Starting a business with leasing: Key Steps to Obtaining Leasing for a New Business
When starting your own business, effective capital management is crucial, and leasing can be a strategic solution for entrepreneurs in the startup phase. It’s worth understanding the steps to successfully obtain leasing for a new business. Below are the key stages of this process.
1. Start with a Detailed Financial Analysis
Before embarking on the leasing process, carefully analyze your company’s finances. Assess consolidated operating costs, forecast cash flows, and define the fixed assets necessary for the effective operation of the company.
2. Determine the Need for Leasing and Choose the Right Form
Determine why leasing is an attractive option for you. Do you want to avoid large initial outlays? Do you want to have the latest technology without purchasing it? Choose the appropriate form of leasing – operational, which allows you to use the fixed asset, or financial, which ends with the acquisition of assets at the end of the contract.
3. Ensure a Solid Credit History
In assessing the creditworthiness of the entrepreneur, banks and leasing companies pay attention to the credit history. Therefore, before starting the leasing process, make sure that your company has a positive credit history. Regular repayment of obligations increases the trust of potential leasing partners.
4. Prepare Comprehensive Documentation
Leasing requires comprehensive documentation. Prepare a complete set of financial documents, such as a balance sheet, profit and loss statement, and documents confirming the credit history. The more complete the documentation, the faster the decision-making process.
5. Seek Professional Help
For complex leasing agreements, it is worth seeking the help of experts. Consultation with a lawyer specializing in financial transactions will help avoid legal pitfalls, and a financial advisor will help optimize costs and choose the most advantageous offer.
6. Compare Leasing Offers
Differences between leasing offers can be significant. Compare offers from different financial institutions in terms of interest rates, contract length, and additional costs. Remember that negotiating the terms of the agreement is often possible, which can bring additional benefits.
7. Be Prepared for Your Own Financial Contribution
Most leasing agreements require your own financial contribution. Be prepared to cover a certain percentage of the fixed asset’s value. Knowing this amount and being ready to provide it will increase your chances of obtaining leasing.