As more and more businesses take advantage of office equipment leasing, providers of office equipment rentals are changing with the times to keep up with customer demands. If you rent office equipment or if you are contemplating renting office equipment for the first time, you should follow office equipment rental news and trends so you can get the best deals for your company.

Office equipment leasing was a small industry at one time, but it’s a rapidly growing industry now. Once dominated by copier leasing companies, many office leasing equipment businesses today rent almost every piece of office equipment imaginable. Some rent on a monthly basis, while others offer long-term leases. In addition to the growing number of office equipment leasing businesses, other trends within the business are:

1. The growing number of products offered as office equipment rental.

2. Lower, more competitive prices from companies that rent office equipment to businesses.

3. The use of office equipment rental items as tax deductions as operating expenses.

Action Steps
The best contacts and resources to help you get it done

Read buyer's guides to office leasing equipment

While you are not actually buying the equipment, being familiar with the new products offered can mean a lot of savings for you when it's time to lease equipment. If you have a good idea of what's available from providers of office equipment rentals, you can also have a good idea of its value to your company.

I recommend: Read the office equipment rental buying guides at BuyerZone.com to discover new trends in office equipment rental and leasing services. AllOptions.com also offers a buyer’s guide to leasing office equipment.

Find articles on office equipment rental news and trends

Many office equipment leasing companies and financial institutions that specialize in loans for leased office equipment offer guidance. As you read these articles you can track office equipment rental news and trends.

I recommend: GCR Capital offers a series of articles detailing the benefits of office equipment leasing. You can also find a number of articles explaining office equipment rental news and trends on the Trident Leasing Corporation website.

Follow blogs and news articles to trace office equipment rental news and trends

These are often a more up-to-date method of tracking the latest trends in the equipment leasing industry.

I recommend: Rentacomputer.com has a blog that keeps you updated on news and trends in office leasing equipment, especially computers and projectors. The Equipment Leasing and Finance Association posts news and events pertaining to office supply rental and small business equipment rental. This professional association represents providers of office equipment rentals, including copier leasing companies, to help you keep track of which company offers the most up-to-date leased office equipment.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you are following office equipment rental news and trends to look for ways to save money, especially on your taxes, be sure to consult with your tax professional as well.

Restaurants need ovens, retailers need cash registers and every office space needs a functional copy machine. No matter what type of company you own, you can’t do good business without the right tools to do your job well. After all, having the right equipment — whether state-of-the-art computers or just a sturdy desk on which to write — can make your business; and in the same turn, having the wrong equipment can easily break it.

Business tools can be expensive, however, especially for young start-ups. Budget-conscious companies, then, rent or lease their equipment, which can:

1. Free up cash for other expenses and investments.
2. Reduce the amount of debt on your financial statements.
3. Facilitate easier and less expensive equipment upgrades.
4. Reduce your tax burden, thanks to applicable deductions.

Action Steps
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Evaluate your needs

Every hunt for equipment – rented, leased or owned – should start with an inventory of your business needs. Everything from furniture, phones and computers to forklifts, software and vehicles, can be rented. Decide what you need to own, and what might be worth borrowing.

I recommend: Check out Entrepreneur.com's Equipment Leasing Checklist, which will help you find the right equipment at the right price by encouraging you to ask the right questions of yourself and of your vendors.

Decide: Rent or lease?

A lease usually covers a period of time longer than a week or a month and the title transfers to you. Usually, you're also responsible for maintenance. A rental agreement, meanwhile, covers use of an item for a short time and the rental company is responsible for maintenance and breakdown.

I recommend: If you decide to rent rather than lease, visit the American Rental Association for a comprehensive list of equipment that can be rented, as well as stores from which you can rent it.

Find a lessor

When you rent or lease equipment, it's important to find a lessor who will treat you like a partner rather than an account. Look for a lessor who has experience with or specializes in equipment for your industry. Ask for references, too, to help you evaluate prospective leasing and rental companies.

I recommend: Find a reliable equipment leasing company by consulting the leasing directory at the Equipment Leasing Association's (ELA) Choose Leasing Web site, which houses a library of information on smart equipment leasing.

Choose a lease financing company

The company that will finance your lease is not typically the same as the company who will provide your rented equipment. Start with your own bank or financial services provider before soliciting other companies to broker your equipment lease.

I recommend: Get quotes from several lease finance companies — such as Direct Capital, Mosaic International and Sun Star Equipment Leasing — before making a decision.

Negotiate your contract

When negotiating a lease, consider the length of your lease, the amount of any upfront payments, your monthly payment amounts, return rights, early termination clauses and whether you will have the right to purchase rented equipment at the end of your lease.

I recommend: An equipment lease agreement will protect you in the event that something goes wrong with your equipment or lessor; download a standard agreement at FindLegalForms.com.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Beware of interim rent, also known as stub rent, which lessors may charge between the time you accept the leased equipment and your official lease start date.
• •  Remember that rented equipment is usually more powerful, better built and more thoroughly tested than equivalent products you can buy.
• •  Bring down the cost of your lease payments by negotiating a lower purchase price for the equipment, or a lower financing rate.
• •  Save money on your equipment rental by excluding soft assets — such as warranties, training, installation and shipping costs — from your lease; if needed, soft assets can be negotiated at a cheaper rate independently, and if necessary, financed with a small business loan.

