Buying business equipment - renting during off season

I think it comes down to most things. What is the market in your area for the lift Equipment that you are renting. Do you know of a builder that rents frequently of is there an industrial need for the equipment?

I love the idea of renting equipment that I need periodically but not constantly. I just don't feel like dealing with the headache of finding renters and dealing with idiots that do stupid crap with my equipment.

If you are hanging Christmas lights, I'd guess tree trimmers are a solid complimentary business for your needs. Might look for another seasonal business that doesn't cross your seasonal needs.

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I rent one every year for 1-2 months. Cost me around 3k for the entire season.

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Oh ok. I thought you were renting one for $15k.

Purchasing and renting a single piece of equipment is going to be a PITA. You will want to have liability insurance for the equipment you rent out, handle all the tax collection, if the equipment breaks, you are going to have to quickly have it fixed for the customer, etc.

And know that a piece of equipment that you rent out is not going to be taken good care of by customers so the lifespan of the equipment wont be as long.

It's a pull behind lift, so not quite as many things to break, but still maybe not something you want to take on.

If you do rent, make sure that you have a completely separate LLC for the rental company. You do not want it tied to your other business just in case something happens. You can also then rent the boom lift to yourself from the "rental" company to your side business if the financials work out for you.