3 Mistakes Eye Care Business Owners Make — and How to Avoid Them!
Building your own optical business is no small feat, but help from a driven eyecare franchise like My Eyelab can simplify the process. Juggling the costs and responsibilities of managing an on-site lab while building a reliable relationship with vendors can quickly become an overwhelming balancing act. Add the stress of planning for staffing costs, and a franchise can easily overpower your managing and budgeting abilities. That’s where we come in. With years of experience providing technology-based eye care to customers, My Eyelab is familiar with the most common mistakes made by eye care business owners and most importantly, how to avoid them.
Unreliable Frame Vendors
An insufficient or unreliable relationship with vendors is more than just an inconvenience to franchisees, it can also negatively impact business success and growth. According to a study conducted by Deloitte in 2014, 79% of companies with “high-performing supply chains” experienced better than average growth as compared to the 8% with “less capable supply chains” who reported above average growth. Working with an eyecare franchise like My Eyelab, which offers streamlined automated order processing and exclusive supplier access, can ease performance concerns and bypass vendor inefficiencies.
On-Site Lab Concerns
Many new owners are drawn to the idea of an on-site lab and its promises of efficiency and future cost-savings. However, the costs of establishing an on-site lab can quickly add up and push businesses into the red. A complete lab should include edger, blocker, and tracer equipment, which will cost $30,000 at minimum but can easily run as high as $50,000, and that equipment requires additional staffing or more training for an existing staff member. To ease these financial concerns, My Eyelab offers built-in assistance for investors.
Failure to Plan for Staffing Costs
For eyecare entrepreneurs, a full staff likely includes a receptionist, an insurance and billing specialist, and one or several opticians, as well as an optometrist. Each of these salaries quickly add up, but staffing an optometrist will be the biggest hit to your business’ budget, costing $106,140 on average. To ease this strain on your practice’s budget, consider choosing a franchise which provides optometrist services. My Eyelab’s teleconsulting approach automates ordering, processing, and exam facilitation, leaving franchisees able to instead focus their attention — and budget — on providing unbeatable customer service.
The structure of My Eyelab franchises shifts the weight of these responsibilities from franchisee to My Eyelab experts, enabling franchisees to focus on providing top-tier optical and customer services. Contact My Eyelab today to learn more about eyecare franchise opportunities in your area.