Where Should Your New Dental Practice Be Located?

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If you are considering buying a dental practice, there are many factors to keep in mind and one of the most important factors is where your dental practice will be located. While buying a dental practice UK is typically based on availability, if there are many locations listed for sale, new dentists can begin looking at other factors.

When it comes to choosing a great location for dental office, looking for the most appropriate cost per square metre isn’t the only thing to consider. Dentists also need to consider a wide range of other essential factors to ensure a profitable dental practice career.

When Deciding Where to Establish Your Dental Practice, Here Are Some Important Factors to Consider:

Local Demographics- it is important to check the local demographics data to make sure that families and individuals in the area fit the characteristics of ideal patients. With surveys, dentists should know about average household size, median age, ethnicity composition, renter- or owner-occupied households and median household income.

Population Density- dental clinics will get more patients if located in urban centres, compared to rural areas. Based on statistics from municipal authorities, it is possible to know more about the population density in the area. There should be enough people in the area, within 15 minutes of drive time. Other than total population and population density, other important factors are population growth rate forecast and desirability.

Competition- ideally, there should be very few competing dental practices in the area. Every guide to buying a dental practice recommends one dentist in the area to every 1,500 people. So, it is important to check the local competition. With an accurate competition data, you will know about the level of service that other dental practices are offering.

Costs- a perfect location for any dental practice is typically going to be the most expensive. Based on all the favourable and unfavourable factors in the area, dentists should determine the most sensible option, either renting or purchasing a property asset. Paying too much on a mortgage could affect the annual profitability of the dental practice.

Contact Pluto Partners

To learn more important factors to consider when deciding where to establish your dental practice, contact Pluto Partners today and speak with a Healthcare Business Advisor who can answer any questions you might have.

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Author: Sarah Sadie