The Value of Demographic Factors in Opening a Successful Practice: Part XIV, New or Used, Buy or Lease?
You are now about to graduate and are in the 40 percent that begins a joint or solo practice. You are faced with the decision to buy or lease new or used equipment. Discussing this with a chiropractic equipment dealer, I found some new insights into this subject. Your chiropractic equipment is obtained for a vastly different reason than your automobile or furniture. Equipment is designed for efficient use. Style is secondary.
Here is a good rule of thumb: buy or lease used, well-reconditioned adjusting or rehabilitation equipment. Always buy new electro therapy equipment. After a number of years, therapy equipment develops hard to detect electronic glitches, which are difficult to repair. Buy or lease new office equipment to avoid that second-hand look.
Remember, equipment is a tool. The government will help you by giving you a 50 percent tax credit off the top of your taxes during the year of your purchase or during the course of the lease. Shop for the least amount of interest, either on a bank loan or a lease purchase. You must pay for 10 percent of the true value of the equipment leased before, during, or after the lease. Your equipment is a tool to assist you in treating your patients. It should pay for itself and earn a profit for you. If it looks good during the process, great.
Use the Chiromap program in the Office of Alumni and Career Services or see http://locusmap.com/ to order studies. For information, our e-mail address is: info@locusmap.com or call (800) 743-6676.