Purchasing office equipment and technology are two huge expenses for a new business. Heck, they can be huge expenses for any business. Understandably, you want the most bang for your buck. However, there is a way to get top of the line office equipment and technology without breaking your bank. In fact, there are additional advantages to leasing your office equipment as well.
It’s easier to secure financing for leasing than it is for purchasing. Generally, financial institutions want to see two to three years worth of financial statements before they will make you a loan. With leasing, you typically just have to show a good credit history for six months to a year.
Leasing improves your cash flow. Loans generally require that you put money down to purchase — sometimes upwards of 25%. Can you afford that type of cash layout? Leasing usually does not require any money down. You may have to put aside money for a deposit, but its nothing compared to 25%.
Keeps your company on the cutting edge. Technology and equipment are rapidly changing fields. If maintaining the latest and greatest is important to you, consider a series of short-term leases instead of buying every few years. Even better – some equipment leases have built-in upgrades as part of their package.