Houston Dentistry Volume 1 Issue 3 The Texas Center for Occlusal Studies - Page 16

real estate update Using Demographics To Choose The Right Location For Your Practice As one of the fastest growing cities in the country, Houston’s demand for dental services has increased significantly over the past decade. With the rising population, the number of new dental offices has similarly increased, making the need for detailed analytics all the more crucial when selecting a location for a new practice. Analyzing local demographics combined with competition research is the most helpful approach to selecting a location with a likelihood for success. Using several methods to dig into the data and better define the competitive landscape around a potential location, it is possible to identify areas with favorable statistics. Review the Population Statistics Understanding your potential client base is a crucial part to any business, and when opening a new dental practice, you’ll need to get a clear picture of who might be using your services. Population statistics can give you some important insight about the types of people who live in an area, and this data can prove useful in determining if a particular location is right for your office. Depending on the type of practice that you are looking to open, examining different demographics will be important: Income statistics. Examining the median income in a particular area can determine the relative wealth of the population. If you are catering your practice to clients with Medicaid, an area with a lower income level would be the most attractive for your business. 1