Take inventory of the gear you currently have and the gear you need to assess what leasing is actually going to cost. Additionally, acknowledge the right equipment coupled with good marketing will have a positive effect on your bottom line. Do not assume that because you have the the best vintage microphones and preamps in town that bands and musicians are just going to line up at your door to book studio time.
Research leasing companies with good reputations in the local recording studio and production community. Don't assume that because leasing company X has larger-than-life studio clients that leasing company X has a solid reputation of integrity. If you are a smaller operation, call your competitors. Just because a business is competing with you in the marketplace doesn't mean it won't offer friendly advice. Owning a recording studio can be lonely business, and you're going to need all the help you can get.
Contact a leasing agent. Even though a leasing agent greatly benefits from the big commission that a new client can offer, he will not benefit from your studio going under and tarnishing his leasing company's good name. Your agent will want to meet with you and assess your needs. If an agent thinks you are in over your head, he will probably say so.
Fill out the lease application promptly. This will only help your chances of securing the lease agreement you want, which will mean securing the gear you want. After you fill out the application, it is best, especially with large leasing contracts, to go over the information with your attorney. You will need to make sure you understand all the wording in the application very clearly.
After your lease application is approved, you will meet again with a leasing agent again to sign a leasing agreement. The lease agreement will stipulate the length of the agreement, services offered and any late fees and early cancellation fees that apply. Read carefully and ask any and all questions you can think of so that you understand any clauses dealing with arbitration should any legal problems arise during the course of your lease agreement.