If you're considering cosmetic laser rental to benefit your spa or cosmetic procedure practice, that might be a great choice. However, it's important to really think about the goals you have in mind for your business before you decide whether buying or renting is the best choice for you. Read More.
Start By Examining Your Budget Constraints:
Your budget constraints are likely to play a major role in your final decision to go with cosmetic laser rental or purchase cosmetic laser machines. Generally, well-established businesses might have more capital to invest. If you have the spare money available, you have the choice of buying, but you might still prefer renting in order to keep that capital available for other purposes. If, on the other hand, your business doesn't have a lot of capital, renting aesthetic laser devices might be the only way that you can expand your business and help it grow.
Consider Possible Tax Breaks:
Next, you should consider possible tax breaks associated with cosmetic laser rental. Tax refunds are absolutely vital to business owners. They can make a huge difference, as far as annual profits go. Generally, you will be more likely to get tax breaks by purchasing or leasing cosmetic laser machines. Renting them will not usually offer those same benefits.
It's worth keeping in mind that section 179 of the tax code may offer special discounts to business owners who make business purchases. However, the tax code is not exactly the same from one year to the next. If you are unsure about the current year's tax codes regarding business expenses, you should definitely ask your accountant before buying, leasing, or renting any sort of medical laser equipment.
Take Your Long-Term Business Needs Into Account:
You might think that it's better to get a loan and lease or buy aesthetic laser equipment. However, financing payments can put black marks on your credit history. That means that, should you need a loan later to expand your business, your lease could prevent the bank from approving your loan request.
When you rent cosmetic laser equipment, you don't have to worry about your credit score at all. Your rental payments will not show up on your credit report. So, if you have long-term goals to buy the building in which you currently have your practice or to expand to multiple practices, you might want to rent the laser skin treatment equipment instead of leasing to own it.
The bottom line is that there are benefits of cosmetic laser rental, but there are also down sides. The same can be said for buying or leasing the equipment. No two individuals or businesses are dealing with the exact same circumstances. Your final choice needs to be based on the individual needs of yourself, any business partners that you may have, and your clients. As long as you take everyone's best interests into account, as well as the potential profits from any procedures performed with the new equipment, you should be able to find a fantastic cosmetic laser machine at an affordable rate.