PRG Helped A Specialty Vet Find A Location That Enabled Her Business To Boom
Dr. B was a veterinarian and pet specialist in Central Texas. Though she had no experience owning her own practice, she was 1 of only 3 veterinarians in the state with the education level and expertise in her specialty. As such, if she successfully opened a practice, she knew she would likely draw patients from around the state – even from 100 miles away. She contacted Practice Real Estate Group (PRG) to help her use customized data sets to find a location positioned for success.
Because of Dr. B’s specialty, a typical new retail site wouldn’t work for her. She needed “ease of access”, which is terminology for how easy it is for patients to get in and out of a clinic – not just in Central Texas, but from all over the state.
A typical demographics report wasn’t going to work, either. Dr. B didn’t just need the veterinarian to population ratio. In order to fully grasp what her business opportunity might look like, she needed the veterinarian to pet-owning population ratio. Dr. B needed a more refined report that would illustrate the full potential of moving to a new location.
As a specialist, her business would meet the needs for specialized care that other vets couldn’t provide. Though she wouldn’t be a competitor, Dr. B wanted to know the locations of veterinarian generalists in order to get a better understanding of the market.
3) Our Approach
Because of Dr. B’s narrow specialty, PRG exercised a conservative approach. PRG wanted to meet her real estate needs while ensuring she wouldn’t be in a tough financial position if the business experienced a slow start or if she decided to pivot.
Demographics and property reports were key to the search process, and PRG pored over those maps to find the ease of access Dr. B needed for her location. The PRG team identified every possible option to meet these requirements while also keeping in mind Dr. B’s start up status and financial position.
4) Road Blocks
The site PRG found for Dr. B met all of her criteria, but it was smaller than a typical veterinarian’s office. However, there were two bigger suites coming for lease in the same development, which meant that Dr. B would have options to move if she wanted. Although the available space technically met all of Dr. B’s requirements without additional rooms, she still had what she needed to open the office and save money.
PRG ran market and competition reports in addition to producing specific pet demographic data, and found an ideal retail space. The property was close to a major Texas corridor that was just minutes off of the thoroughfare and halfway between two other major highways. A pet owner in Austin could easily get there from anywhere around town, but it would also allow ease of access from pet owners in the suburbs and the other smaller cities in the area.
Three years later, Dr. B is ready to double her space. Her business is booming, and she’s excited to increase the office’s square footage to care for more pets. PRG’s reports gave Dr. B the confidence as a first time business owner that her location was destined for success. What the reports didn’t prepare her for, though, was just how successful she’d be.
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PRG ran market and competition reports in addition to producing specific pet demographic data, and found an ideal retail space.