AMA VICDOC Autumn 2024 - Magazine - Page 40
PRIVATE PRACTICE:
ARE YOU
CONSIDERING
ESTABLISHING
YOUR OWN
PRIVATE
PRACTICE?
—
There are a number of
general and professional
factors to cover to
ensure you get it right.
Julian Muldoon,
Director and
Founding Partner
of 1Group Property
Advisory provides us
with some key
considerations to think
about when it comes
to this big decision.
—
42
AMA VI C TO RIA
To discuss your
next commercial
property decision in
conjunction with your
future financial
plan contact the
Bongiorno Group
––
There’s an incredibly important aspect of starting
a private practice which is often not given the time
and energy commensurate with its importance.
We are talking about finding the right location AND
securing the right property for your private practice.
Unfortunately, many doctors get this part wrong.
And that’s not surprising, as it’s complex and not
something to learn ‘on the fly’. Each parameter
counts and every decision is final.
WH Y IS LOCATION STRATEGY
IMPORTANT?
—
Choosing the right location is such a vital decision and
a critical step in launching (or relocating) your practice.
Getting it right can mean huge upside for you and your
business. We’re talking about:
» Successful launch of the practice – being profitable
quicker
» Security of tenure and market share
» Attracting the right doctors and other
team members,
» Wealth creation for you
But on the other side of the coin, overlooking
something in your strategy can lead to you wasting your
time, energy and regretting the decision for years to come.
We have found that a lot of doctors can get caught up in
what seems convenient or right, rather than aligning their
location strategy to what’s optimal for the target market
or their business model. So, here we will provide you with
a few key things to look out for when developing your
location strategy so you can avoid some common pitfalls.
