These days, there is an assumption that if you want to improve your business, you will have to spend a lot and amass a lot of things.
But that doesn’t have to be the case. More and more companies are realizing how much money and hassle can be saved if they embrace renting rather than buying.
For startups that want to function in a slimline and sustainable way, this simply can’t be ignored. Here are four things you should rent rather than buy.
#1 High-End Equipment
It’s definitely a good idea to rent the high-end and expensive equipment that your small business needs to have. In many industries there are specific items that are relied upon.
But these industry-specific pieces of equipment can also be very expensive to buy. Many companies still hand over their money because they think that these items are essential.
But maybe you can get around this problem by renting the equipment and making sure that your business stays financially viable at the same time. That way, you can get the best of both worlds, so keep it in mind.
There are many companies out there that rent out equipment on a long-term basis.
#2 Co-Location Services
Every business uses and stores data these days. It can be used for all sorts of things, and businesses wouldn’t be able to do half the things they do without it.
But do you really need to store all that data on your premises? For a start, that’s probably not the safest or most secure way to store data.
By renting storage space, you can let someone else take care of the hard work, as well as the bulk of the costs. Find prices for colocation storage and see how much it would cost your business.
You will probably find that it’s cheaper to do this than to deal with all that hassle in-house.
#3 An Office
You should definitely rent out your office if you want to keep costs down in the short-term.
Buying an office for your business is pretty expensive, and it’s not something that many small businesses do. It simply doesn’t make sense to spend all that money on one thing.
There are so many other things that will demand your attention, and you should spend money on those things instead. It’s much healthier and more stable to rent out an office space.
You will then also have more freedom because you can switch to another location whenever you want to.
#4 Corporate Vehicles
Hiring corporate vehicles for your company to use is not a great idea. When you do this, you will find that you have to take care of all of the issues and problems those cars have.
This can cost just as much as you spent on buying the cars in the first place. But if you rent a fleet of corporate cars, any problems they experience will be paid for and taken care of by the company you rented them from.
That’s why renting is always the better option.
So has your business considered renting some of the things I’ve mentioned above? If so how did that work out for you? I would love to hear your thoughts on this topic.