who might be located nearby. Not only is this important from a
competitive standpoint, but nearby access to other dental specialists may make your practice more attractive to potential clients.
Competitors. When considering whether a potential location is
right for your business, you should review the number of competitors in the area. Examine where they are located in relation
to the nearby population. It is crucial to use up-to-date information and to run custom searches in order to view the most accurate numbers, as the addition of even one dental practice can
make a huge difference.
Referral partners. For dental specialists, it can be helpful to
consider the number of referral partners that are located in a
given area. These referral partners can be other dental practices
– such as locating your oral surgery office near pediatric and general dentists – or they can be other community organizations –
such as placing your orthodontic office near local middle schools.
Dentist-to-population ratio. Many dentists rely heavily on this
statistic, as it will show the saturation in an area. This number is a
good indicator of the need for dentists in a particular community.
Find Out More About the Area Culture
The lifestyle of a particular area is also an important consideration
when deciding on where to place your dental practice. Sometimes,
simply reviewing the numbers don’t tell the entire story about a
location, as an up-and-coming neighborhood may look similar to
an area that is being vacated. It may be in your best interest to
open your office near your sphere of influence, such as where you
grew up, where your church is located, or where your children go
to school, as you will have a good understanding of the lifestyle
of these neighborhoods.
Choosing the right location for your dental practice can be the difference between seeing 20 patients on your first day of operation
versus two. Be careful who you listen to and who you work with –
a real estate agency that specializes in dental and medical practices can utilize demographics to help you locate areas that are
most in need of your services.
Austin Wheeler is a Managing Principal and the
President of the Dallas office of Practice Real
Estate Group (formerly Thomas Allen Healthcare
Real Estate). He has helped hundreds of dentists
open successful practices across the United
States and has a deep understanding of every
aspect involved. Austin has helped start and manage two successful dental practices in the
Dallas/Fort Worth area, providing first-hand insight
into the process his clients are working through. He has guest lectured numerous times at the Texas Dental Association meetings and Baylor College of
Dentistry on the process of finding the best location for starting a practice. Email:
[email protected] or call (214) 232-0718.
PracticeGrowthCoach.com
You have a vision.
We have a strategy.
BOBBY HANEY, DDS
Founder / Chief Consultant
[email protected]
469.843.0119
www.northtexasdentistry.com
|
NORTH TEXAS DENTISTRY
31