To Choose The Right Location For Your Practice by Austin Wheeler
real estate update
Using Demographics
To Choose The Right Location For Your Practice by Austin Wheeler
New businesses are constantly being developed in the Metroplex , and it seems that rarely a week goes by without new articles popping up about the area ’ s population boom . The Dallas-Fort Worth region has made economic development its priority , recruiting businesses like Toyota , Liberty Mutual , State Farm , and Charles Schwab to the area . With the number of people residing in the area constantly increasing , this is also an exciting time for dentists who are interested in opening their new practice . If you are one of them , there is no better time to open your office , as you ’ ll have an opportunity to capture the fastest growing pool of new dental patients in the country .
Unfortunately , finding the right real estate location in the DFW area can be a tricky endeavor . Choosing the right area goes well beyond simply buying or leasing a property at the lowest price , or selecting a building that is architecturally interesting . You ’ ll need to understand the demographics , population , and competition in the areas where you may consider opening your practice .
Review the Population Statistics
Understanding your potential client base is a crucial part of 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 . Median income often provides a more accurate picture of area wealth than average household income , as average income could be skewed by the small percentage of wealthy households in a targeted area .
Race and ethnicity . DFW is quickly becoming one of the most diverse areas in the country , and for doctors who prefer to deliver their healthcare services to a specific ethnic group , this can be an attractive quality . If you intend to cater your practice to a target niche , it can be helpful to know where these groups reside .
Adolescent data . If you intend to open a Medicaid practice , the target age to consider is 19 and younger . This statistic will tell you how many young people are in the community , and considering that younger individuals are more likely to visit the dentist , this is a useful statistic for all practices . If you intend to open an orthodontic or pediatric dentistry practice , you may be interested in the population under age 14 .
Population growth . The clients who are most likely to seek out a new dental practice are those who have recently relocated to an area . Obtaining statistics about area growth can help you to find a location where the need for your services is the highest . New growth will give your dental clinic the greatest chance for success .
Total population . When considering a potential practice location , it is important to consider the total population of the target area . The population density can greatly impact your available patient pool , and it is important to consider the availability of clients so that you can hedge against a competitor who might be coming into your target patient population . That ’ s not to say that a lower population density is always bad – if an area is experiencing strong residential growth , especially if it is 1-3 hours outside the DFW area and less desirable to competitors , a location might still be a strong contender .
Considering population demographics can significantly impact the likelihood that your dental office is successful upon opening , and it can greatly impact your practice as a whole .
Get to Know Your Neighbors
When determining whether a particular location is right for your new dental office , you ’ ll also want to consider the other dentists
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