Should you Rent Your Shoring Equipment?
In the concrete forming industry, businesses are often faced with the question of whether to buy or rent their shoring equipment. There are many factors that can make both options profitable, depending on the circumstances. Knowing what’s best for your business could mean the difference between profit and loss when it comes to rental and purchasing decisions.
Buying
Contractors and developers are responsible for the maintenance of owned equipment, which is a large responsibility. The cost of purchasing equipment diverts large portions of capital from other parts of the company, so buying is the best solution only if your company uses shoring equipment often. Another reason to buy might be if there is a limited availability from the company that supplies rental equipment over the time period that you will need it.
Buying also requires storage capacity, because forms can take up a lot of warehouse space. The cost of renting a warehouse is an expenditure to also consider before buying.
Renting
Renting is a low-risk, flexible solution for concrete forming equipment. Not every job requires the same amount of supplies, so renting equipment can be advantageous for larger jobs that only happen once or twice a year.
When you rent shoring equipment, the maintenance responsibility falls on the rental company, meaning one less task for your company to worry about. Renting also eliminates the need to store forms, saving you space. Most rental companies will deliver and pick up for you, taking care of the logistics to get the necessary equipment to the job site.
Planning for the Future
As you plan for the future, your tax and financial situations should be considered as a huge factor in buying or renting shoring equipment. Excess profits at the end of the year could warrant a purchase of needed shoring equipment, saving in taxes. If finances don’t allow purchase, renting could be the best option. Save the money by renting now and buying the needed equipment in the future when your business has the extra money.
Your Best Source for Shoring Equipment
Forming America rents and sells quality shoring equipment to contractors. You can be sure that your rental equipment is of the highest quality, because it’s checked according to specification and repaired as needed before being delivered to jobsites. If you need to buy shoring equipment on a budget, Forming America also carries renovated forms to fit your needs.
Give Forming America a call at 1-888-993-1304 for expert advice on the shoring equipment you need.