While you can switch up a lot of things about your dental practice once you acquire it, one thing you can never change is the location. It may not be the first thought when looking to buy a practice, but it is one of the most important determinants of a successful practice. With the right strategies, alongside help from Henry Schein Professional Practice Transitions (Henry Schein PPT) Sales Consultants, you will find your perfect location.
The following factors should be considered when deciding where to buy a dental practice:
Lifestyle
While there are several business-related factors that go into choosing the right location for your dental practice, perhaps the most important question to ask yourself is where you want to live. Whether it’s a dental practice for sale in Connecticut, or another for sale in California, each location will provide its own unique way of life. Consider what components of your future practice location would appeal to you. At the end of the day, you need to be in an area in which you can first see yourself and your family, and then your practice.
Demographics
Numbers alone aren’t going to cut it. To find out if a location is the right fit, it’s important to investigate demographics. If you’re a pediatric dentist, practicing in a location that is experiencing a lot of growth in terms of families, is key. If you prefer to perform more cosmetic procedures, it’s best to practice somewhere with affluent residents. That’s where our Henry Schein PPT Sales Consultants come in. They use a Henry Schein Demographic Site Analysis Reports as a resource, which provides insights and experience in local areas, as well as data on the area’s economic and demographic patterns. Your ideal practice will have specific needs, and it’s important to locate in the right place to support them.
Competition
Statistics show that the number of practicing dentists is not a limiting factor to success and profitability. In fact, many of the most successful practitioners are located in medical/dental corridors or clusters. While considering competition in the business world is rational, it takes a special understanding of the market to really determine the amount of competition other practitioners will provide in the dental world. If you are well-located to support the dentistry you want to do and you’re able to provide your preferred services and instill trust in your patients, you will not be competing with other doctors.
Ease of Access
Location is about much more than just the city or state a practice is in – it’s also about the accessibility of the practice. This means asking yourself questions like, is the practice located in a busy location? Is it off a main road? Is parking easy to access, or did you have to circle a few times to find a spot? Factors like these are important to keep in mind because they will have a major impact on how easy it is to get patients in the door.
It’s important to develop your own personal ‘checklist’ to determine what you want in terms of practice location. Once you’ve thought through some of these points, our Henry Schein PPT Sales Consultants can help you find the ideal location that will meet all your specific needs to help ensure practice success!
