As an entrepreneur or even someone deeply involved in a company’s equipment purchasing process, a question arises whenever audio-visual equipment is concerned: is it better to rent A/V Equipment? If you have an upcoming event for a client or your company, A/V equipment is always an item on your checklist. This article will help you understand the advantages of renting A/V equipment, as this has been a frequent inquiry from many individuals.
Is it Better to Rent or Buy A/V Equipment?
The answer to this question highly depends on how frequently you use your equipment. If you find yourself using the equipment more than three days every week, this is usually an indication that buying is a more suitable choice.
However, based on thorough research, renting A/V equipment is generally better for business use because of its cost-effectiveness. The main advantage of renting A/V equipment is that it opens an opportunity to reduce costs and increase profit. As you might have experienced or heard, the initial purchase of anything new would often be more expensive than its resale value, more so if it involves gadgets & technology.
When going full DIY, purchasing a complete set of A/V equipment for an event (sound system, video cameras, screens, etc.) would be very expensive. You must also consider storage, logistics, installation, and the time spent learning all the complexities of managing all your equipment. Having a rental company by your side would alleviate these concerns and substantially lessen the cost of operation. Below are some reasons why the main advantage of renting A/V equipment is cost-effectiveness.
Depreciation is often apparent in technology, and A/V equipment is no exception. When you buy new gear and get the receipt for your purchase, the value of your equipment depreciates by a certain percentage. With this in mind, you must consider how frequently you will use the equipment before buying. If you foresee using the equipment only a few times a year, you would be better off renting them to avoid depreciation of the equipment’s value.
Since the equipment is rented out, you do not have to worry about logistics. Rental companies usually have an option for delivery. Some might even require that they deliver their equipment to your event for safety purposes. Because of this, you don’t have to haul all your equipment wherever you go.
Just imagine, if you own the equipment and your event is located in different states or countries, you will need to worry about the damages that might occur while traveling. You must ensure that all equipment is safely packaged when moving from one location to another.
This issue is minimized and contained through rental companies as they are well informed on how to safely deliver the equipment from point to point, avoiding any logistical problems that might occur and delay the event.
Storage and Maintenance
Owning any type of equipment would often incur recurring storage and maintenance costs. Cleaning, calibration, etc., would be necessary to ensure that the equipment is always ready for its top performance. This issue is non-existent when going through rental companies as their business directly involves caring for the pieces of equipment they own and increasing their lifespan.
Access to the Latest Technology
In businesses that involve A/V technology, every client demands the best from a provider, and having the latest equipment often produces the best quality. In the long run, staying up to date with technology and technique will help you gain and retain more clients.
Regarding cost-efficiency, renting A/V equipment avoids the hassles of purchasing new gear and then selling your old one. Rental companies ensure that they have an inventory of equipment to satisfy different needs, including new technology in the market. Of course, updated equipment might cost a bit more to rent than the old ones, but it always defeats the retail price.
Project Specific Equipment
There are various specifications for A/V equipment. When you buy a piece of equipment, it is not guaranteed that you’ll be able to use it on your next project unless you focus on a specific niche; this affects scalability. A business that cannot adapt to its customers’ needs leads to opportunity loss.
A trusted rental company with a vast equipment inventory can help you solve your scalability problem. Whether the project would be a small wedding in the suburbs or an event hosted by one of the Fortune 500 companies, you will be able to adjust with proper communication and scheduling.
Decreasing operational costs increases cash flow. A company can improve cash flow through the rental approach by focusing more on marketing, sales, and client relationship building instead of allotting time for mundane tasks like keeping a vast A/V equipment inventory and maintaining them.
Also, different types of A/V equipment may require unique installation methods. Thinking about the installation process while managing other event factors might be stressful and time-consuming. Expert installation is just one of the services provided by A/V rental companies to a lessor. In the business world, if you save time, you save money and potentially increase profitability.
Trying Before Buying
Wasting money by purchasing a piece of equipment you wouldn’t be able to use is the worst-case scenario. As you start your business, much trial and error will occur. In this phase, you must be careful in investing a considerable amount of money in something that might not fit your business or style. For example, if you are into videography, you will need a camera to capture the content. There are a lot of cameras, lenses, and brands to choose from, depending on your artistic style.
Buying right off the bat would be a terrible decision as there might be features you might not want from the purchase. Many videographers usually rent first before buying a camera or lens to test whether or not they are comfortable working with those pieces of equipment. This approach significantly reduces wastage from having to do trial and error on something you have purchased.
Overall, renting A/V equipment for your business or personal use has many perks related to cost-effectiveness.
Starting with rental equipment would be a wise decision for a business because it potentially has zero upfront costs. Some companies include the cost of rental equipment in their overall service fees to earn primarily from their efforts and skills. As a company scales in profitability, that’s the time to consider whether to continue taking advantage of rentals or purchase the equipment.
For personal use, renting A/V equipment is an excellent option as you can do the trial and error method to find the best equipment suitable for your preference.