Even if your business is selling dainty women's lingerie, there may come a time when you need to invest in down-and-dirty industrial equipment, particularly lifts and platforms. In the most basic sense, lifts and platforms are used to move stuff around — usually heavy boxes and pallets. Industrial lifts are work platforms used to raise and lower material, personnel and work pieces for loading and work positioning.
This equipment is widely used in construction, automotive and garage service, electrical and power service, telecommunications, manufacturing and inventory management businesses. As a general rule, you will know if you need it.
There are several common types of industrial lifts:
- Table lifts and positioners are typically used to raise and position work for ergonomic access. They may also be used for material or load positioning or for lifting.
- Forklifts (also called powered industrial trucks, or PITs) and pallet lifts are used for lifting loads such as pallets from the floor to a raised position for working, storage height positioning, or loading and unloading.
- Truck lift gates are designed for truck loading.They typically mount onto or near the back or bed of a truck, and are used for lifting loads up to or above the bed surface.
- Personnel lifts, as the name implies, are designed to raise and lower people to heights for working or moving goods.
- Boom lifts are for working in high places, such as ceiling welding and elevated wire installation and repair.
- Dock lifts are used to raise and lower personnel and loads in loading dock areas.
Shop online for new equipment
A handful of companies are well-known suppliers of industrial lifts and platforms.
Decide whether to buy or lease
Most vendors of industrial lifts offer the option to lease, buy or lease to buy. This type of equipment will likely run into the thousands of dollars, so you'll need to understand the tax implications of buying versus leasing.
Check out used equipment
Many buyers find there is no reason to buy the latest and greatest version; you can get what you need from a previously owned workhorse. Be sure to ask for maintenance records and accident history, of course.
Be aware of safety guidelines
The Occupational Safety and Health Administration (OSHA) regulate powered industrial truck usage. These regulations concern loading and unloading, working with hazardous materials and maintaining vehicles.
OSHA regulations and directives.
- Consider the tax implications of buying versus leasing industrial equipment such as a lift or platform.
- Peruse online listings for used equipment to get a better bargain.
- Check out applicable safety regulations before you buy.
- Leasing may help you save money up front, but you don't end up with a saleable asset, and your credit must be good. Under a typical equipment lease, you generally are entitled to deduct your rental payments if you use the leased property in your business. However, in certain situations, the IRS may deny rental deductions if it audits your return and concludes that your lease is really an installment or conditional sale.
