Are you looking to acquire a new dental practice but not sure where to start? This 3-part blog post will go over a few broad areas: Location, Real Estate: Lease vs Purchase, and Staff Structure. Of course, there are many, MANY other factors to consider but these items will help you start making initial decisions. In this particular article, we will discuss how to determine the location of your new practice.
Location! Location! Location!
Deciding where you want to begin your dental practice if the first step. Will you want to relocate or find an opportunity near your current residence? If you live in a busy city, the market may already be saturated with dentists. Business may be better in a rural community but growth opportunities could be limited. Before making personal lifestyle decisions, make sure you check on patient demographics in the area first.
- What type of region do you want to work in? Do you know what the standard of living is there?
- Is the region already heavily saturated with dentists or is there a demand for dental work?
- Is the region’s population growing or slowing down?
- Who are the prospective patients that live in the area?
- Are there free clinics in the area? If so, how many? Will they affect your business?
Key Takeaway: Consider and research various population demographics
Now that you know what to look for regarding the location of your practice, check out Part 2 of this post for tips on choosing real estate.