How to Lease Tanning Beds

If you are considering starting a tanning salon as your own business, you might want to think about leasing the tanning beds instead of buying them. Leasing minimizes the amount of start-up capital necessary as well as the amount of risk, because you only have to pay a monthly fee for the use of each bed. This allows you to begin doing business immediately and pay as you go instead of having to buy all of the equipment before you can open. It also allows you a trial period to establish your salon, because you only have to commit for a specific period of time. It is also a good option for someone who is interested in putting a tanning bed in the home for personal use.

Instructions

1. Find a leasing company. You can find one online or check your local phone book. Or try the classifieds in your newspaper.

2. Submit a credit application. This is a requirement, and the leasing company will check your credit. There are companies that will lease the equipment even if your credit score is lacking. Leasing qualifications are much less stringent than those for getting a business loan. Still, it is always a good idea to keep your credit score up to par.

3. Decide how long you would like to lease the equipment. Leasing terms usually range from 24 to 60 months. You will need to consider your monthly budget as well as normal wear and tear on the equipment before you select your term.

4. Pay the required security deposit as well as the first month’s payment before your equipment will be delivered. The security deposit varies but is typically equal to one month’s payment.

5. Decide on your buyout options. Once you have fulfilled the terms of the lease and all payments have been made, you will have a couple of options. You can either buy out the equipment--which usually consists of paying a nominal fee such as one dollar--or you can trade in the equipment for upgrades and start the leasing process all over again.