The majority of startup businesses have such a limited amount of money in their coffers. Such a scenario is a bane to these businesses in such a way that it also puts a limit to what they can do and eventually gain.
These organizations are constantly advised to use their financial resources only on substantial and important matters. This includes systems and personnel, but you will seldom hear them putting emphasis on office furniture. Most of the time, this aspect is put aside as the least priority, which is a common mistake.
Perhaps what can be considered as the most pressing problem business organizations face nowadays is where they can gather their teams and work together? But as a business organization grows and market interests are successfully secured, the next thing you want to do is to establish your brand.
At this point, the working minds behind businesses will see the need to realign everything about their company and their brand, whether that has something to do with design or office theme.
This scenario is inevitable over time, therefore it is important to have everything mapped out first. If you are ahead of time, you put your business on a more competitive edge. If your business is getting ready to build a factory or put up a shop somewhere anytime soon, you should look for reputable teams offering furniture hire services.
According to PricewaterhouseCoopers (PwC), a multinational services network company which is based in the UK, the idea of leasing, otherwise known as the sharing economy, could start generating a revenue of $335 billion by 2025. This would include office furniture hire services as well as shared office spaces.
You will put your business organization in a more advantageous position if you will rent office furniture and fixtures. More or less, your team and your business will get to enjoy the following benefits from the sharing economy:
Spend less money
If your company rents its furniture requirements, you can save significant amounts of money on furniture. This allows you to put the money instead to something far more important and impacting on your business, like employee salaries.
Service in a package
Typically, companies that offer furniture rentals will include in their offer a package service. This means to say that they will take charge of arranging for the furniture’s delivery, pickup, as well as installation.
Get the most value out of your money
The vast majority of furniture pieces you will see in the sharing economy are highly customizable. This signifies that you can tweak them so they become an even more fitting piece for your business.
For instance, you requested 50 office chairs. However, for some reason beyond your control, you figured you only needed 20. This is fine with the furniture hire company you partnered with because what they will do is just re-use the said pieces.
You can veer away from shopping for furniture or moving by renting your required pieces of furniture. That particular aspect will be taken care of by your enlisted furniture hire company itself.
What you need to do is tell them what kind of furniture you need and are looking for. Then you carefully review the lease terms they offer you and then settle the fees accordingly. The rest and other important aspects of the lease agreement will be handled by them, this may include handling and shipping to your provided address.
Deduction for Taxes
We can qualify furniture rental arrangements as a tax incentive because its taxes may not be considered as tax due. This is owing to the fact that rented furniture will not be qualified as an asset.
Nevertheless, the laws of the state where your business is registered or located will determine this.
Cost-Effective Payment Plans
Purchasing a piece of furniture is a qualified expense by the company. But it’s a different story if you rent some pieces because of the leeway payment arrangement.
This option can be of significant help to your finance team in such a way that it will help them in navigating your budget to the other aspects of your business that matter more. The truth here is, you are going to do your company as well as your finance team a huge favor just simply by doing this.