Positioning your new practice in the right market
If you’re starting your first practice or opening a subsequent one, there’s no point locating it in an area that doesn’t need the services you’re planning to provide. Or an area that’s already fully serviced by practices that are similar to yours. Ideally, you want to find a location that has a large number of people in your target market, a strong community, and growing demand for your services.
Consider what the location will be like in five or ten years, as well as what it’s like today. Next, analyse who you will be competing against. Which businesses are providing similar services to yours in the same location?
There are a variety of relevant apps such as GapMaps, that can help you identify how many practices service the area already, and where your potential referral partners are located. If the area is already fully serviced, then perhaps it’s not the right area for you. However, keep in mind some competition can actually be useful, because it creates a hub that brings potential patients to the area.
If you choose to work with a marketing consultant or a property/real estate advisor, they can help you put together a thorough analysis for each location you’re considering. In episode 2 of our Owning Your Future video series, Julian Muldoon, Medical Property Advisor and Director at 1Group, shares some great tips about how to choose the perfect location for your practice. He discusses why competition can be a good thing, accessibility and zoning considerations, and the pros and cons of different property options (e.g. converted housing, office space, retail complexes and shopping centres).
To watch this segment and many other useful practice startup expert interviews click here.
Another valuable tip is you can also use census data to assess locations. If you’re deciding between several locations for your practice, the government’s census website is a great tool to help you make a decision. You can download a community profile that includes demographics, cultural diversity, education, health conditions, employment, household income and much more.
When it comes to financing your new practice, the Avant Finance team is here to help. Our knowledge, understanding and connections have helped set up thousands of practices and removed a million and one financial headaches. We have an extensive selection of loan options that no one lender can match. We’re the experts in what we do because we only focus on doctors. We back you and your qualifications, help you tick the boxes, and fill in all the gaps that the banks won’t.
