For new start ups financing the cost of launching a new enterprise can be a huge challenge in today’s economy. Office equipment, office furniture and office fit out, for example, is one expense that most new companies incur and it can be quite costly depending on the type of business you are starting. Leasing office equipment is therefore a great alternative to purchasing because it offers many advantages such as the ability to pay for the items required over their useful lifespan.
An equipment lease is basically a rental agreement where a leasing company (the lessor) maintains ownership of the equipment and the business (the lessee) uses it in its business operation. Leasing for office desks, computers, hardware, printers, IT infrastructure or copiers- or even an entire office fit out including partitions, acoustics, flooring, lighting etc – can generally be arranged quickly and simply in a few easy steps. But what are some of the questions business owners need to consider when arranging a lease agreement?
What equipment can I lease?
There are generally few limitations on the types of products that a leasing company can arrange leasing for, although there are variations between different leasing companies. Some leasing companies have particular expertise in a sector and may be able to recommend suppliers as well as help you select the best product based on use and potential upgrades. In addition, installation costs and maintenance agreements can sometimes be included in a lease agreement.
What kind of leasing payment options are available?
If, for example, you run a seasonal business it may be possible to arrange a lease payment plan that suits your market. It is a good idea to ask your chosen leasing company what flexibility there is in this regard.
What kind of support does a leasing company provide?
It is always preferable to work with a company that has support and resources readily available. Ask yourself how easy it is to contact the company, for example, phone, email, instant online chat, etc. What type of resources do they make available for you online? If the company web site offers articles, videos, FAQ section and a lease cost calculator and a blog about leasing consider it a major plus.
What about my credit score?
It is a good idea to compare leasing companies to find one that meets your needs, but it is not advisable to submit multiple lease applications as it may adversely affect your credit score. While the assets being leased serve as collateral, the credit standing of the business owner can form an important part of the approval process. For more information about equipment leasing and office furniture leasing, call WestWon on Tel: 01494 611 456 or download the Free Guide To Business Leasing For Start Ups
Download the Office Furniture and Fit Out brochure HERE
Free Office Move Planning tool HERE