As an equipment hire and rental company, Shore Hire is instinctively a part of the circular economy, while utilising the sharing economy in our hiring model.
This approach enables us to provide our customers with high-quality and reliable products, while prioritising sustainability and environmentally friendly solutions.
In this blog post, we’ll explore what these economic models are and how Shore Hire utilises them, as well as the benefits they offer both to our company and our customers.
What is the Circular Economy?
A circular economy is the opposite of a linear economy, where companies “take-make-dispose” of resources, materials, and their products. In a circular economy, resources and products constantly circulate through a number of processes, such as manufacturing, remanufacturing, recycling, reusing, refurbishing, and maintaining—essentially, it’s about getting as much use out of an item as possible.
At Shore Hire, we embrace the principles of the circular economy by facilitating the simple and safe repairs of our products, making our products as durable as possible, and by focusing on the recycling and repurposing of materials to extend the life of our products. We believe that doing this helps our customers reduce their waste, lower their carbon emissions, and better manage their resources.
What is the Sharing Economy?
The sharing economy is an economic model where assets, such as products, services, or resources, are directly exchanged between two people – typically a business and an individual, or between two businesses.
In this model, an individual can hire the asset from the business for as long as needed, then return it to the business, which can then hire it out to another individual. This means that assets are going to be used to their fullest potential, a principle that is also highly valued in a circular economy.
How does Shore Hire fit in?
As a hire company, our customers are able to hire and use only the products they need for their projects, and will not be left with a surplus of obsolete equipment that needs to be disposed of when the project finishes.
By making our products durable, by using heavy-duty materials, having and carrying out regular product inspections, and properly maintaining and storing products, we can greatly expand the lifespan of our products, reducing the need for frequent replacements, and conserving precious resources.
We recently opened a facility in Moss Vale that is dedicated to expanding our repair and manufacturing capabilities, which is a great example of how Shore Hire has combined these two economies. This facility allows us to improve our turnaround time when repairing and manufacturing products, guaranteeing that our products can quickly be returned to circulation and can be hired out to other customers.
Manufacturing and repairing products in-house also means that we can use energy-efficient processes, minimise water usage, and employ waste-reduction techniques. It also allows us to collaborate with local suppliers who uphold sustainable practices, ensuring the environmental impact of raw materials sourcing is reduced.
If you would like to learn more about Shore Hire’s sustainable practices and world-class solutions, then get in touch today!
