Many companies big and small across the UK require the use of a forklift at some point. Many might try to buy their own forktruck outright. However, there are significant benefits of forklift hire that can help your business in the long term to succeed and grow much more sustainably.
What is forktruck hire?
Forktruck or forklift hire is when your organisation rents out a forklift from a rental company. The rental company keeps ownership of the forklift. You pay a rental or hiring fee. This is based on the number of hours/days/weeks that you’ve hired the forklift truck for and can be paid as a regular amount every period (weekly/monthly) or after the end of the contract for shorter rental periods.
While you’ve got the forklift on hire, the driving and use of the vehicle are your responsibility. No driver is provided. It is also your responsibility to ensure that the forktruck that you’re renting has the right capabilities and strength for the work that is due to be carried out.
The forklift will be delivered and collected from your premises by the appropriate transportation vehicle.
The hiring of a forklift truck can be done for a period of time that is suitable for you. You could have a forklift for just a few hours or on a continuous contract – it depends on your specific needs.
What does the cost of forklift hire include?
When you hire out a forklift vehicle, there are no hidden costs. You pay the rental costs of the forklift and that is it. Within the price of the forklift, you get the rental of the forklift and any servicing and breakdown costs that are needed to keep the vehicle operating at all times.
This can be a great cost-saver as the repairs to a forklift can be a big outlay for small companies. Therefore, hiring a forklift can be a much more affordable and cost-effective solution.
The cost of the hire will also be based on the length of time that you’re using the rented vehicle and the model that you’re using. If you’re looking for an exact amount, speak to a member of our team to find out the exact cost for your specific needs.
What are the benefits of forklift hire over buying your own forklift truck?
When it comes to the benefits of hiring a forklift for your business, there are numerous ones that large and smaller businesses can have. Here are some of those benefits that your business can expect to experience.
Costs (upfront and ongoing)
The first point is upfront costs. These are completely covered by the rental company who buy the vehicle and therefore take on the high level of investment needed for it. All that you pay is the rental fee.
This leads us to the second benefit: running costs. While you’re responsible for the fuel of the forklift, this is rather inexpensive and the usage of the vehicle will determine the final costs of that. However, other running costs such as maintenance and repairs are not your responsibility but that of the rental company. This can be a great saver in the long term as these costs can soon mount up.
The costs saved through the outlay of buying the vehicle and maintaining it can be significant. These resources can, therefore, be used in other areas of your business that can help it expand. For instance, you could spend more on marketing campaigns or hiring the staff you need to keep production levels at the right point.
Alternatively, you could use the extra money to help pay off other investments like bank loans.
Some businesses don’t need the use of a forklift truck all the time. Instead, their need is seasonal or occasional. In these circumstances, the storage and the costs associated with the purchase of a forklift truck are completely unjustified. Storage alone will take up significant amounts of space at your business premises. You might not have this space available to spare and storing a forklift truck for long periods could interfere with other business operations.
However, if you hire a vehicle, it’s only on your premises when it’s needed. When you’ve finished using the vehicle, it can be returned so there are no storage problems for your business.
The same can be said with the number of vehicles that are rented out. You might only need one for most of the year, but during certain seasonal peaks, need to have two or three. By renting at least the additional ones, you are getting the forklift capacity you require without the significant outlay of buying or storing them at your premises.
You might not be an expert in what is required for your forklift vehicle. Different vehicles can take on different loads, have various operating capabilities and such forth. When you’re speaking to a forklift hire company, you’re talking to a team who are experts in the field and can give you practical advice on the needs of the task and which vehicle is most suited for your organisation.
Expert advice isn’t just available when you’re looking to start renting a vehicle. It can be called upon throughout the rental. If you hear a noise or notice unexpected behaviour of the vehicle, you can speak to the experts to see if it needs fixing. It may be the case the vehicle you’re renting is the wrong one for you.
Quick access to repairs
Those who rent out forklift vehicles will have connections to those who are able to repair them if they don’t have their own repair team. This close relationship often means that the company can get repairs done very quickly and so your vehicle is back to operational standards and productivity faster.
The same can be said for spare parts. They will have contacts with those who supply the spare parts and will be able to gain access to them quicker. Finally, if a repair is going to take longer than a day, the rental company should be able to replace the broken vehicle with an operational one.
Change forklift hire as needed
When it comes to the forklift you hire, this can be changed relatively easily as well. You might need one that is less powerful to begin with but as your business grows, require a larger, more powerful option. If you bought the forklift outright, this would be another outlay and you would have two, one which might not have the operational capacity that you need.
However, with a rental, you can make the switch without any unnecessary costs or burden. The old forklift is taken away and can be rented to another company and the new forklift can be delivered to your organisation.
This can be on a flexible arrangement. You might need the smaller, less powerful forklift for the majority of the year, but during a busy season, require the operational power of the larger forklift.
During the recent Covid-19 pandemic, businesses have been experiencing fluctuating demand. The flexibility of being able to upgrade/downsize might be very beneficial for some businesses.
Saves you time
Operating a forklift truck can be very time-consuming. You have to arrange the servicing, maintenance, repairs and also the buying of the forklift. By hiring, you’re cutting out most of that work, saving you time and energy that can be put into other activities that are more focused on servicing customers and growing your business.
Why is now a good time to hire a forklift?
With the current economic uncertainty surrounding Covid-19 and the UK entering a recession, now is the best time for your business to hire rather than buy. It allows you to save on costs and time that could be needed to keep your business financially stable. Costs can be kept low with the hiring of the vehicle only when it’s necessary.
In addition, we’re just entering the Christmas spike period. While demand for forklifts might be high now, come January, this will most likely decrease. With a hired vehicle, you can simply return it and stop paying for the rental.
It’s also important to consider that lending has become harder, so you might not be able to get a bank loan to afford the cost of a new forklift truck.
Will your business benefit from forktruck hire?
Any business that might need to lift large pallets of goods across a space will benefit from forklift hire. Especially those that have significant seasonal changes in demand or regularly get in lots of pallets of goods every day. Forklifts are inexpensive and highly productive ways to transport goods around a storage area.
A great way to get an addition to your fleet flexibly
Forklift hire is one of the best investments that your business can make if you have a need for one of these vehicles. It allows you to benefit from their use while not having the significant outlay and ongoing costs that they are associated with.
At the same time, you can be flexible. You can use them when you want and only pay for them when they’re on your premises. This makes hiring a perfect option for businesses which experience seasonal or occasional spikes in demand.
Ultimately, by hiring over buying, you will have the time and resources necessary to focus on business-critical tasks like servicing customers and growing your business. Something which in these uncertain times is more important than ever.
To find out more about how short term forklift hire can help your business, contact our friendly team today.