September 10, 2006

I Want A New Office...Where Do I Begin?

From Ask The Expert:

Q. I am a solo ophthalmologist who has been in practice for 6 years and have rented space within a family practice office. I have now outgrown the rented space and would like to move on up to about 1600-2000 sf for me with room for a dispensary and another office or two to rent out. What is the best way to start looking and creating the office of my dreams? (or the one that I can afford). I know this is a vague question but I 'm at a loss for how to begin this journey.

A. You need to do some business and financial planning before you'll be able to really start down the road to your dream office. Knowing what you can realistically afford is the first step. Otherwise you have no way of evaluating whether a location is a real possibility for you.

I'd suggest speaking to a few different practice consultants about what you want to accomplish. Then select the one who seems best able to guide you in putting together a business plan for your practice.

You will most likely need a loan to build your new office and the bank will require a good business plan (and the track record of your current practice) in order to approve the loan. In the course of putting together the business plan you can do some preliminary scouting for office space and find out what the rental rates are in your desired area.

Good luck with your new office!

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