4 benefits of equipment rental for contractors

If you work for yourself instead of for a company owned by someone else, you’re an independent contractor. To get jobs, most independent contractors must have their own equipment to meet their clients’ needs. That can be costly, especially if your projects are varied, requiring you to have a broad range of tools and machines on hand. For many contractors, equipment rental is the answer.

Here are four key benefits to renting equipment as a contractor rather than buying it:

• Better cash flow: Cash flow is often an issue for contractors. Renting is less costly than buying, as you only have to pay for the time you’re actually using the equipment and you don’t have to worry about the costs of maintenance and storage. That means more cash on hand, greater peace of mind, and increased funds for growing your operation.

• More business: As an independent contractor, you want to bid on as many jobs as possible to build your business. That can be challenging if you don’t own the right equipment to do the work efficiently and cost-effectively. Additionally, many contractors run into situations in which satisfied clients ask them to help in other areas that the contractors simply aren’t equipped to deal with. In both cases, equipment rental can make all the difference. You can take on more projects, continue to satisfy your clients, and build new relationships that lead to increased profitability.
  

• Higher-quality equipment: The idea that rental equipment is old and basic is a myth. Renting gives contractors the opportunity to try cutting-edge technologies and the most advanced models on the market. Technology is evolving so quickly that renting is really the only way owners of small businesses can stay on top of advancements. If you buy equipment, you’ll likely be using it for a decade or more, whereas renting lets you try out newer models as they’re rolled out.

• Easier transportation planning: When you own equipment, it’s your responsibility to get it to the jobsite. This can be difficult, especially when you’re working far from home and/or have to transport an oversized load. Renting from a place close to your jobsite—with the option of having your dealer drop off the equipment at the site for you—reduces transportation obstacles and headaches.

As an independent contractor, you face daily challenges in trying to keep up with projects, meet your clients’ needs, and manage your business. Equipment rental offers many benefits that make your job easier.

Talk to one of the experts at The Cat® Rental Store to find out how renting can help your small business. We make renting equipment easy with our online portal, Rental Point, giving you secure online access to all our products 24 hours a day, seven days a week. Try it out today.

Finning is the world's largest Caterpillar dealer, selling, renting and providing parts and service for equipment and engines to customers across diverse industries, including mining, construction, petroleum, forestry and a wide range of power systems applications. We operate in Western Canada, South America, and UK and Ireland.