To hire or to buy? That is the question.
Those in the market for tools have a wide range of options to satisfy their needs. There are thousands of suppliers on the market at the ready to sell you shiny new tools with a price tag to match. Fortunately, there are just as many tool hire companies floating around as well. The question of whether it’s better to buy or to hire tools remains a constant debate amongst workmen.
Everything from your everyday hand tools to complex pieces of equipment can be either bought or hired. The freedom and flexibility that comes with being a tool renter is something worth exploring.
Since construction is a job of such unpredictable nature and conditions, being able to not commit to equipment is a definite perk.
Let’s explore this notion of renting over buying.
What Can Be Hired?
Those not familiar with the construction game and its inner workings will be surprised to learn just how few companies actually own their tools & equipment. You may be even more surprised to learn that almost any imaginable tool or piece of machinery is available to be hired. There is virtually nothing you have to buy.
Tools hire is the preferred method of most small and big industrial businesses.
Anything from scaffolding and gardening equipment to electrical hammers & welders is available for hire in most geographical locations. Rental companies will usually handle the logistics around getting the tools to and from you, which saves you the trouble.
Need some motivation to try this method? We took the liberty of listing the top five reasons why hiring tools is preferable to buying.
5 Reasons Why
No Storage or Transportation Costs
Power tools and construction equipment can be both expensive & space consuming.
Lugging tools and machinery between work sites is an added expense & requires additional effort by you and your team.
By hiring tools, you eliminate this problem. The rental company will be responsible for the transportation and delivery of the equipment you have selected.
What’s more, you won’t have to provide storage space for the tools when not in use. When the job is done; back to the rental company they go.
Two important facts:
- Tools and equipment purchased by a company are a taxable transaction.
- Tools and equipment that is rented by a company is a deductible
Hiring tools is viewed as a project expense and can be claimed back in your file. This is clearly beneficial to any company filing a tax return.
No Commitment Necessary
In our opinion, the best thing about hiring tools is being able to avoid the long-term commitments that come with buying.
By only renting equipment for a scheduled period you’ll be able to grow the way your business tends to. You won’t be held back due to the limitations that come with owning a specific set of tools.
Week by week, month by month, your range of tools can change to accommodate the jobs presented to you. You’ll never find yourself turning down a job because your equipment isn’t right for the job.
Best On The Market
Construction tools and machinery are ever evolving industries. Tools are continually being updated and upgraded to suit consumer needs. When you commit to buying a certain piece of equipment, it will be a while before you can purchase the updated version without making a loss.
With tool hiring, the task of staying up to date with the newest versions of tools falls on the rental company. It is almost guaranteed that you’ll receive the most up to date versions of each tool at any given time.
On top of this — the tools will be clean and well serviced for optimum performance.
Initial Investment Saving
In a start-up business, spending an initial lump sum of money on capital equipment ties up most of your money before the first job has even begun.
You’re unlikely to get this money back until you eventually sell the equipment in question or set enough profit aside to cover the amount spent slowly.
Instead, turning to tool rental is a way of avoiding this initial loss altogether. Your overheads are kept low from day one. You’ll only rent the tools and equipment needed explicitly for each job & the costs involved will be covered within the contract.
Handy Tip: Make a Checklist
Prepare a checklist for hiring before acquiring tools for each job.
Be sure that all avenues of your workplace are covered and that you’ve requested adequate tools to handle any event. Work sites can be unpredictable, and since you don’t have any tools of your own laying around, you need to be prepared.
Some points to consider when approaching a tool and equipment rental company:
- Do they offer training and customer support on each hired item?
- Are their products safety checked after each use?
- How often is maintenance performed on their more significant power tools?
- What payment plans do they offer?
- Do they have every tool you need for this specific job?
At even just a glance it is evident that the benefits of tools hiring far outweighs that of buying one’s own.
Regarding cost saving, flexibility and staying up to date with the best models tool hiring is a sure winner. No surprise that eight out of 10 businesses prefer hiring over owning when it comes to construction equipment.
Don’t delay! Hire today!