Setting Up In Practice in a Recession

Setting Up In Practice in a Recession

Over the last few weeks i have been visiting many high streets across the country, and as you have probably noticed already, many of the units in many shopping centres are now empty. This recession has forced the closure of many well established names including our beloved Woolies. In many thriving centres, Lidl, Aldi Iceland, and Wilkinson's are opening up, changing the face of UK High Street. In fact, since the demise of Woolies, 7 out of 10 of its stores still remain empty, with such discount retailers taking Woolies old prime sites.

The UK High Street is undergoing a revolution, as consumers search for better value, much of the time online. Most well known department stores, once the preserve of higher prices, all price match on the Internet now. They have to, else the customer will go somewhere cheaper.

However, this shift in profile of the high street, in my opinion, will mean a change in how UK High Street will look in the next 5-10 years. I believe increasingly local councils will change their planning needs, as many shop units remain empty. This presents an opportunity for any budding dentist, as i personally feel over the next few years it will be easier to get change of use from shop status to dental practice status. The future of the UK High Street will include many more service oriented businesses, whilst the shopper shifts their spending on commodities onto the Internet. The high street will be dominated by large company brands and service oriented businesses, such as opticians, dentists and even doctors. Customers will come to the high street for big brands and their services.

As i mentioned, this represents an opportunity for those entrepreneurial service providers. Although rents will be higher in such prime locations (compared to off high street locations), such locations usually justify the prices charged. Being in the centre of the action, where the potential for greater footfall is usually so much higher is usually worth the extra spend. I have seen this in many of our clients who sit in such high street locations.

Location, location, location is ultimately the best marketing investment.

So what should you do now?

Well, as i have said many a time, opportunities don't hang around. Whilst times are tough (especially for commercial landlords) it is a good time to try and get a bargain and set up your own practice. Will it be easy to do? No, but rarely are the great things in life easy.

So if you are one of those dentists wanting to make that move but still feel scared about doing it, good, that is exactly how you should feel. Setting up a practice is not easy, and it is definitely for everyone, however the potential returns can be great, personally and financially.

If you take no risk, the rewards will be minimal, but if you take some risk (managed properly) the potential upside is big. So if you have some savings, lets £50k, you could put it in a savings account and after 5 years, with current interest rates have around £56k. Alternatively, if you use these savings, use your skills of dentistry, raise some finance and combine that with some business and entrepreneurial flair, that £50k could be worth much nearer £500k after 5 years (assuming you set up a 2 surgery practice)! That's not a bad return in anyone's book.

Of course, it isn't so simple, else every dentist and his nurse would be doing this. But if you want to get on board, and take that massive step to setting up your own practice, then you need to come along our "Setting Up In Practice" event on Friday 18th September in London. This is the only event of its type we are holding this year, so don' t miss it.

In this one day event, we will cover all the aspects of setting up a successful practice, Private AND NHS, but we will also be highlighting what you should be looking for when buying a practice cheaply.

So If you really want to open up your own dream practice or buy the right type of practice for you, and build long term asset wealth, this seminar is for you!

During this 1-day seminar you will gain a plethora of theoretical and practical advice from two experts who have set up a multitude of private dental squats across the UK. Moreover, you will learn first hand the real deal in how to set up a successful practice in a short period of time. To book your space, please click here.

Please note the pricing for this event doubles every month, so book early to avoid paying the higher price as we are doing this event only once in 2009!

Book in July - £100+VAT
Book in August - £200+VAT
Book in September - £400+VAT


Book by 31st July 2009 to get your seat for £100+VAT.

We will be only doing this event once in 2009, so make sure you book today, as i can assure you this will not happen again until 2010. If you want to set up your dream practice AND grow your wealth whilst being a dentist, then this event is for you.

Have a fun week ahead!

Arun

P.S Spaces are strictly limited, so if you want to book, make sure you book here today. �