08 Oct Should Your Small Business Buy or Lease a Printer?
Every small business needs a printer. However, these essential machines can cost thousands of dollars, which can make a huge dent in your budget. Choosing whether to purchase or lease a printer can have a serious impact on your small businesses’ bottom line. Here are some factors to guide your decision.
Technology has advanced at an exponential rate over the past decade. A new iPhone is released at least once a year, and each new version contains cutting edge features. Printer technology has been evolving at a similar rate, with different models and styles being constantly released. A major advantage of leasing a printer is flexibility. It’s unrealistic for a small business to invest in another printer every time a new model is released. Renting a printer allows your business to swap machines as needed, so you can stay on the forefront of technological advancement while also reducing costs.
Start Up Costs
The initial startup costs associated with buying a printer can be very high. If you would prefer to allocate your start-up budget to other expenses like marketing or product innovation, it may suit your business to opt for a lease. While you may have to supply a security deposit, the only subsequent payments will be the monthly rental fee.
A huge benefit of leasing a printer is the accompanying tech support. If you purchase a printer for your small business, any repairs or maintenance will have to be paid for out of pocket. However, if you lease a printer from a reputable company like Arizona Business Equipment, tech support will cost you much less—it may even be included in your lease agreement.
The Internal Revenue Service allows businesses to deduct multiple expenses from their yearly report. While both purchasing and renting costs can legally be deducted, the amount tends to be larger if you buy a printer up front. If your business typically enjoys a large tax return, it may be worth it to purchase your own printer.