As an Established Dentist, Should You Open a New Office Location?
Given the volatility and unpredictable nature of the stock markets, you might be wondering, "Is now the perfect time to open a new office?" The truth is, opening a new office can be an exciting and daunting task for any business owner, especially those in the dental industry. Follow Along With The Financially Simple Podcast! This week on The Financially Simple Podcast: Why you might be considering opening a new office The benefits of starting a new office from scratch The downside of opening a second location What can you do to make it successful? Not Ready to Buy An Existing Practice or to Merge? Open a New Practice If your business debts are paid and you've taken steps to secure your personal finances, you may find yourself in an interesting place. Should You Open a New Office? The Pros and Cons of Starting from Scratch As is the case with most things, there are positives and negatives to opening a new office. Friends, opening a new office can introduce your brand to a new market, leading to more foot traffic, greater operational efficiency, and even increased revenue. As a practice owner, opening a new office can demand extraordinary amounts of your time and energy. What can you do to overcome all the risks and give yourself a shot at success? Proper Preparation Prevents Poor Performance Believe it or not, opening a new office will be a lot like opening your first office. Without buying an existing practice or entering into a merger, capacity constraints could make opening a new office your only remaining option.