Optometry Practice Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Optometry Practice Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start an Optometry Practice business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready
- Complete Industry Research for the Industry
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Marketing Plan (24 to 28 pages)
- 425+ Page Funding Directory
- PowerPoint Presentation
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- How to Start a Business Guide
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PowerPoint Format
- Meets SBA Requirements
Optometrists help people with their vision, and as such there are always able to maintain profitability within their practices at all times. The barriers to entry for a new optometry practice is extremely high given that there are substantial educational and licensing requirements before an individual can operate one of these medical practices. One of the best aspects of the optometry practice is that most private insurance covers costs relating to vision care. As such, these businesses are able to produce income not only from the sale of medical services but also from the sale of glasses and contact lenses. One of the nice things about these businesses is that there is going to be a continued demand especially over the next 20 years as more people enter the their senior years from the baby boomer population. In fact, this is one of the industries that’s going to experience significant growth over the next three decades. The startup costs associated with the new optometry practice generally range anywhere from $100,000 to $200,000 depending on the amount of inventory that the optometrist will hold as it relates the glasses and contact lenses.
All financial institutions are willing to provide capital to optometrists given that this is a healthcare business that is immune from negative changes in the economy. Of course, any optometrist that is looking to develop their practice must have a business plan. This document should include a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. Special attention within the business plan should be paid to the fact that these companies receive a nice mix of revenue from both medical services as well as product sales. Beyond the financial information, a well-developed demographic profile that examines the population size, population density, median household income, median family income, number of other optometrists working within the market, and the number of people that are over the age of 65 should be thoroughly examined. It is important to note that an analysis of the number of people from the baby boomer generation that live within the target market should be examined given that this demographic has the highest demand for vision care services.
Beyond the business plan, and optometry practice marketing plan should also be developed. This document should focus heavily on how to market the companies I care services and glasses to the general public. Most optometrist maintain ongoing relationships with general practitioners as well as allied health professionals for referrals. Additionally, an online presence that showcases the biography of the practicing doctor, inventories of glasses available, hours of operation, insurance is accepted, and how to obtain employment should be included on the company’s website. To a limited extent, and optometrist benefit significantly by having a presence on popular social media platforms such as Facebook and Google, Google, and Twitter. Many new practitioners will call upon their existing contacts within social media in order to develop their initial patient base.
Beyond both the marketing plan and the business plan, and optometry pop practice SWOT analysis should also be developed. As it relates the strengths, optometry practices have very high barriers to entry and are able to remain profitable and cash flow positive at all times. For weaknesses, there are many other medical professionals act provide eye care services including ophthalmologists. Competitive issues are going to be one of the ongoing things that any optometrist is going to need to address on a day-to-day basis. For opportunities, many optometry practices will hire Associates that will render additional services the general public. This is a very quick way of boosting revenues will also allow in the practicing owner to expand the business. For threats, as with any healthcare focus business there is a continued debate with the United States it relates to insurance reimbursement and the state of health insurance. As such, any optometrist needs to keep a close eye on these metrics in order to prepare for any decline in reimbursement that may happen over the next five years.
Optometry practices can be highly lucrative medically focus businesses. One of the keys to growing these businesses on an ongoing basis is to establish highly visible retail locations – especially in multi-facilities – where people can conveniently common to have their eyes checked and selecting new pair of glasses. Unlike most other healthcare focus businesses, and optometry practice does have a retail component that makes up a significant portion of its revenues and profits. As such, these types of companies need to be treated as both a professional practice as well as a retail store.