Hey Doc, Have you checked out REALscore.com? Our homepage features a flow chart to help you determine what your next step should be if you have an existing practice, are anticipating a start-up or are considering buying a practice. For example, if you are considering a start-up and have 2 Specific Practice Locations you want to compare, you will need to evaluate the Competition for each practice location using census block data. What is the Practitioner to Population REALratio? Is the market saturated? The REALratio for a general dentist is 2,000:1, which indicates a saturated market. In most cases, you will want to choose the location that has a REALratio higher than 2,000.
Then, what are the demographics for each location? REALscore demographic reports provide census block data for 19 factors for current and 5-year forecast. Is there sufficient population growth anticipated? Does the average household income meet your minimum? Will your marketing strategy target the ethnic groups identified? Accurate demographic data will answer a multitude of questions that will affect your success.
Next, you may want to use a Location Score Report for each Specific Practice Location to evaluate property building factors such as visibility, signage, parking, etc.. With competition, demographic and building factor information, you now have extensive knowledge to analyze the viability of each Specific Location. And the REALscore.com flowchart identified the steps needed to get to this point! Try it out and if you have any questions as you work your way through, contact me by email or phone.
Encouraging you to take the next step!
Laura, REALscore Director of Operations