4 Reasons to Rent Your Heavy Construction Equipment
Construction companies need access to the right tools in order to complete specific jobs. Sometimes the best tool for the job at hand is a piece of heavy machinery. You have the option to invest in a fleet of heavy machinery or you can take advantage of the inventory offered by a rental company.
Renting can be a more efficient and affordable option. Consider the ways that you will benefit from renting your heavy equipment in the future.
1. Expand Your Services
The more services that your construction company is able to offer potential clients, the more profitable you will be over time. Many construction companies limit the types of jobs they are willing to undertake because they only own a limited range of heavy machinery.
Quality construction equipment is costly, and small or mid-size companies don't have the financial resources needed to purchase multiple machines. Renting gives you the option to access any machine that you need to complete a job without having to pay the full purchase price.
You only pay for the heavy equipment while you are using it on a job site, which can help keep overhead costs low. You can offer a wider range of services to your customers when you know you can rent the right machine to get any job done.
2. Reduce Storage Costs
Another drawback to owning a fleet of heavy construction equipment is you must have a safe place to store these machines when they aren't in use. For most construction companies, this means paying for a private storage space.
Storage fees can be astronomical when you take into consideration the size of most heavy construction equipment. You will need a large area to store multiple machines, and this can drive storage costs through the roof. Renting your machinery instead eliminates the need to pay storage fees.
You don't have to worry about maintaining the safety and security of heavy equipment when the machines are not in use; the rental company takes on that responsibility instead.
3. Eliminate Maintenance Costs
Heavy construction equipment will only work reliably if maintained properly over time. Routine maintenance and repairs can become expensive when you own multiple pieces of equipment.
Renting your equipment instead of purchasing multiple machines can completely eliminate maintenance costs from your company's budget. The rental company is responsible for providing maintenance services on all pieces of equipment they make available. If a piece of machinery breaks down while you have it on the job site, the rental company can bring you a new machine while the previous one undergoes repairs. This constant access to equipment can reduce downtime and help your construction company complete future projects quickly.
4. Conserve Capital
All companies need to maintain enough capital to cover their operating expenses. The construction industry may not always produce consistent income, since the work completed by most construction crews is seasonal in nature. This means that you need to have enough capital available to pay your overhead expenses and employee wages during time periods where income is minimal.
Renting your heavy equipment is a great way to conserve capital. Instead of using a large portion of your capital to buy a specialized machine, you can retain this capital to help you cover any future expenses.
Using rented construction equipment is a simple and effective way to ensure that you have the budget necessary to continue growing your construction company in the future. If you own a construction company and would like to learn more, contact local heavy equipment rental businesses. You can compare rental rates and machinery before making your decision.