Choosing the right location for your aesthetic medical practice is paramount to its success. Along with services, employees and marketing, location is one of the key factors in determining your business’ viability and competitiveness. And it’s the one factor that cannot be corrected easily. That’s why you must get it right.
Here are six important factors to consider when analyzing locations:
You understand the vision and mission for your medical aesthetic practice. Now you must apply that thinking to choosing a location. Does it reflect the values you’ve set out for your business? For example, choosing a busy strip mall for your relaxing medspa may send the wrong message to clients. Find a location that fits well with the image you want to project.
It’s imperative that you choose a location with a large population that meets your target market demographics. Gathering economic characteristics or lifestyle data for the areas you are considering is a good place to start.
Next, investigate your competitors in the area – align your concept against your competitors and compare your technologies. Your research should also extend beyond medspas. Finding strong adjacencies that do not directly compete but offer complementary services that attract similar demographics can also support the growth of your practice.
You want your clients to have an easy time getting to you. Access to major thoroughfares and roadways is important. Convenient entrance and egress, plenty of parking and a safe environment are all part of making their experience simple and convenient.
Your visibility comes in play here too. Are clients able to see and find you? This is true for deliveries too. Suppliers need to be able to locate and access your establishment.
There are a wide range of potential costs associated with any location. Rent will be your starting point, but it’s important to be aware of all costs you will need to cover, including building maintenance, utilities, security and more. Get a full list of associated costs before deciding on your location. Look out for terms such as “common area maintenance (CAM).” It’s also important to discuss the “tenant improvement (TI) allowance” with potential lessors. Adding a high TI allowance can defer the costs of a buildout significantly.
The last thing you should consider is where the location is in relation to where you live. You’ll be dedicating a big part of your life to your medical aesthetic practice so it’s important that it’s located within a comfortable travel distance from where you live.