Renting equipment to grow your business is a cost-effective, high-value way to explore new opportunities. Construction sites require machinery for digging, lifting, loading, excavating and other operations associated with large-scale projects. Leasing or renting that equipment can improve on-site operations, project management and budget control.
6 Reasons to Rent Equipment to Grow Your Business
Contractors often rent cranes, backhoes, dump trucks, portable toilets and other tools, equipment and machinery for several reasons.
In fact, the American Rental Association (ARA) expects the construction industry to continue renting more equipment in the future. That upward trend occurs because renting has several benefits over buying for many companies:
1. Saving Money
The upfront costs for long-term investments in heavy equipment are daunting. This option lets you find a weekly or monthly rental plan that’s right for you. By renting, you can allocate finances elsewhere, avoid depreciation costs and adjust which equipment you have on hand based on your job site.
2. Avoiding Maintenance
Maintenance and repair costs add up over time when replacing parts, changing fluids, and upgrading technology. Rental service providers take care of servicing and upgrading machinery for you, so peak performance is more cost-efficient than ever.
3. Decreasing Liability
Parties like contractors, subcontractors and crew members will be near your equipment on the job site. Rental equipment insurance and protection plans can decrease liability if you select one with extended coverage.
4. Solving Storage Concerns and Transportation Logistics
When you rent your equipment, you can get that machinery fast. Plus, the rental company will transport it for you when you arrange delivery and pickup times.
6. Accessing Updated Technology
Depending on your equipment provider, you might have the option to choose the latest equipment with updated features. Using the newest technology on the market strengthens your business’s competitive edge and increases your crew’s productivity.
5 Ways to Grow Your Business by Renting Equipment
Rental equipment can contribute to your company’s success in several ways. A favorable plan for the right equipment will enable you to:
1. Generate More Revenue
The more projects you take, the more money you make. Saving as much money as possible along the way helps keep your bottom line healthy. Renting is cost-efficient in several ways, reducing operational expenses and eliminating owning costs.
2. Start Specialized Projects
If you want to start a specialized or short-term project, you can choose what you need based on the project’s requirements. Rentals allow you to select purpose-built attachments, equipment or machinery for the project’s duration.
3. Explore New Areas
Right now, you might work in a specific area of construction. If you’re looking to expand your business by renting equipment, you may branch into residential, commercial, infrastructure or another specialized area.
4. Maintain Market Competitiveness
Keeping up with your competitors is vital to promote efficient and effective processes. Your customers get a better quantity and quality of services if you’re pushing to be their top choice. Access to an extensive selection of equipment lets you provide the best service with high-quality equipment.
5. Consider Rent-to-Buy Options
As a business owner, contractor or manager, you can rent-to-own or rent-to-buy equipment before purchasing it for the long run. This opportunity makes ownership more affordable and lets you get a feel for what you like and whether a machine suits your company’s needs.
Contact Carolina Cat to Expand Your Business Through Rental Equipment
The Cat® Rental Store offers a variety of equipment, machinery and tools for your needs. Learn how to grow your construction business by contacting us today.