The benefits of renting laptops for your start-up
It is understandable to look for saving opportunities when pooling in resources for a start-up or a business expansion.
Regardless of where you are in your business journey, computer hardware is one expense that cannot be entirely eliminated. It can, however, be conveniently curtailed. It may be a common presumption that buying equipment such as laptops and tablets is one such cost, but there are ways around that too. Many small businesses are opting for laptop rentals, which is an absolutely effective way of instilling technology and keeping an influx of cash. Albeit the highlight of laptop rental reducing business costs, other advantages also make it a compelling option for start-ups.
1. Control and conserve your cash flow
Dolling out a lump sum of money to buy laptops upfront can take a toll on your newly established business. By renting laptops, you can conserve your working capital for daily business activities. These include rent, utility bills, and tax, payment to vendors/suppliers, wages, transportation, and other essential elements that could hinder business growth dramatically.
2. Maximise growth
When you choose laptop rental, it retains cash and makes it easier for your business to grow. When you have cash at hand, it saves you from any missed opportunities that otherwise would not be possible. The saved cash could be used as an advanced payment discount offered by suppliers or taking on new clients who would require an initial charge.
3. Effective budgeting
When hiring laptops for your employees, you are creating a pre-determined monthly expense that can help you in effective budgeting. Any information with which you can figure out what your expenditure looks like in the coming few months will be beneficial in developing long term plans. It will also maintain a healthy cash influx for your other business expenses. Despite your foolproof planning, there can be unexpected expenses, and you don’t want to be left in a lurch, so having this cash saved for rainy days will surely become a shield.
4. Keep debt to a minimum
It will be easier to get an investment or a loan when your balance sheet looks well maintained and attractive due to minimised expenditure. It is better to opt for laptop rental, rather than taking on long-term debt to fund the purchase of laptops and risk the prospect of future funding. Remember that rental payments are often looked at as a business expense.
5. Keep updated
Renting laptops and other computer equipment for the office is a cost-effective way of keeping up to date with the latest technological advancements. That is definitely a deciding factor when choosing to rent laptops as opposed to buying one because then you are not stuck with one for several years before upgrading it to the next best thing.
6. Tech support and customisation
Many companies offer to upload relevant business apps on the laptops when you rent from them. This would give you an added edge, and you can hit the ground running. Since you would be renting from professionals, all your security concerns would be taken care of as well since they know how crucial security is for any business. Not everyone can offer this kind of support, and it is invaluable when there is no time to be wasted on such things. Remember to focus more on building a business from the ground up.
7. Plenty of options
You can choose any laptop from the lot, which is not something everyone could offer. But when going for WiFi rental, many companies have a lot of choices, and you can find one that suits your needs ideally, and since you are not buying it, you always have the option of exchanging it for another if found lacking. Buying a laptop is a long-term commitment and requires a lot of forethought and research, but when choosing to hire laptops, all that mental energy can be used in other areas of business rather than this trivial issue.
8. Tax benefits
Renting laptops either over a short term or long term lease gives your business potential tax benefits. While preserving your working capital, your rental cost can be deducted from taxable income since it is a business expense. The rest of the details should be worked out with your accountant for advice in this area.
Whatever your laptop requirements, renting is a great alternative rather than parting with a sizeable chunk of your capital at the start of your business. Laptop rental can free up your cash for other business expenses, which are always popping up from the woodwork. It is better to be over-prepared instead of taking on an enormous loan that will put you years behind in your business progress. Give yourself and your employees a much-needed boost up, so that they always have that extra edge over others.