Are you thinking about opening up your own private medical practice or clinic?
It doesn’t matter if you’re a brand new physician or you’ve been working under the wing of another doctor. When it’s time to branch out on your own, there are a few things you’ll need to know.
For example, if you plan to buy office space, how do you know that’s the right move for your new practice?
Read on to find out what you need to know about buying office space for your new practice.
1. Buying vs. Leasing
Buying office space can have a number of advantages over leasing. The first is that you have complete control over the property. You don’t have a landlord to deal with and you’re not constrained by the terms of the lease.
You also have a property that can appreciate in value down the road. If you decide to sell your practice, you can do that and keep the property. That’s a form of passive income that you can generate every month.
2. Location, Location, Location
The location of your property is going to be the most important part of your business. You want to make sure that it’s in an area where it’s not too expensive to buy office space, and it is a growing area.
People are going to go to a doctor near them, so you want to make sure that you’re in a well-populated area.
3. Evaluate Every Part of the Property
You want every part of your office space to be perfect. The right location, the right price, and the potential for growth are important.
You want to evaluate the property form the patient perspective, too. Ensure that there’s enough parking, and the office space is easily accessible for your patients who may be in wheelchairs or require special assistance.
4. Assemble the Right Team
You may be an expert in medicine, but you’re not an expert in real estate or taxes. You’ll need to be surrounded by the best team possible that can help guide you through your business startup checklist.
That includes a business and tax attorney and a real estate company that specializes in commercial real estate. There are companies like Practice Real Estate Group, which work with doctors to help them pick a location and buy office space.
5. Make the Offer & Finalize the Purchase
When you have all the advice you need from your team, and the best location picked out, it’s time for an offer.
Your real estate agent will put the offer together and if it’s accepted, it’s time to celebrate.
Buy Office Space for Your New Practice
It’s an exciting time t start a new practice. It’s also terrifying because you’re putting your financial future at risk.
When you buy office space, you’re making a smart investment in your practice. You’re essentially ensuring that you have an investment to fall back on if your practice doesn’t work out. Just make sure that you have the right team assembled to advise you.
Would you like more tips to help you start your practice? Learn how you can protect yourself from small business fraud.