Whether you’re deciding to build a dental practice from scratch, add a second location, or purchase an existing practice, you can’t underestimate the importance of location. Making sure to do research beforehand can help to save you a lot of potential trouble down the line. The most important things you can do are a dentist-to-target population analysis and a comprehensive demographic report of the location in which you’re looking to purchase.
Many dentists underestimate the value of location when purchasing or building a dental practice. If you have a practice with an incredible staff, great prices, and up-to-date technology, it may still struggle if it’s in the wrong location. This is why every dentist needs to do his or her due diligence before setting anything in stone.
However, just receiving a demographic report alone won’t do much good. It’s vital to have a professional dental consultant on hand to help you understand the report and what it means for your dental practice. For example, some things may look negative but might not have much of an impact on your practice in reality. A city is still able to maintain successful dental offices even with negative growth rates. We recommend talking to a city planning committee to discover how many new neighborhoods or homes are being planned for the area in the next 2-5 years.
If you’re considering opening up a dental practice from scratch or purchasing an existing practice, it’s important to have a network of people in place to help you achieve success. These professionals should include a real estate agent, a banker, dental consultant, attorney, and marketing specialist.
Here at Pro Dental Designs, we’re here to help you predict the success of your dental practice by helping you put together a marketing plan tailor-made for your location and your practice. For more information, please contact our dental marketing office today.