Let’s be honest here, there are few things that a business rues more than having to find a place to operate out of. On a short list of things that the owner or operator of your average medical business will find to be more awful, I would suspect that finding out your medical malpractice insurance had lapsed when you get sued, finding that you had been responsible for some sort of plague or epidemic, and maybe accidentally reanimating a dead patient or something, those would be the only things worse and that would be less fun, and even then, only marginally so. You know, the truth is that you are going to need to give it consideration, though, because it is important that you pick the right place for you to operate out of.
And let’s be honest here; if you are looking to make sure that you will be able to get the most profit, you need to make sure that you keep your overhead limited. That means that you are going to need to make sure that when you are looking at property that you will be able to operate out of, at medical offices for lease or for sale or what have you, you are going to need to be considering what it is that you can do to make sure that you are not overspending on that real estate, while also having to ensure that you get what you need out of it. Spend too little money on your space, and you will find that you get a terrible space that might not even meet your most basic needs. Spend too much money on your space, and sure, you will get, as the Brits would say, a ‘flash’ office, but you will be spending so much money on that office that you may end up having a hard time finding any profit to be made. Money in vs. money out, folks, and if you do not take care to limit the money out, you are going to find that you have to find an insane amount of money coming in. And that is not likely to happen.
Anyhow, when considering the medical practices for lease, or the medical space for lease or for sale, you are going to find that the following things are things you are going to need to be taking into consideration.
1. Is it big enough
I know, I know, women have said this all the time, but in this case, it’s actually an honest statement. Size does matter. And when it comes to your medical business, you are basically going to be looking at whether or not there is enough space for you to see at least the volume of patients that you are accustomed to . Remember, money in verse money out, and the more patients you get in, the more money you bring in. Otherwise you end up with a long wait list (I went to see a doctor the other day who was booked for the next TWO MONTHS. I lucked into a cancellation that had been made like two minutes before I called. Otherwise, I would’ve been miserable for two months. He’s a rare specialty, sadly).
2. Is it good looking
Medical office space doesn’t need to be gorgeous. In fact, a lot of it isn’t (most hospitals don’t look good to me at all, but maybe that is just me). But you know that you do not want to walk through doors that look decrepit into an office with mold and grime everywhere. Sure, you can fix some of that stuff up with elbow grease, but at some point it just isn’t worth the time any more, you know what I mean?
3. Is it up to code
Does the space need a lot of improvements? Does it need rewiring? Does it need to be made suitable for the uses that you are going to be using it for? If so that can be something that will end up being very expensive. You don’t really want to be paying that, trust me.
4. Is the price sane
The price is the thing that you really have to live with over the long term. I mean, the price can be something that will sink you, or it can be something reasonable. But you need to make sure that the price is something that you are going to be alright with paying, not that it is something that will cause you to never be able to make a profit because you have too much overhead cost related to your place.