Pros and Cons of Subleasing.
You’ll significantly benefit from subleasing as your first endeavor to entrepreneurship, instead of cold start. Many ODs have started doing so as it has helped them grow their practice substantially.
Surely, subleasing has its advantages, but it also comes with cons. It’s best you know everything subleasing has to offer (the good and the bad) before you find yourself in a subleasing contract. This blog will guide you regarding how beneficial subleasing can be and, at the same time, what risks it holds.
Pros of Subleasing
You can expect to get the following advantages when you sublease from a tenant.
Great Patient Base
Subleasing allows you to create a space to run your practice and tend to numerous patients. You might not own the property, but it’s yours until the subleasing contract expires. So, you can promote your practice all you want and enjoy many patients at your disposal. This way, you get to expand your practice and provide quality healthcare to your patients.
More Convenient If It’s in Your Hometown
If your sublease is in your hometown, it’ll be much easier to build and manage. Firstly, it takes away the commuting hours, so traveling between work and home will be highly convenient. Since your new practice won’t be too far from you, you can keep building it the way you want. Everything becomes easier, from installing robust technology to set it up with decent furniture!
Ability to Use Their Staff
Another advantage you get by
subleasing is that you don’t have to do the mundane administrative work. You
can focus on your practice and ensure you provide your patients with the best
care. As for the administrative duties, you can ask the existing staff to do so
while you spend your time enhancing your skills as a physician.
Cons of Subleasing
The following are a few drawbacks you should prepare yourself for before subleasing.
Inability to Hire Choice of Staff
When you’re leasing a property from the corporate entity and are under a contract, you’re automatically restricted from doing certain things. Hiring your choice of people is one of them. Since it’s officially not your property, you can’t decide who gets to work there and who doesn’t. You’ve got to make do with the staff you already have, and that might sometimes become a challenge.
You Can’t Officially Call It Yours
While subleasing, you must know the practice isn’t yours. You might work there and tend to patients; however, it still isn’t yours. This can be unsettling for many physicians as they want to run their practice after a certain time. If you don’t like being under a contract and following certain restrictions, subleasing isn’t the best option.
Sudden Company Takeovers
This has happened plenty of times before. Your practice isn’t the safest when you’re subleasing, as the company might one day decide to take over it completely and sell it to someone else. If you don’t like the sound of that, we’ll suggest you take your practice elsewhere and don’t sublease from anyone.