You’ve decided to bring out the big guns and invest in some heavy machinery for your business. But heavy machinery comes with costs. The first decision you should take into account is whether to rent or buy. Owning your very own machine can have its benefits and pitfalls, just as outsourcing a machine can. Here are some factors to help you decide whether buying or renting is right for you.
Consider your finances
The first thing to consider is your budget. Buying a tractor or die casting machine or an industrial printer requires a lot of money. You may be better off saving some cash and renting. Rented equipment can sometimes be better quality, as industrial equipment rental businesses can afford to buy the newest gadgets. Of course, if you’re having to rent the same piece of equipment every week, the cost may eventually build up to more than the cost of buying, which leads onto the next point.
How often will you use it?
Consider how regularly you will use this piece of equipment and for what length of time. You may only need it for a one-off job every year (for example, a carpet cleaning machine for a cleaning business), in which case renting might make more sense. However, if you’re finding you’re using that piece of equipment on a weekly basis, buying your own may be the better option. Buying for regular use will also ensure that get to know that particular machine. When renting, you may be given a different machine each time and hence have to relearn how to use it in every instance.
What space do you have to work with?
If a machine has to be transported somewhere, you may need to buy an appropriate vehicle such as a lorry to transport it in. Having a rental company deliver it straight to your site might make more sense for some heavy equipment.
For fixed machinery, you will have to consider your location and the space you have to fit the machine. If you have to buy extra space to put the equipment in, outsourcing one somewhere might be easier. Even if already have the space available, you should also consider how the machinery will get in and if there is a suitable entrance for it. Taking an industrial dryer through a small door and up some stairs might not be practical. However, some machines will come in parts, solving this issue (for example, some electric powder coating ovens can be delivered in parts and assembled on site).
How specialist is the machinery?
For very specialist machinery, few rental companies may offer it, if any. Even if you do find a rare rental company that does offer this appliance, it’s likely they will take advantage of this equipment’s high demand by setting the rental cost high. In these situations, it’s probably more profitable to buy. You may then even be able to rent out that piece of equipment yourself to other businesses!