Businesses should consider the cost of renting equipment needed in business against the cost of buying the same. This is especially so for exhibition equipment. The option of exhibition equipment may be more appealing to most businesses since the cost of hiring such equipment is usually lower. Some of the exhibition equipment needed includes audiovisual equipment, furniture, PDQ machine, and fabric displays among others. By reviewing the top pros and cons of renting such equipment, you will be able to make the right decision.
Here are the top 3 pros to renting your exhibition equipment instead of buying it:
- Updated technology
If your business requires new and updated technology regularly, you are able to access such equipment from professional leasing companies. It is very expensive to keep buying new technology equipment. You will also not incur maintenance cost of any rented equipment.
- Reduced up-front cost
Budgeting for equipment such as furniture, public address systems, and audio-visual equipment to be used in the exhibition becomes easier. It is more expensive to buy such equipment as compared to leasing them. Renting such equipment also is an operational expense hence included as tax deductible. The lump sum amount you would have invested in buying such equipment may be used in other investment options to create more income for you.
You may carry out various exhibitions targeting various market niches from time to time. You will not be restricted to use the same audiovisual equipment or furniture that you used in your last exhibition. Branding is dynamic and you have to keep changing the technique to reach a wider market niche. Since the upfront costs are not too high, flexibility is possible, and this may lead to more business.
The top 3 cons to renting your exhibition equipment instead of buying it are discussed below.
- Agreements and contracts
This is one of the limiting factors in the use of rented equipment. You have to adhere to the terms and conditions of the lease, and this may cost you much more in the long run. Wastage of storage space and funds in case you no longer need the equipment but have to keep them as per the contract until it expires. Returning the equipment earlier means that you will still pay the agreed funds as per the contract terms.
You do not have control over the use of the equipment. For impromptu changes required, or a change of venue, type of furniture or audiovisual equipment, you can’t make such alterations without consulting the company. This leads to time wastage and in some cases, loss of a business opportunity.
- Limited choices
Though professional companies may have all the required equipment for exhibitions, you are still limited to the brand that the leasing company chooses. For furniture, though you may have your preferences, you will have to go with what is available. The same applies to appliances, exhibition stands, and all other exhibition equipment.
There are a few cons to renting equipment. But most people still prefer to rent exhibition equipment to lower the cost of business operation and secondly, because it is a more flexible way to get exhibition equipment.