There are several different ways to get a Face Place photo booth into your business and one of the more popular methods is leasing. Many business people like leasing because it gives the feeling of purchasing something without many of the commitments that come with purchasing. There are also some financial benefits to leasing that can help put a little extra cash on your company’s bottom line.
No Commitment Right Away
A lease does not lock you into a buying agreement that would require you to put out a lot of money all at once. You pay your lease weekly or monthly, and you get the chance to see if having a photo booth is for you. In most cases, a lease payment is less than a loan payment, and that gives you the chance to see how a photo booth works in your business without paying the full-price payments.
When you buy a photo booth for your business, you get a tax credit for depreciation over time. Instead of getting the full tax benefit in year one, it is spread out over a period of time, usually three years. With leasing, the tax benefit is in the first year and you get to deduct all of your leasing payments. It can be a tremendous tax break that will help you keep money on your bottom line.
Give It Back If You Don’t Like It
When your lease is over, you have the option of giving the booth back or paying the final buyout price to keep it. This offers you a tremendous amount of flexibility and the chance to see just how the photo booth fits into your business plans before you commit to the purchase. It also gives you the chance to experiment with different booth placements and give your booth every possible chance of contributing revenue to your business.
With a lease, you are not tying up company assets into a purchase that has to work or else you will lose money. You have plenty of time to experiment with the photo booth and decide if it really is the right decision for you.
Doesn’t Affect Your Balance Sheet
A lease is not money tied up by your company that can look bad on the company balance sheet. When you go to lenders for a loan for other reasons, leasing a photo booth is not going to affect your ability to get funding from any type of source.
A photo booth is a great way to add revenue to your business and attract new clients. But if you are not completely sold on the benefits of a photo booth, then you can lease on instead of buying it and check it out without the financial commitment that comes with making the purchase. Leasing is a great way to have your own photo booth but still keep your company finances freed up for other projects.