Did you know that 70% of entrepreneurs start their businesses with less than $25,000 in capital? With little money, it’s difficult to get a business off of the ground, especially if you require heavy equipment.
You might be looking into rental options to save money, but there are benefits of ownership. Keep reading to learn the advantages of owning a forklift.
Owning a forklift means being able to customize equipment to fit the needs of your business. In contrast, when you rent a forklift, you only receive the features that the rental company provides.
If your company does a lot of specialized work, you’ll save on costs by buying a forklift customized to your company.
If you want to save some money but feel like owning your forklift is the correct route, consider buying a used one. You can search for used forklifts that are already customized to complete the jobs that you need.
Forklift ownership means your employees and facility managers can become familiar with the machine. They will learn the ins and outs of forklift operation.
Renting means your employees will continuously have to adjust to a new forklift and different types of machines.
With unlimited access to a forklift that you own, you and your employees can take the time to learn how to properly operate it.
Ability to Perform Specific Jobs
Purchasing a forklift is most beneficial when you have to perform intense jobs. If your business is constantly working on uneven terrain outdoors, you need a reliable forklift.
If you rent a forklift and use it for tough jobs, your business will be held liable for damages. In tough conditions, this could be hard to avoid.
There are no usage limits for specific jobs when you own a forklift. When you rent, you have certain obligations you need to follow, including a time limit.
Buying a forklift is an expensive upfront cost, but the use you get out of it will be worth it over time. If your business relies on forklift usage to operate on most days, renting one out is going to cost you way more than necessary.
Additionally, section 179 of the IRS Tax Code allows you to deduct the cost of newly purchased machinery within the first year of owning it.
However, you have to factor in the cost of maintenance when owning a forklift. If you can afford to fix a forklift’s wear and tear in-house, buying is the ideal route to take.
When you regularly opt for maintenance, you ensure your forklift is in good working condition for the long haul. If you don’t take care of your forklift, maintenance will be a dreadful task.
Benefits of Owning a Forklift
There are a lot of benefits to owning a forklift instead of opting for a rental. With forklift ownership, you get customizable equipment, machine familiarity, and specific job performance, and you can save money.
Take what you learned in this guide to decide if buying a forklift is right for you. Contact us today to speak with a reputable forklift dealer.