subject: What Are The Benefits Of Buying Catering Equipment? [print this page] Do I buy or do I rent or lease my catering equipment? Theres no denying it, you need it, but whats the smartest option?
Firstly, before you research how you are going to pay for your catering equipment, be sure that you have conducted and full and proper assessment of your needs. Be sure that you take an inventory of all the activities that you conduct and take note of every piece of catering equipment required to complete that function. If you are involved in specific function types, (e.g. weddings) be sure you identify any catering equipment specific to that function type. Where possible, also identify any specific time saving devices or equipment that though may have an initial outlay, may well pay for themselves very quickly in time savings. It is also critical that your catering equipment purchases meet health regulation and safety standards for your industry so be sure to research these before committing to any purchase.
Be careful not to go nuts on the nice to have items unless you are in a position to afford it. Start with the basics and you can always add to it as you go.
Ok, so you have your definitive list of required catering equipment. So what are the benefits of buying the equipment over and above a rental or lease plan. Well number one of course is that it is yours, or perhaps more correctly, the companys asset. This means that in most instances it is a tool of trade and therefore would attract tax benefits. By buying catering equipment you also have access to an enormous range of products whereas if you elect to rent or lease you may find yourself limited to only a select range. The freedom to choose your own products means that you then have choice to buy new or second hand. It also allows you complete freedom when selecting styles or colours. Do you want a traditional catering equipment range or something more contemporary? Another consideration is the product brand. Are you willing to invest in equipment manufactured by a fly by night company or will you perhaps pay that bit extra for products from a well-established company that you know provides the after purchase support you may require? Well established brands will also often offer product warranties and even maintenance plans that may provide you with peace of mind.
Electing to purchase your catering equipment also means that you may have access to a bulk discount or even cash payment discount. If bulk is what you need and you can do cash then you may benefit from considerable savings.
So to maximise your tax benefits and for complete freedom of choice and potential savings, consider buying your catering equipment rather than rent or lease options.
