Choosing a practice for the wrong reasons can be a recipe for disaster.
Some important points that need to be taken into consideration when choosing a practice:
- Location and supply and demand. Is the clinic you are considering in a location where demand is high and supply is low?
Ensure you do a reconnaissance visit in the area and check out the competition, and research the demographics of the area. Google will often have detailed information about specific areas. The practice may look awesome with a great fit out but it won’t make up for a poor/low social economic area, or a demographic that does not need your service. Or an area with too much competition.
- Is there room for growth? Spend a few moments dreaming of your future? What does it look like? Make sure you are clear about where you want to be to avoid issues in the future.
Due diligence for choosing a practice
Ensure your advisory team are doing their job. Your accountant should be scrutinizing the books, your solicitor should be scrutinizing the permits, contract terms and lease arrangements etc. You need to be confident with their advice because at the end of the day the decision is yours and they can’t be held accountable.
- Keep your emotions out of it. There will always be another practice. Don’t get so wrapped up in the idea of a perfect practice. Stay objective and make cool, calm and wise decisions. It’s exciting, but you need to get it right. Keep your excitement under control.
It’s not always easy but you need to think about where you want to be and not just now. Pretend you have a crystal ball and consider your future goals. This should include personal, lifestyle, and business. Can this practice get you where you want to be?