Should You Lease or Buy a Space For Your Start-Up Dental Practice

One of the most common questions among dentists who want to start their own practice is whether to buy or lease a commercial property (Practice real Estate). Through in-depth analysis, it was concluded that buying commercial property is the better option if you plan on staying in the same location for 7 or more years. Therefore, considering the growth of your business will be a large decision making factor in choosing whether to lease or buy a space. 

On average, over a 15 year occupancy period, leasing commercial real estate costs as much as 86.6% more than buying commercial real estate. In cases where you lease a space for less than 7 years, oftentimes this cost will be less than buying. Therefore, seven years is considered the “breakeven” point in terms of occupancy costs. 

When determining whether to buy or lease commercial property for your practice, there are some questions to ask yourself:

• Will I outgrow my space, and if so, how many years will it take for me to outgrow my space?

• Am I in a position to tie up capital in commercial real estate?

• Do I want the flexibility of leasing? Or do I prefer the stability of having a mortgage?

• Am I up for the challenge and the hassle of maintaining a property?

• What are the local trends in the commercial real estate market?

There are benefits to both leasing and buying a commercial space and by considering the pros and cons of each, you will be able to choose the path right for yourself.

Commercial properties tend to store their value, making them a good investment. Additional benefits to purchasing real estate include, but are not limited to, equity upside, asset appreciation, rental potential and tax benefits. On the other hand, when leasing a commercial space, you have more liquidity, more flexibility, and additional tax benefits you are able to take advantage of. 

Overall, it is important to take the time to plan both your short term and long term goals in order to determine whether buying or leasing is the best choice to make. Ultimately, however, it is important to remember not to sacrifice location on the basis of buying or leasing a space for your dental practice. If investment in property is your concern, you always have the option to buy other real estate for investment purposes.

Guest Post by Armincoinc

Steps To Opening Your New Dental Practice

Ever since the thought of becoming a dentist crossed my mind back when I was a teenager, the goal of opening my own practice was right behind it. From my parents who were exemplary business owners to my dentist and mentor who had his own practice, the thought of working for someone else was never an attractive option for me. Fast forward a few years post-residency with a lot of experience in the field of dentistry under my belt, owning my dental practice has become a dream realized.

There are many factors involved in opening your own dental office which can be both confusing and overwhelming. Knowing the correct steps to take can help you save a lot of time and money and keep you on track to starting your dream dental practice.

1.Knowing Your Budget

The average cost to open a start-up dental practice is more than most people think. Depending on your location, most start up practices range from $350k - $450k in total costs. Before looking at spaces, or meeting with equipment companies and other specialists, the focus should be on talking to banks and getting approval for a loan.

2. Finding The Best Location

The location of your practice is first and foremost the best method of exposure for your future office. You want patients and lead sources to find you easily and quickly. An experienced realtor in the dental industry is your best resource when locating a space. They will help you find a location in good proximity of your targeted patient demographic and within your budget.

3.Selecting an Architect and Contractor

Once a potential space is located, it is time to begin dialogue with an architect or contractor who are experts in the dental industry. An experienced architect or contractor will be able to point out any red flags or potential hazards within a space that can affect costs significantly. They can also help provide a preliminary construction proposal to ensure the project stays within your budget.

4. Receiving Equipment, Cabinetry, IT and Computers

Architectural plans take approximately 8- 12 weeks to be completed and approved from the local governing body. Within this time frame is when equipment, cabinetry and IT/computer bids should be selected and received.

5. Planning for Staff

The construction period takes anywhere from 60 to 100 business days depending on the locations and size of the project. During this time you should be finding the right employees for your practice size and making sure you have everyone you need to run your office come opening.

6. Double Checking All Licensing & Legal Needs

It is very important to not push this step back. It can take months before you can accept insurances and in addition, you will need to be licensed in your state, have a national provider identifier number, and register with the DEA. All this needs to be done before construction is finished so you can start practicing right away.

7. Marketing

Planning is key, get the word out any and all ways you can from Social media (Instagram, Facebook, Tik Tok, Snapchat), TV ads, prints ads, online ads, promotional events, etc. Develop your website so that it stands out but also simple enough for patients to schedule.

When planned carefully and properly managed, the process towards opening your new dental practice can be exciting and fulfilling.

In part, a Guest Post by Sasha Hewadpal & Araik Safarian at: Arminocoinc

Jamaica: Dental Helping Hands

The DHH team was in Jamaica recently where over 500 patients received essential and life changing dental care.

The purpose of the Dental Helping Hands (DHH) Non-Profit Organization (NPO) is to provide dental services to people who do not have access to dental care, who cannot afford it and who would otherwise not be able to receive treatment. The founders of the organization have a solid mission of giving back to people of our respective communities and countries.

Our latest mission took us to St. Ann, Jamaica in the town of Cascade, where Dr. Patrice Smith, her husband Dr. Reginald Baker, Dr. Mark Edwards (Dean of The University of Technology College of Dentistry), Curtis Foster, RDH and a team of 11 dental students from The University of Technology College of Dentistry (UTech COD) and 20 dental hygiene students from Northern Caribbean University (NCU) rendered dental treatment to over 500 patients.

The Dream Team - 3 doctors, 1 RDH, 11 dental students and 20 dental hygiene students

The mission took place at Cascade Primary School

A steady flow of patients waiting to be registered

Dr. Mark Edwards performing extraction procedure of a badly decayed tooth

The DHH team spent a total of 8 hours in Cascade and rendered essential dental care ranging from simple extractions, surgical extractions, dental prophylaxis (cleanings) and scaling & root planing. Patients also received fluoride treatment, toothbrushes, toothpaste and floss to continue at home dental care.

