How to Scale Your Rental Business

 

Building trust and being a part of the production community is at the heart of everything we do here at On Set Lighting.  We say it every day with our words on social media, and with our actions every day helping our customers. 

Being a part of this production family is a privilege, and it also comes with a lot of responsibilities. 

Every single day, there’s someone who’s prepping a camera package, and a lighting package, and a grip package, and a vehicle package. 

Every night, there’s someone else getting their makeup and wardrobe kit ready for the next day. 

Every week, there’s a group of people working overtime on production schedules, logistics, budgets and more. 

Just with those arenas alone, there are dozens of people working toward a single goal within a sole segment of the business. 

Here at On Set Lighting, we’re proud of being the guys within this tremendous community that you all come to when you’re looking to hear about sharing experiences, and ready to make that investment in buying equipment to scale your business… and your personal brand.  Your name.  That’s a BIG responsibility.  It’s also a BIG honor. 

Yet scaling your own rental business is also a BIG step.  Often, the biggest question a person has when they’re needing to get their hands on more equipment, is how do I do it?  Where do I get the cash? How do I become a "force-multiplier" on my own?

Check out the short and insightful video on this page.  Here, Burnie gets into his real-world experience of starting at the bottom of the business at an unlikely time in his life, and steadily built it up to a solid equipment rental outlet we all know and love as Burnie’s Grip & Lighting simply by "servicing his investment".  He shares the details of how that got done, and how you can apply it to your personal vision. 

Then, Nick gets into how On Set Lighting does our part in the community by talking about how to tailor that equipment package that’s just right for you.  It’s easier than you think to plan and act on that next investment that will take you to the next level and help you better serve your corner of the community. 

Service your investment and write off your equipment this year. 

So, here’s some of the technical stuff.  Exciting?  No.  Important.  Yes.

One-Page Application Downloads:

For our friends who are establishing credit and / or looking to make equipment investments with a minimum of $5,000 USD, we recommend filling out this application and emailing it back to info@OnSetLighting.com or call (818) 538-8203 for more details.  Here's some great news: Talking about all the details of your situation is exactly what our investment sources want to hear.  They're ready to help! 

DOWNLOAD, FILL OUT AND SEND BACK THIS FORM

For our friends with well established credit and looking to make equipment purchases of $25,000 USD or more, we recommend filling out this application and emailing it back to info@OnSetLighting.com or call (818) 538-8203 for more details. Here's some great news: Talking about all the details of your situation is exactly what our investment sources want to hear.  They're ready to help! 

DOWNLOAD, FILL OUT AND SEND BACK THIS FORM

How Section 179 works to your benefit.

As of January 1, 2018, businesses can deduct up to $1 million of qualified property (up from $520,000 in previous years) immediately, with a phase-out threshold of $2.5 million. Once a tax year exceeds the threshold amount, the Section 179 deduction is reduced dollar-for-dollar by the excess amount. Starting in 2019, the deduction and phase-out threshold amounts will be subject to inflation.

Unlike bonus depreciation, Section 179 is limited to taxpayer’s business income. Passive income, such as assets used in rental property, is not eligible for the deduction. Also, bonus depreciation can push the taxpayer into a net operating loss, but Section 179 cannot. Unlike bonus depreciation, any Section 179 deduction elected that is not allowed due to income limitation is carried forward to future years.

*Please Check With Your Tax Professional.