Introduction
So you’ve decided to own an optical office, and are now excited to bring your vision to life. While owning your own optical can be very rewarding, it also comes with a lot of responsibility, work, time, and sacrifice.
Having a plan can help ensure a smooth execution of goals that you can set for yourself on the path to ownership. Before moving forward, there are three primary questions that must be answered:
- Why?
- What?
- How?
All of these questions are pertinent to the development of your optical practice and can help effectively establish and position your business in a market of many competitors.
While planning doesn’t necessarily guarantee a problem-free process, it can help prevent many issues from arising, and helps prepare you for inevitable bumps in the road when starting your business.
Will your business turn heads? (The Why)
In other words, why is your business worth patients’ attention, time, and money? According to author Simon Sinek, “people don’t buy what you do; they buy why you do it.” Before you take any step toward ownership, hone in on your reason for existing, and then build from there. Establishing your “why” lays a strong foundation for all your marketing efforts.
Today’s consumers seek experiences with businesses that go beyond a product offering and identify personable aspects of your business to create connections. This is why your marketing should incorporate your “why” to create effective messages for consumers which leads us to the “what” of your business.
Uniquely You (The What)
What makes your optical different? What separates you from your competitors and makes your business unique? Consumers will always have optical practices to choose from, so it’s important to know what unique products or services you offer and how these offerings benefit your customer. Once you’ve established the “what” of your business, it’s time to dig deeper with some market research.
Gathering information about the current economic status and target buyer behavior can position your business to be successful even in changing market conditions. The Small Business Administration (SBA) suggests answering the following questions to get a good sense of your market:
- Demand: Is there a desire for your product or service?
- Market size: How many people would be interested in your offering?
- Economic indicators: What is the income range and employment rate?
- Location: Where do your customers live and where can your business reach?
- Market saturation: How many similar options are already available to consumers?
- Pricing: What do potential customers pay for these alternatives?
Answering these questions can help you to assess your business’s viability and longevity. Market research is also an important tool to use beyond your “what” and should be a part of your future strategies. Buying behavior can change frequently and quickly, which is why it’s important to stay updated with consumer buying behavior and how your practice can best accommodate their wants and needs.
Utilizing qualitative research methods such as questionnaires, surveys, and interviews can provide enriching results that give you an in-depth understanding of your consumers. However, if you don’t have the time or resources to conduct your own qualitative research, sites like pewresearch.org and sba.gov offer reliably-sourced data and insights about consumer behavior, trends, and more.
Startup funding (The How)
Finances are a critical part of starting any business, and there will be bills to pay before you can officially open your doors to new customers. This brings us to your “how”, as in how you plan to fund the start of your new business and how you intend to organize your finances. Startup costs typically include everything you need to run your business such as office space, employees, equipment, licenses and permits, insurance, marketing and advertising, utilities, inventory, and more.
Staying organized is crucial to maintaining a financially healthy business. Keeping detailed expense sheets, accounting for taxes and potential pricing changes, and creating financial projections are all ways to ensure that your business starts off on the right foot financially.
Once you’ve estimated your startup costs, it’s time to consider your options for acquiring funding. When it comes to feeding these startup costs, there are a number of options including: self-funding, crowdfunding, small business loans, and non-profit organizations. Each of these options comes with its own set of pros and cons, so choose which route you feel will be most beneficial for your business. For example, self-funding tends to include pulling from your personal savings or using your 401K which can be risky, but you will have complete control over your business.
Conclusion
While owning an optical practice comes with its fair share of responsibility and important decision-making, having a good plan in place before diving into your new endeavor can help minimize problems and prepare you to deal with challenges as soon as they appear.
One of the most important parts of owning a top-tier optical shop is stocking your business with the best inventory. If you’re looking to begin your own optical practice, A&A Optical has you covered with premium eyeglass frames for every style, age, fit, and budget. Visit our website to learn more about our collections and get in contact with a regional sales representative.
