Preparing To Set Up A New Office?
Filling your new office space with equipment is one of the most essential parts of transitioning into a new workplace environment. From copiers to printers to fax machines, there are various essentials to incorporate into your new space. Your office setup options are endless. Even after you have established what equipment you’ll need for your particular office, however, your decisions have only just begun. The next step is to determine whether you will want to rent, lease or purchase these additions to your space.
While this aspect of planning your space may not be at the forefront of your mind, it is an important aspect of the process that deserves sufficient deliberation. That’s why the professionals at Powers Business Machines has made a list of the pros and cons of either choice, so you can make the best choice for your business!
Buying Office Equipment
Several businesses starting from scratch will initially assume they will need to buy all of their equipment directly. This may be a perfectly viable option for many business owners, but it is worth noting that buying outright is not your only option! Your budget and professional needs will determine which (if any) pieces of equipment are best to purchase. Here are some things to consider when buying office equipment:
Pros
- You have full ownership of the equipment
- You can claim capital allowances over the asset
iii. You won’t stick your firm into a long-term contract, which may be tedious to end
- You will pay less total costs than you would in a lease or hire-purchase agreement over time
- You have complete control over the equipment, not beholden to the company you are renting or leasing from
- You can re-sell the equipment at any time without involving an additional party
Cons
- Though you may pay less over time than in rent or lease options, the initial cost of buying the equipment can be very high and cannot be avoided
- Being the primary owner and operator of the equipment means you will be held responsible for any maintenance that needs to be done as a result of wear and tear, as well as any costs associated with these repairs
- Even as technology advances, you may be stuck with the same equipment even after it becomes outdated in your field
Leasing Office Equipment
If buying your equipment outright isn’t right for you, you can opt instead to lease or rent. While purchasing directly can be a great option when budget permits, leasing is one of the office setup options that is worth considering when you set out to furnish and fill your office space.
Pros
- Without the need to pay the entire cost up front, you have the option of choosing newer or higher-quality equipment that may be out of your budget to purchase directly
- Leased equipment can be easily upgraded with some adjustments to your contract
iii. Any maintenance costs are covered by the leasing company, so you need not worry about paying huge fees to fix the inevitable wear and tear that can develop over time
- Because you are renting the equipment from a leasing company, you can pay for the equipment in smaller installments over time instead of footing the entire bill all at once
Cons
- Leasing contracts can be more difficult to uphold than simply owning the equipment outright
- Deposits may need to be made in advance
iii. While the lease means smaller installments over time, the overall cost of renting is often more expensive than paying for the equipment all at once
- Though you will have the freedom to use the equipment while it is under your contract, it will ultimately remain the sole property of the leasing company, meaning you may not have the final decision on how the equipment is used and cared for
Ultimately, the decision of whether to buy or lease your office equipment is your own, and there is no clear answer as to which is better or worse. Rather, both choices come along with a series of advantages and disadvantages that will impact individual businesses differently. We hope that this look into the pros and cons of either option will help you determine your professional and budgetary needs for setting up your office space so that you can make the best possible decision for your business.
When you’ve got questions about your office setup options, contact Powers Business Machines. Our experienced team will help you find the best combination of equipment and options for your business.