Whether you’re purchasing a new dental practice, building one from scratch, or just considering adding a second office, you need to be aware of the importance of the location. Doing a little bit of research can help save you a lot of trouble down the line. Receiving a demographic report and a dentist-to-target population analysis can go a long way towards making you feel confident in you decision.
Surprisingly, most dentists underestimate the importance of location. Even a practice with the most up-to-date technology, and the friendliest staff will struggle to succeed if they are in an inferior location. Because of this, demographic research is essential when trying to decide if a certain location if right for your practice.
However, just receiving the report won’t do you much good. A professional dental consultant is key to helping you understand the report. Things that can look negative to the layperson can actually not make a huge impact when analyzed by a professional. For example, as explained in an article by Marie Chatterley, “A city can have a negative growth rate and still maintain successful dental offices. I recommend talking with the city planning committee to find out how many new homes are being planned for that area over the next 1-3 years.”
If you’re starting up a dental practice from scratch, or considering purchasing an existing practice, you’ll need to build a network of people to help you in this endeavor. This should usually include a real estate consultant, equipment and supply representative, a banker, a contractor, an attorney, and a consultant.
For help understanding and deciphering your demographic report or to speak with a skilled dental consultant, please contact CTC Associates.