Location is one of the biggest factors to directly affect your medical practice. A thoroughly researched market analysis can help you make a well informed decision regarding a move. Here are some factors covered in a market analysis:
- Demographics Where is your target market? A demographics report will indicate your target market’s population density for specific locations. Proximity to your market can deliver a significant number of patients.
- Competition Can your current location provide your medical practice with a competitive advantage? What is the population to physician ratio?
- Traffic counts Do you need high traffic areas where people can see your medical sign? Would your patients rather not fight heavy traffic and go somewhere else? A traffic count will give you an accurate assessment of the roads near your desired locations.
- Compare rates How much extra would a space in that building next to the hospital cost? Different lease rates in desired patient-rich locations will provide helpful price comparison information to help you decide on your location.
5 Tips to Finding your Perfect Medical Space
- Identify business needs
- Buy versus lease analysis
- Specific practice considerations
- Planning and critical thinking
- Finding a commercial real estate agent