Module 2 – Location

Factors affecting choice of location

1. Demographics
I would like to eventually build towards operating a multi-disciplinary health and rehabilitation practice. As such I intend to welcome any patient be it maintenance care, MVA or post injury. That being said my major target segment will eventually become pre/post injury patients and sports patients seeking rehabilitation and continued care.

2. Zoning
I intend on initially buying a practice off a retiring chiropractor and as such would expect the zoning to be in order. I am also interested in eventually moving into passive investment through income properties, potentially within the same building as my practice. This would involve significant considerations concerning zoning.

3. Competition and neighbours
One pre-existing clinic that I am interested in potentially taking over is located in a strip mall with a variety of neighbours including an insurance company, restaurants, a grocery store and a liquor store. At a peripheral glance it appears the neighbours are likely to provide good draw to the clinic without any direct competition in the immediate vicinity.

4. Traffic
The location I am considering is located in a strip mall at an intersection of a main artery of the city. With the variety of stores in the vicinity both foot and road traffic is fairly high.

5. Parking
Parking at my considered location is both ample and easily accessible. The office front is on the main floor so handicap accessibility is good.

6.Rent and affordability
Commercial rent in Winnipeg is generally reasonable however as the location is in a strip mall I would expect overall higher rent and TMI than other options, however the other factors will hopefully offset the higher potential costs.

7. Scalability
The location I am interested in is relatively large which may be a considerable undertaking early on in my career, however it allows for scalability and any adjustments to my methods of practice as my practice evolves over time.

8. Visibility
Visibility of the location I’m interested in currently is quite good with a large sign at the store front, as well as a sign at the entrance of the parking lot. The store front is visible from the road which experiences high levels of traffic.

9. Condition of the building
The condition of the building appears to be quite good on cursory appearance. I am comfortable with allocating funds to make the appropriate renovations to the space as necessary as appearance of the office is an important consideration.

10. Legal and reasonable
While legal and accounting costs are significant, I am prepared to incur those costs as they can and will pay dividends down the road if not immediately. I also intend to use any resources available when reviewing legal documents/financial documents, such as CMCC profs and other professionals in my network.

 

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