PRIVATE PRACTICE:ARE YOUCONSIDERINGESTABLISHINGYOUR OWNPRIVATEPRACTICE?—There are a number ofgeneral and professionalfactors to cover toensure you get it right.Julian Muldoon,Director andFounding Partnerof 1Group PropertyAdvisory provides uswith some keyconsiderations to thinkabout when it comesto this big decision.—42AMA VI C TO RIATo discuss yournext commercialproperty decision inconjunction with yourfuture financialplan contact theBongiorno Group––There’s an incredibly important aspect of startinga private practice which is often not given the timeand energy commensurate with its importance.We are talking about finding the right location ANDsecuring the right property for your private practice.Unfortunately, many doctors get this part wrong.And that’s not surprising, as it’s complex and notsomething to learn ‘on the fly’. Each parametercounts and every decision is final.WH Y IS LOCATION STRATEGYIMPORTANT?—Choosing the right location is such a vital decision anda critical step in launching (or relocating) your practice.Getting it right can mean huge upside for you and yourbusiness. We’re talking about:» Successful launch of the practice – being profitablequicker» Security of tenure and market share» Attracting the right doctors and otherteam members,» Wealth creation for youBut on the other side of the coin, overlookingsomething in your strategy can lead to you wasting yourtime, energy and regretting the decision for years to come.We have found that a lot of doctors can get caught up inwhat seems convenient or right, rather than aligning theirlocation strategy to what’s optimal for the target marketor their business model. So, here we will provide you witha few key things to look out for when developing yourlocation strategy so you can avoid some common pitfalls.
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