Where is the Best Place To Open A Dental Practice?

You’ve decided to open up your own dental practice! But where should you choose to open your doors? The location of your dental practice is a crucial factor in its success. Investing in the wrong area could mean difficulty getting the type of patients you need. Here’s what you should know about the importance of the right location before signing any leases. 

What To Look For In A Location

Before looking at potential locations for your new practice, you need to decide who your ideal patient is. Your ideal patients should need the services you are providing and live in an area where there are plenty of other people like them. Once you have defined who your ideal patient is, you can assess each potential location based on critical factors like:

• Proximity to your ideal patient: are you accessible to those who will want to come to your practice? Even if you are physically close to your market of potential patients, there could still be psychological or physical barriers such as major highways keeping them away.
• Market Saturation: how much competition is in the area? An overserved market has little to no need for the type of service you provide. On the contrary, an underserved market needs what you are offering. 
• Emerging Markets: individual neighborhoods where a high ratio of residents are new to the market. New residents are more likely to be looking for a new dental provider. 

How Do I Find Information About A Market?

The key to understanding any market starts with a viability study. EOS Healthcare Marketing specializes in analyzing markets using real-time data to break down each component of your market and predictive modeling to forecast how it will change. A viability study can tell you specifics about the consumers in your prospective market, such as median income, demographic profiles, type of insurance, or purchasing behaviors. In addition to analyzing the people in the market, a viability study also gives you insight into the competition, household turnover rates, and overall population changes. 

How Does A Viability Study Help Me Secure The Perfect Location?

A viability study uses real-time data to gain insights into a potential market. These insights reinforce your business plan, giving you an edge when securing your loans. A bank is far more likely to hand over money when they believe you will run a successful dental practice. Having the analytics and insights to prove that your location will support your business needs solidifies your stance with the bank and gives you peace of mind as you make important decisions while preparing to open your doors.

In addition to securing your loans, starting with a viability study means you’ll have exact zipcodes to provide your realtor with when starting your search for office buildings, making their job easier. 

What Else Should I Look For in a Location?

After having a viability study done and taking your zipcodes to a realtor to find prospective properties, here’s what else you should consider when deciding which location is best for your new dental office. 

Visibility 

Will people be able to see your practice in passing? If potential patients see your practice regularly, they will recognize your brand in other places like online or on a mailer creating a sense of familiarity. People are far more likely to want to come to your practice if they already know where your office is. Having an office space in a high visibility location exponentially increases your exposure to potential patients more than if you were tucked away in a quiet neighborhood. 

Parking and Traffic

While a busy street increases the likelihood of people noticing you while driving by, too busy of an intersection could mean that you get lost in the noise. A high traffic area also typically means less parking or more stress on the route to your office. 

Building/Structural Needs 

The type of dentist office you plan on opening will call for different building and structural requirements. Various structural factors impacting whether or not a space is suitable for you include:

• Construction: how much work will need to be done on the office to create your desired space? More construction translates directly to more time and money. It’s important to consider if you are willing to adjust your desired layout and vision for the flow of your office to the space. 
• Compliance: will the space be able to accommodate needs for OSHA compliance and proper waste disposal? 
• Local Regulations: Each state has its regulations and guidelines for private medical practices, be sure to familiarize yourself with what your state requires before beginning your search. 

Non-Compete 

If you are currently or have recently worked for another practice, be sure to check if you have signed a non-compete. Depending on the size of your market, a non-compete could prohibit you from marketing or practicing in an office location near your previous job.