After finding a Plano office space to lease in that competitive market, the next step before moving in and starting the business is equipping the office space with the necessary office equipment. Most businesses would feel that a new office space would be even better with new office equipment as well!
This does not necessarily mean that one has to deplete their available capital before getting the business started. There are several ways to furnish an office with new equipment without having to spend a large amount of money. One way to accomplish this is through leasing. Just like finding a Plano office space to lease, there are many benefits to be gained by leasing office equipment.
Limited Resources
Most new business operations start out with limited resources; however, the actual cost of starting a business is relatively high. The cost of acquiring a new office space, along with essential office equipment, can be difficult for any entrepreneur who has limited start-up funds to spare. Thankfully, there are leasing options which allow the launching of a new business to happen without facing undue economic hardships as a result of that action. Equipment leases rarely require a down payment, although a security deposit may be required. Leasing frees up limited financial resources allowing them to be used on other more important purchases for the new business.
Financing Simplified
It is easier to qualify for financing when leasing as opposed to purchasing. When financing an outright purchase, most banks ask for two to three years of financial records. A beginning company has no such records to provide and may be turned down for a loan simply because there is no proven track record for a lending institution to use. When applying for lease financing, banks usually only ask for six months to a year of credit history, making it much more possible to qualify for a loan. Aside from the fast approval, monthly payments for leasing are also considerably smaller when compared to paying for the purchasing of such items.
Better Quality
When leasing a Plano office space, businesses have the ability to get better quality equipment than they might have been able to do on their own by purchasing such items. For example, an ergonomic office chair might be too expensive for a new business to purchase; by leasing it, an office can appear elegant and professional without spending much money. This can allow small businesses to compete with larger such businesses.
Tax Deductions and Credits
Under a true lease, tenants may qualify for tax deductions and dollar per dollar credits. Fixed monthly payments are usually tax deductible as operating expenses.
Keeping Pace with Technology
When leasing office equipment, businesses gain the ability to keep pace with the rapidly changing technology of computers, printers, communication devices, etc. Most office equipment leasing agencies offer an annual equipment upgrade, eliminating the need for a company to purchase make costly purchases each time there is a new upgrade for their equipment. Be sure to negotiate a “modern equipment substitution clause” when initially leasing the equipment. This clause gives the lessee the right to update the leased office equipment.
Leasing office equipment for a Plano office space is a viable route to consider when starting a new business; it at least delays having to spend so much money on purchasing new similar equipment. With a better understanding of the benefits of leasing office equipment, a new business should be able to get a flying start in their new venture!