Making the most of office equipment rental monies should be a part of your business plan. While leasing office equipment may seem like an easy task, there is more to it than signing an agreement with one of the many copier leasing companies vying for your business. While copiers were once the main item for office equipment rental, today it’s not uncommon to use office equipment rental and leasing services for every item of office equipment in the office space.

Office equipment leasing is a good idea for both a startup operation as well as an established company. Other than the initial capital outlay for new equipment, it makes sense to rent office equipment because:

1. Office equipment rental and leasing services are operating expenses that can be tax deductions.

2. Office equipment rental lowers your capital expenses.

3. Leasing office equipment gives you the flexibility to use the newest equipment.

Action Steps
The best contacts and resources to help you get it done

Find the lowest cost office equipment rental prices

This first step in making the most of office equipment rental happens before you even decide what to rent. Make sure you find a company that offers what you need at a price you can afford. Watch for any extras, such as warranties that may cost you more money. Also know when the lease period ends so you know exactly when to return equipment; you'll want avoid late charges for extra days.

I recommend: AllOptions.com can get you price quotes on office equipment rental prices in your area. To start gathering information on office leasing equipment prices, just type in your zip code and answer the simple questions. Office equipment leasing is a specialty of BuyerZone.com. It can also give you price quotes for renting office equipment.

Find an office leasing equipment company that offers brand-name products

Only rent brand name equipment. Also make sure the leasing company delivers the equipment it promises in its contract.

I recommend: RUSH Computer Rentals offers brand name lease copiers and business printers for rent on its website. In addition to typical office supply rental items such as brand-name printers and copiers, Action Computer and Audio Visual also rents LCD projectors and plasma televisions.

Get the best financing for office leasing equipment

While you may have the necessary capital to avoid this step, many companies may not. There are companies that specialize in financing office rental equipment.

I recommend: Get financing for leased office equipment using the services of iBank.com. Its services match you to a lender with favorable rates. A company to consider for small business equipment rental financing is Harbour Capital.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Making the most of office equipment rental equipment also means that everyone in the office should be responsible for its safe handling. Be sure your employees get proper training on how to use all the office equipment. Leasing agreements allow for normal wear and tear but not for mishandled property.

Renting office equipment is just like entering into any other lease agreement. You need to be absolutely certain what the terms of your lease are and know what the lease includes. Though it's always a good idea to have your business' lawyer look over any contracts and lease agreements, knowing the office equipment rental key terms will help you locate the right broker and begin to negotiate terms suitable for your business needs.

Action Steps
The best contacts and resources to help you get it done

Flexible or seasonal lease

If your business fluctuates throughout the year rather than providing you with a steady stream of income, you are a candidate for a flexible or seasonal lease. Though brokers design flexible leases for businesses dependent upon season-based work, such as agricultural or tourism businesses, you can seek a flexible lease regardless of the seasonal nature of your work.

I recommend: Look into flexible payment schedules at Access Equipment Leasing.

Equipment obsolescence

One thing you protect against when you rent office equipment rather than purchase it is equipment obsolescence. With manufacturers constantly updating computers and other equipment, new models can quickly become obsolete--making investment in them a potentially losing battle. With leasing, you can often build an upgrade option into your lease or choose short lease terms so you can always have the latest equipment.

I recommend: Tiger Leasing reviews the benefits of office equipment leasing, including avoiding equipment obsolescence.

Hard assets vs. soft assets

When it comes to office equipment, 'hard assets' are the actual equipment, while 'soft assets' are items such as the software. Soft assets can also include intangibles like training and other services. When you obtain an equipment lease, understand whether it includes soft assets, or you may end up paying more than you intend.

I recommend: BusinessDictionary.com offers a definition of hard assets. "Fast Company" provides information on the role of soft assets in business.

Capital equipment lease vs. operating equipment lease

The two major types of office equipment leases are the capital equipment, or true, lease and the operating equipment, or the operating equipment lease. A capital equipment lease outlines terms where you simply lease the equipment without the intent to purchase it. With an operating equipment lease, the lessee leases the equipment in order to eventually purchase it.

I recommend: Read about the tax deductions associated with these lease types at Trident Leasing.

Short-term vs. long-term rental

You can rent office equipment for short-term use, such as events or initial office start ups, or you can rent equipment for long-term use, such as for permanent use in your office. Companies offer short-term rentals in terms of days or weeks, while they offer long-term rentals in monthly or yearly increments.

I recommend: Action Computer and Audio Visual specializes in short-term office equipment leasing.

Casualty insurance

Casualty insurance covers damage to the equipment, as well as injuries that people may incur using it. When you lease equipment, you need to determine whether the broker includes casualty insurance in your lease or whether you need to purchase it.

I recommend: WiseGEEK offers the basics of casualty insurance.