What Should One Be Doing – Buy Heavy Equipment or Take Them on Rent

Heavy Equipment serves you in a number of ways as far as your business are concerned. However, it has a high price attached to it and normally businessmen are baffled thinking if they should be buying the machine or take them on rent. Taking them on rent sounds to be a good option but has its own problems. If you take the equipment on rent, it definitely means you’d be using a used machine and hence can’t always be sure that it’s not going to give any troubles. There have been numerous instances where the person taking it on rent had problems with the machine. (Not at B&R Equipment)

At times, it just broke off or it consumes too much of fuel and perhaps isn’t that productive. The common reason to this problem is the people who take it on rent are very much aware that they don’t own it and have to return the equipment once the term of the contract gets over. Therefore, they use it without taking any care for it. Maintenance is hardly done and hence the machine keeps giving some or the other problem. Thus, it becomes imperative to distinguish properly if you should be purchasing a new machine or go for a rented one.

There are few things that one needs to understand before they take a decision. Only on the basis of considering few parameters, one must either buy or take the equipment on rent.

Finances:-  Before you come on to the decision of buying heavy equipments, it’s prudent that you check your financial position. You also need to plan things like wages of the workers, payment of utility bills and any other bills that needs to be paid to keep the business running. You might consider taking a loan but that should struck your mind only if you’ve a fortified business plan where you are pretty confident that nothing can go wrong and you’d end up making money. That will nevertheless help you to pay off the loan amount.

Know your business requirements:-  You should do your homework before you start thinking about buying/renting heavy equipments. Try to know the project you are dealing with and for that what kind of machines you’d need. Once you’re sure of your business requirements, you can chart out a plan where you can state which machine is needed for what purpose and try to streamline your work.

Take suggestion from people in this domain:- You can always take suggestions from people who have spent good number of time in this business. They will be in a better position to guide you. Their experience in this domain will benefit you for good. Thus, it’s important that you reach out to such people who are in your good books and you are sure they will not throw you in the dark.

Take references:-  Once you have taken a decision, you can also ask for some references. You get them from the people who’ve advised you with things. Check if they can help you out with few names with whom you can do business with. They can certainly give out some names from where you can buy/rent equipments. (Like at B&R Equipment)