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Do you have a successful plastic surgery practice? Are you considering an expansion? Adding to your practice can potentially help bring in more patients and more revenue, but you’ll need to be able to scale sustainably for long-term success. Before making the move, you’ll need to ask yourself and your team several questions about your practice’s current state and the future you want.

 

Does the Expansion Align with Your Vision? 

 

Before you put your plan to expand into motion, you’ll need to reevaluate your practice’s vision and goals. Does an expansion align with your purpose? Can you scale your business without jeopardizing your vision? At the end of the day, your move needs to simply make sense. Is it the right next step? Avoid expanding solely for the sake of expanding, or without a timeline and roadmap for the future. 

 

Do You Have the Resources You Need? 

 

You’ll need far more than a dream of expansion to be successful. You’re going to need resources to expand your practice. Do you know how you’ll get the funding you need? You may need to take out a loan or find an investor willing to sponsor the expansion. 

 

One great option is to partner with Viper Equity Partners. We’ll match your practice with a PE-backed buyer, which will allow you to mitigate risks as a practice owner while also allowing you to monetize the equity in your practice.

 

Is There Enough of a Market to Warrant an Expansion? 

 

Even the most well-laid out expansion plan will fail if there isn’t a big enough market to warrant such a move. Before expanding, you’ll need to perform extensive market research. Many times, business owners skip this step. Some are afraid of negative feedback or believe their practice is already perfect, while others simply consider the process too expensive. 

 

Consider your current base of clients, as well as your competitors. Primary research will come directly from your potential customer base. You can use surveys or focus groups. Secondary research consists of gathering relevant statistics, studies, and reports from government agencies or other  groups. If you don’t have the time to do the research yourself, you can hire an outside agency to gather the information and share any trends with you. 

 

Before expanding your practice, you’ll need to evaluate your vision, goals, resources, and the current market. Although completing these steps will take significant time and effort, consider it an investment in the future of your practice.