If you own a small business, you know that you have a large amount of expenses that you need to keep track of on a daily basis. One area that you may not have even put a lot of thought into budgeting for is the purchase of tools or equipment that might be needed to fix something else that breaks within your building. Thankfully, there are some options out there that can help you get what you need without breaking the bank. Here are 3 reasons why you might want to look into signing a contract with a company that provides a tool rental or equipment rental service.
Renting Can Be Significantly Cheaper
If your employees don't regularly work with tools on a daily basis, going out to the home improvement store and buying a wide selection of tools just in case something goes wrong is not very cost effective or efficient. Renting can add up over time, but if you are sure that you will not need the tools very often, it's probably better for your bottom line to just rent what you need during the few instances every year where tools are needed instead of having a shelf of expensive equipment you don't use.
Save Space in Your Warehouse
If you find that you suddenly need a larger piece of equipment like a paint sprayer or a tile saw for a specific project, you might be cringing at the idea of that machinery getting stacked up in some corner of your warehouse. This is especially true for small businesses that might not have a ton of warehouse space. By choosing to rent your tools and equipment instead of purchasing them outright, you'll know that you only need to find a storage spot for these items for the duration of the current job. This will allow you to free up space for more inventory, allowing you to maximize your profits.
No Maintenance Costs
Buying your own tools could potentially save you some money over renting over the long term, but stop and consider that when you own your own tools and equipment, one hidden cost you may not have thought about is that you will be responsible for the cost keeping those tools and equipment in working condition. If a tool is larger or has moving parts, things can sometimes break, and you will have to pay for the repair. When you rent your tools instead, the rental company is responsible for maintenance and will of course only be handing you tools for your job that are in top shape.
If you own a small business, you may find that you occasionally need some tools or equipment to keep everything running smoothly. But if you don't have a use for those tools very often, it might make more sense to use a tool rental service. Doing so will potentially save you money, both up front and in long term maintenance, and using a rental service like Location Ferrento will free up more space in your warehouse for more important things like inventory.Share