ESTIMATED READING TIME: 3 MINUTES
If you are in the process of establishing your business, you will have made a lot of important decisions as of late to contribute to the success of your startup. You should also be applying smart business decision making when considering whether to lease or buy your office equipment. Leasing is a great decision for your new business if you want to avoid an upfront cash expense and require equipment that is always up-to-date as your business develops.
No large sums up-front
Generally when you lease office equipment you do not have to provide a down payment, saving you money immediately. If you are buying the equipment you would need all of the money upfront and if you need lots of office equipment you can see how can easily add up. Cash is probably tight for your startup and leasing will allow you to spend your cash in other necessary places.
Does your business require the latest technologies? Will you be upgrading your multifunctional printer every couple of years? If you said yes to either of these questions, leasing is a great option for you. Leasing allows access to ‘cutting edge’ technology and equipment, if you sign a short-lease term you would be able to update your equipment every year or two. With a lease, you are not accountable to the cost of upgrading your office equipment.
Things to prepare for when leasing
You need to understand your financial situation, so know your businesses credit and prepare your financial information ahead of time to present to the leaser. Do your research about the businesses you are considering leasing from and once you receive rates and terms to a comparison analysis to find your best option.
Many businesses look at doing a combination or leasing and buying equipment. We recommend that you create a checklist of all the office equipment that you need and review connect with a local dealer. You will be able to figure out what equipment is best to lease and what would be best to buy.