One of the first steps in launching your own dental practice is choosing a location for it. You can have a team of highly skilled dental assistants and receptionists along with all of the right tools and equipment, but unless your practice is in the right location, you’ll have an increasingly difficult time trying to stay afloat. Location is arguably one of the most important elements for success, as it can either make or break a practice. To learn more about choosing the right location for a dental practice, keep reading.
1. Demographics
When you’re scouting potential locations for your dental practice, do some research into the demographics. There are a number of free-to-use resources and records, found both online and at city planning offices, which offer this information. Look to see how the population numbers have changed in the surrounding area over the past 5-10 years. Have the numbers increased or decreased? If people and businesses are moving away from this area, this is a red flag that should send you packing in the other direction as well. On the other hand, locations with large, dense populations of residents along with businesses are a sign of a healthy thriving economy and infrastructure.
2. Competition
Population numbers aren’t the only factor that should weigh into your decision on choosing a location for your dental practice. Another key factor that will greatly affect your business is the competition. Common sense should tell you that trying to muscle your way into a competitive area with several other dental practices nearby will only make your job more difficult. The fact is that most patients stick with the same dentists for ten or more years; therefore, trying to set up a new practice in a location where residents have already chosen their dentist is a poor choice. You can expect some competing dental practices in most busy cities, but make sure the dentist-to-population ratio is low enough so you don’t have to struggle for new clients.
3. Practice Lease
Another important step in choosing a location for a dental practice involves the lease. Don’t just accept the first building that ‘looks’ suitable for your practice. Instead, scout around in the desired area where you want to open a practice and call up buildings/shops with a ‘for lease’ sign. Find out how much space they offer, along with the monthly lease rate. You probably don’t want to operate out of a cramped building with little room to expand.
