Over the past couple days, I've been thinking why I want a practice.
Why do I want one?
Quality control - I can use good labs, good equipment, and train great people.
I want things at top quality.
Creative control - I can dedicate the practice to the very best dentistry available.
Better tax write offs - my biggest "optional expense" is training and equipment for my patients. My second expense is cool stuff to show my appreciation for people.
It's be nice to deduct this from my overinflated taxes.
Why it's a bother:
Labor costs - wages get higher; benefits cost more, especially health coverage; sick pay. The Bay Area is a very expensive place.
Taxes - Obamacare medical device tax 2.7% on everything we buy. Business tax. Payroll tax. City tax. State tax.
Liability, lawsuits - California has some of the highest number of lawyers. There are hundreds of opportunities to get sued over stuff like a kid slipping in front of your office.
Marketing/Competition - the SF Bay Area is a super saturated market full of tons of dentists. Frankly, it'd be easier to compete anywhere else (except LA).
Staff issues - the new assistant is hungover and the front desk decided to ditch work for a new boyfriend. These issues happen more often than you think.
Paycheck - as boss, I'm the last one paid. Frankly, some days I'll be paying money to keep the place open.
I'm probably crazy, but I still feel that the end goal is worth it.