The Leasing Advantages of Coin Op Laundry and Commercial Laundry Equipment
Operating high quality commercial laundry equipment is essential to a successful business. Your coin op laundry is a big investment of time and money so you want to make the right decision when choosing between owning and leasing your equipment. Ownership of your equipment and leasing it both have their benefits and drawbacks. Here are some points to consider when you are making your decision.
Pros and Cons of Commercial Laundry Equipment Ownership
If you own your equipment you have the final say on what type of equipment you have in your laundry, and you make all the decisions concerning this equipment. While ownership has its benefits, it also carries its own set of potential headaches.
- You are responsible for any maintenance and repair costs.
- You will more than likely need to have a service agreement with a company to come in and do annual maintenance. You will also have to foot the bill for any parts and repairs when a machine breaks down.
- When a machine is beyond repair you are also responsible for the replacement cost. The down time with broken equipment carries another cost; the cost of unused equipment. If your coin op laundry equipment is broken customers can’t use it which means you lose money on top of the repair bill.
These are some of the reasons many business owners opt for leasing their equipment.
Leasing Can Save You Time and Money
When you lease your commercial laundry equipment from a distributor you don’t need to do the legwork of research and price comparison. A leasing agent is geared toward making your coin op laundry profitable. The leasing rep will sit down with you and discuss your needs and what type of equipment is right for your operation. They will present you with some options and help you to decide which types of equipment will best suit your business. This saves you time and in the long run it will often save you money because you will have equipment specifically tailored to your business.
Repair, Maintenance, and Replacement Made Easy
If a machine breaks down (and they will) all you need to do is call up your leasing company and request a repair. If the machine is beyond repair you will get a new machine for free according to your lease agreement. Regular maintenance is usually part of a lease agreement and this will save you even more money and time. Most leasing companies will replace your commercial laundry equipment on a regular basis so that you always have the latest models and are assured to be operating high performance equipment.
Liability and Collection Services
Most leasing companies offer a generous liability insurance policy as part of their leasing agreement. This protects your business and assets. You may also be able to have the leasing company collect the money out of the machines for you. This helps keep you safe in dicey areas, and can ensure you get all the money coming to you since you won’t have to depend on employees to collect the money from the machines.
A coin op laundry can be a profitable business if you know how to maximize your time and money. Leasing your commercial laundry equipment may be the best choice for you. It frees you up from having to worry about repairs and maintenance, and can save you money. While ownership of your equipment might seem like an attractive first choice, when you look at all the benefits of leasing you may decide that leasing your equipment is the smart choice for your laundry business.