Who would have thought that putting an event together would include doing some math and research? It may not necessarily mean organizing the event itself; however, deciding on whether to rent or buy crowd control barriers is a different story.
Before forming conclusions, do research and put numbers together; do not jump into a fast decision, especially if that means saving money.
As the economy dropped in the past years, renting equipment became much more reasonable than purchasing. According to the American Rental Association (ARA), they expect the overall North American equipment rental industry revenue to increase at least 6.9 percent in 2012 to total $33.5 billion at year-end (For Construction Pros & American Rental Association, 2012).
Although the renting industry may be at risk, it does not always apply to everyone.
Event and party planners should first consider the following questions:
- How much of the equipment do I need?
- What is renting/purchasing cost?
- For how many events can this equipment be useful? Is this something I can use for a lifetime?
- What is the storage cost (if purchasing)?
- How convenient is it to purchase/buy?
Prior to decision making, call a sales representative at a company that offers both rental and purchasing equipment and ask for accurate quotes and question/concerns you may have. After all, whether you rent or purchase, they will still be receiving business from you.
Most importantly, sketch a five-year plan and estimate the annual cost for crowd control and calculate the overall capital based on the expected usage of these items.
Always keep in mind that whether you rent or purchase, profiting and saving money are your main goals.
If you would like help in determining the benefits of purchasing vs rentals, call us today at 1-800-448-2647 and we can help you map out a plan!