There’s a lot to consider when deciding whether to buy or rent your rigging gear, especially with the trend of renting starting to emerge in industry due to the expense of purchased equipment. If you’re tossing up between buying and renting, you’ll need to consider these factors first:
The most obvious factor to reflect on is the fixed cost of buying your rigging equipment outright. On one hand, once you’ve bought an asset it’s yours to use whenever needed. However, buying equipment may not be viable for profitability as the decision comes with opportunity costs, depreciation and a big dent in your bank account. Renting equipment cuts down on these large initial costs and reflects well in your balance sheet.
So you’ve considered the costs of purchase and have bought your own equipment – but where to store it? When you regularly need to lift for work, it can seem tempting to buy your own gear. Bear in mind, though, that you’ll have to figure out what to do with the equipment when it’s not in use. Rigging and lifting gear can be frustrating to store in-house, and external storage doesn’t often come cheap. Avoid paying for equipment when you’re not using it and consider renting instead.
When you buy, you’re locking yourself into a long-term commitment – and, with time, you may find you need to upgrade. When you rent, costs are easy to predict and account for. If, on the other hand, you find the gear you’ve bought doesn’t quite cut it, you’ll quickly find yourself slammed with unexpected costs and project overruns. Rent equipment, and you’re guaranteed the exact piece of gear you need – up to date, serviced and ready to use.
It’s not just buying gear that can be costly – servicing and certification aren’t exactly cheap, and can be a hassle to organise yourself. Since there’s a high risk of injury associated with faulty rigging and lifting equipment, visual inspections need to be completed on a regular basis. Adding to this, periodic inspections also need to be carried out – and, to do this, you’ll need to talk to a master rigger or an OHS specialist.
If you’ve been in the industry for any length of time, you’ll be all too aware how gear tends to break down at the worst of times. It isn’t just frustrating, either – the costs associated with time lost on a project can quickly add up. When you rent, you’re paying for the peace of mind that comes with regularly serviced, certified gear.
Overall, renting your equipment is a highly advantageous business decision that can save you time, money and peace of mind for each project you take on. Additionally, by renting through Rigging Rentals you’ll benefit from our expert advice and have access to the latest lifting and rigging products on the market.