05 Mar Float Tanks: Should You Buy or Lease?
Opening a float centre takes time, patience, and a lot of decision making. Choosing a space that suits your needs perfectly is a tough first step, and then figuring out how to redevelop the space can be an intimidating long process as well. Once you’ve cleared these first major hurdles, your next step is determining what float solutions you’ll offer and how you’ll go about acquiring them. Though we wouldn’t recommend it, you could build your own float tanks too. Then you need to make the almighty decision of whether to lease or purchase your float solutions.
Purchasing a Float Tank
If you’re opening a float centre and planning to have only one or two tanks, you may consider purchasing your solutions in full, from the start. Depending on which solution you choose you could be looking at spending about $30,000-$40,000 per tank. Similar to purchasing a vehicle instead of leasing from a dealership, you’ll have the satisfaction of knowing the tank is yours and that you don’t have to worry about more monthly payments on top of bills like rent, water, and electricity. However, like buying a car, if something malfunctions with your tank after the warranty expires, you’ll be completely financially responsible for the repairs. Also, if you have a standard to low budget for your centre from the beginning, purchasing your solutions means you will only be able to afford one or two, limiting the amount of bookings you can take, ultimately negatively affecting your profit.
Your Other Option? Leasing
Depending on your budget and circumstances, leasing a sensory deprivation tank may be the best move for you and your centre. Generally, float tank suppliers like Pro Float Inc. will lease with a finance company (we use Provisio Financial Services). The main benefits to leasing are the following:
- You will be able to acquire the number of float tanks you deem beneficial to your business from the start, giving you the ability to earn more profit. You will also be able to expense the payments, reducing your taxes payable.
- Your lease payments can be all inclusive, covering shipping costs, installation, set-up, training and maintenance.
- If you ever want to add systems to your tank or upgrade it in any way, your incremental payments will only slightly increase allowing for your business operating expenses to be maintained at a manageable level.
- With most financial services providers you will be able to choose how frequent your payments are. Whether you go for monthly, bi-monthly or annual payments, you can find a plan that suits your budget perfectly, making the costs seem much less overwhelming than purchasing a tank outright.
No matter which route you decide to take to acquire your float solutions, we are here to help. Whether you’re interested in our Pro Float Cabins, require additional services or products like heating systems or water testing kits, or simply need some advice, contact us today. We’re here to help you promote the float!