What’s the most cost-effective way to get my equipment? How much to lease restaurant equipment?
One of the most common types of high-cost, high profit businesses is restaurants, simply because they get so much traffic in a given day but also cost quite a bit to run. With restaurants, you have to pay for everything a normal business does and more, because you require quite a few workers and quality of your restaurant is absolutely important.
The nicer your restaurant is as an atmosphere to relax and eat good food, the more business you can get. Restaurants get countless customers at any given day and need to be able to handle everyone one with exceptional speed and efficiency of service, from the second they walk in to after they pay the bill and leave.
One of the most essential purchases your business will make will be the equipment used to stock the kitchen, because the kitchen is one of the most important parts of your restaurant. No matter how good the service of your business is, your kitchen backs that up with quality food quickly.
However, getting the proper equipment setup can be challenging simply because of all of the heavy duty hardware you will need to purchase as well as manage over time.
Most of it boils down to cost, so how much to lease restaurant equipment versus if you purchase it? Which is the better option for any given restaurant?
Buying your Restaurant Equipment
Purchasing is applicable in quite a few places as far as buying your restaurant equipment, basically because the normal downsides of buying equipment are essentially cancelled out. It is nice to purchase your hardware because ownership is convenient; you don’t owe anybody anything.
Plus, purchasing allows you to claim the hardware as a business asset, meaning you get some funding to buy the equipment. Purchasing is normally suitable for smaller hardware, mainly because it’s more manageable over time as far as maintenance and the guaranteed eventual replacement.
Think about anything you purchase at any given interval, like a laptop or a television. The technology is great at first, but over time the value of the hardware depreciates, because of both use and the fact that technology advances exponentially over the years.
Issues with Equipment Purchasing
Eventually, the equipment will break down or at least become so low quality that you want the issue fixed, and in this day and age, repair simply isn’t viable for the long term considering the cost you’ll pay. You’re better off replacing the equipment, and that’s normally no issue for a computer or something else you own.
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Paying a few hundred dollars every few years to replace one piece of hardware is no issue, just like paying to replace smaller equipment is no issue. However, the story changes with heavy duty hardware, especially considering you spend so much of your funding just to get that hardware in the first place.
Plus, with the tight budget you most likely have, it’s not easy to just drop thousands of dollars at any given period just to replace equipment that randomly breaks down. With the curve of technology and the lack of longevity of equipment, purchasing more expensive equipment is extremely short term and can prove to be a headache later on.
How much to Lease Restaurant Equipment?
Many businesses choose to lease at least a percentile of their equipment because they recognize that they don’t necessarily have to own all of the hardware in the business, especially if it costs them. Leasing allows you to pay a small, flat monthly rate to get whatever hardware you need loaned out to you.
As far as how much to lease restaurant equipment, the rate varies, but it’s always flat and is normally monthly, meaning you’re most likely paying low fees broken up over time instead of paying for everything up front. Leasing gives you the freedom of not having to worry about the liability of equipment over time; any equipment that breaks or needs to be replaced is taken care of for you without you paying thousands of dollars to get the hardware taken care of.
Plus, at the end of a lease, you can choose to continue your lease with an upgrade on your hardware, or you can purchase the equipment at a haggled rate. To learn more about how much to lease restaurant equipment, click here.