it for the long term. For small, specific jobs that use high-cost equipment, renting makes sense. If you’re doing an industrial job that requires something specific for a short period, renting makes sense. If you’re trying small business experiments in early stages, you can choose to rent instead of purchase. And, if the cost of an item along with its insurance is too much to handle, renting is also the preferred way of operating.
Small, Specific Jobs
When it comes to small specific jobs, many professionals choose to rent as the best way to go. For example, if you’re doing a wedding videography job and you need to use very high quality and expensive pieces of equipment, it might make more sense to rent your photography equipment for a day rather than put the thousands of dollars down to purchase it.
Then there’s the matter of industrial jobs. If you are a contractor and are putting together some sort of high-end infrastructure, you may need to do something like renting a nitrogen generator to operate all of the equipment necessary for the job. It would be almost impossible to purchase some of this construction equipment, and it wouldn’t make sense to own it because you have nowhere to store it anyway.
In Early, Small Business Experiments
Another time that renting items would make sense will be if you are trying some small business experiments that you are uncertain if you want to continue. For example, you could rent screen printing equipment if you’re just doing a short run of T-shirts. This will give you the chance to customize everything on-site, but you don’t have to purchase the equipment. Also, you wouldn’t rely on just ordering your products from a different service, because you have a higher degree of flexibility in house.
When Insurance Costs Are Important
There is also the matter of renting high-cost equipment when insurance is involved. If you need to use something that costs a lot of money, there’s always the chance that it could break or malfunction. If you can’t afford to purchase insurance individually for these items that you buy, you are out of luck if something goes wrong. However, if you just rented from a supplier somewhere, the insurance costs are built into the rental fee.