Dr. Baker performing examination

Dr. Smith with UTech dental student as anesthesia is being administered

We always aim is to empower and support the communities we serve by partnering with local dental professionals to share knowledge. By providing communities with education on preventative measures to improve dental health, we honor, support and empower those with less and assist them in becoming self-sufficient. One of our goals is to focus on preventative education while providing patients with a safe environment for necessary care.

Our trip was a success. Exactly 507 individuals received much needed dental care. A huge part of our team’s success stems from individuals like yourself who see a need and donate either time, supplies or money. These donations go a very long way in the lives of the people we serve.

The DHH team is on a mission to not only improve the dental health but the overall quality of life of the lives we come in contact with . We will continue our mission to serve and provide these communities with much needed dental services.

If you would like to join us or donate to our cause, visit our website www.dentalhelpinghands.org and follow us on social media: Facebook and Instagram.

Tanzania: Dental Helping Hands

The purpose of the Dental Helping Hands (DHH) Non-Profit Organization (NPO) is to provide dental services to people who do not have access to dental care, who cannot afford it and who would otherwise not be able to receive treatment. The founders of the organization have a solid mission of giving back to people of our respective communities and countries.

Our latest mission took us to Dar es Salaam, Tanzania, where Dr. Patrick Christopher (Oral & Maxillofacial Surgery resident and President of our non-profit Organization) and a team of other surgeons and volunteers performed life saving and life altering surgeries for individuals who were in dire need.

The DHH team spent four days in Tanzania and performed trauma surgeries, cleft lip & palate repair, facial reconstruction, keloid repair, and tumor removals.

Tumors on right side of patient’s face

Patient prepped and ready for tumor removal surgery

Our trip was a success. Seven (7) individuals in dire need of care were able to receive life altering surgeries at no cost. A huge part of our team’s success stems from individuals like yourself who see there’s a need and donate either time, supplies or money. These donations go a very long way in the lives of the people we serve.

In 2019 we will continue our mission to serve and provide these communities with much needed dental services. Services we typically offer include dental cleanings, extractions, fillings, root canals, and even surgical intervention. We provide education and supplies to help maintain their oral health long after we are gone.

Please help us continue to serve the underserved by donating to our non-profit here.

Ghana: Dental Helping Hands

Earlier this year the DHH team was in Ghana where over 5000 patients received essential and life saving dental care.

The purpose of the Dental Helping Hands (DHH) Non-Profit Organization (NPO) is to provide dental services to people who do not have access to dental care, who cannot afford it and who would otherwise not be able to receive treatment. The founders of the organization have a solid mission of giving back to people of our respective communities and countries.

Our latest mission took us to Tamale, Ghana on the continent of Africa, where Dr. Rasheeda Johnson and a team of other dental specialists and volunteers rendered dental treatment to over 5000 patients! 

The DHH team spent four days in Tamale. On day one approximately 1000 patients registered and received essential dental care ranging from extractions, restorations (fillings), dental cleanings and minor surgery. Individuals of all age ranges were seen including children! For the next three days over 4000 patients received dental treatment, were given shoes, toothbrushes, toothpaste and even laptop computers.

Day one: 1000 patients registered and waiting for dental treatment

Patients seated and waiting their turn for dental treatment

Dr. Rasheeda Johnson and the kids after educating them all on proper hygiene and brushing habits. All the kids received fluoride treatment and a supply toothbrushes and toothpaste.

Dr. Rasheeda Johnson with some of the elders of the community

Dr. Rasheeda Johnson hard at work extracting this gentleman's severely decayed tooth.

Dr. Rasheeda Johnson loves the kids!

“If we want to change the world, we must first develop a bright future for the children”

— Anon

In four days the DHH team delivered dental care to over 5000 patients! In addition to that over 500 pairs of shoes were donated, 250 toothbrushes distributed, and three University students received a laptop to help with their studies. 

The DHH team is on a mission to not only improve the dental health but the overall quality of life of the lives we come in contact with . 

If you would like to join us or donate to our cause, visit our website www.dentalhelpinghands.org and follow us on social media: Facebook and Instagram.

NPO's & Service to Humanity

"Service is the rent we pay for being. It is the very purpose of life, and not something you do in your spare time." - Marian Wright Edelman

I consider myself fortunate and I am honored to be in a position where I can help those that may not be as fortunate as myself. As a child my parents instilled in me fundamental values of humility and respect for everyone regardless of his/her position or place in this world.  Whether its is janitor, the postman or the CEO of a fortune 500 company - they all get the same level of respect and attention.  It is with those values that were instilled and remains engrained in me that I feel an obligation to help those in need and give back to society some of which is gained. This is the reason I participate in many community service projects, I volunteer as a dental professional and otherwise, and it is the reason I am co-founder of the non-profit organization Dental Helping Hands. 

Three classmates of Howard University of Dentistry decided they wanted to give back. The group consists of an Oral Surgeon, an Orthodontist and a General Dentist with the heart to share their talents with the world. They volunteer their time and travel to different countries to provide free dental services such as extractions, restorations, treat abscesses and cleft lip and palate repair.

I hope this inspires you to do something kind for someone, volunteer in your respective communities and perhaps sign up to be a volunteer or even a donor of our organization Dental Helping Hands. Visit our  Instagram page and connect with us. Website is under construction.