Eight percent of businesses rent their equipment. Renting your professional beauty equipment has several advantages. First, it keeps your business capital open for other expenses, like beauty products, marketing, building rent/lease/mortgage, and more. You can make small payments on a weekly basis, which leaves you with more money free to do business.
Another monetary advantage is that renting equipment is one hundred percent tax-deductible.
In addition, the rental company provides training on how to use the equipment and fixes the equipment should problems arise. This can cut down on a lot of headaches when your equipment breaks.
Rental agreements can be for 12, 24, or 48 months, and you can find companies who do not charge finance fees. At the end of the rental period, you have the options of returning the equipment, continuing to rent it, or offering to purchase it.
You can easily spend as much as $30,000 for salon equipment. At the very least you need styling chairs, hair driers, aprons, wash basins, reception furniture, cabinets for supplies, mirrors, and if you are doing nail and skin services, you need to add that equipment as well. Looking for used professional beauty equipment is also a good idea, but you really want to make sure everything is in great condition before you buy.
There are some potential downsides to renting your professional beauty equipment. The first is that youll end up paying more for the equipment because of the interest payments. You have to weigh this against the cost of buying your equipment. If youre just starting out, you may not have the capital. The only way to make money is to do your job, and you need equipment. You can start earning immediately with rental equipment.
Another potential disadvantage is termination of lease fee. Say youve rented some equipment and then found some that you wanted to purchase. If you break the leasing agreement with the rental company, they may charge you a fee. If you are going to rent equipment, check to see if there is a clause that will allow you to terminate the lease at any time. Also, choose the rental period that is best for you.