June 17, 2019
5 More Considerations when Relocating Your Dental Practice
Whether you are relocating your dental practice across the street or across the country, it is important to have your relocation strategy in place before the big day. There are many reasons why one may decide to move their practice from its current location, including the sale of the building, lower rental rates, and upgraded space. Here are some additional considerations to make before packing your bags.
Before settling on a location, ask yourself: What is the average income level of the residents within a five-mile radius? What is the age of the residents? Is the area growing with new homes and businesses, or is it declining or staying stagnant? Does the traffic volume warrant visibility that allows good signage for your practice?
As with any business, it is important to analyze the competition around you before making the move. Be sure to figure out if there are competing dental practices in proximity of the location you are considering. If you are relocating to an area with competition nearby, consider what your unique value proposition is and what will help you stand out amongst the crowd. Also, keep in mind the dentist-to-patient ratio. How many other dentists are in the area? Is the dentist to patient ratio high or low?
In order to minimize patient and staff attrition, try to stay as close to your current location as possible. However, if your current area is not ideal and your practice isn’t ideally established in terms of patients and staff, consider moving to a better area where your practice has a better chance to grow.
When relocating your business, you will need to take all aspects of the new building into account. Consider the accessibility of the practice for your patients. Is the parking adequate for patients and staff? Where will signage be visible? Is there opportunity for expansion if you choose to grow?
Use this opportunity to grow your patient base in your new neighborhood by becoming immersed in the area and market to the community. Make sure to get your name and your brand out in front of all potential clients.
Contacting the experts at Professional Transition Strategies will only ensure a successful transition when looking to relocate your dental practice. Start the conversation now.