Finding the Best Location for Your Practice

Whether you're starting into practice or looking to expand your practice, it is essential that you evaluate several key aspects when selecting a location.

Planning

Finding the Best Location for Your Pracitce

A common question I hear from many D.C.s is whether it really makes a difference where they choose to practice. My answer is that this is extremely important.


So, whether you’re just starting into practice or are an experienced D.C. looking for a place to expand your practice, it is essential that you evaluate a potential location’s:

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

To do this “SWOT” analysis, you can use a piece of paper, a computer program—any tool that will help you to evaluate your prospective locations according to the four above categories.

Or, download the attached blank forms:

Follow Up With Due Diligence

Due diligence is the process of investigating the details of a potential investment. In your investigation of potential practice sites, the definition of due diligence can be expanded to include the amount of energy you put into assessing potential locations.

For example, let’s say you’re interested in developing a pediatric practice and you’re researching potential communities. If someone says, “Southdale has a terrific school district,” you're not performing due diligence if you interpret that person’s statement as fact. You are performing it, however, if you drive to the district office and ask to see the administration’s 10-year plan.

Or, many times school districts post their plans on their websites. Another key component of due diligence is obtaining the most recent census figures from the Internet. There are many sites out there to get the data. One I like is www.city-data.com.  

The general rule is: No third-party opinion can come close to being as relevant as your own investigation. Don’t rely on hearsay. Go directly to the source to determine if a variable is true and how it will affect your potential plans.

Of course, there are many other aspects of choosing the best location for you. Traffic patterns, type of neighborhood, professionalism and condition of the space, terms for any build-out with the property owner, just to name a few.

For guidance on where to practice, as well as demographics, check out the Choosing a Location section on ncmic.com.

Happy Days!


The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.