Everything to Know About Starting an Optometry Practice

A majority of adults in the United States need corrective lenses in order to see properly. Chronic conditions, including diabetes, high blood pressure and cataracts, also put people at risk of losing their vision. For these and many more reasons, optometry services are in high demand. When you are ready to start an optometry practice, you need to have a solid plan of action in hand. Here is everything you need to know about how to open your optometry practice, even if you have never been a business owner.

Conduct a Market Analysis

Before you jump in full throttle for opening a practice in optometry, you need to do a market analysis. Find out how many optometry businesses there are in the area. Compare the number of businesses based on the population size of your town against similar-sized towns within 100 miles. If the market in your town is already saturated with existing optometry practices, you may have a difficult time getting started and turning a profit. If your area is under-served, your independent practice will have a better chance of succeeding. Also, consider the demographics of the area you plan to serve. A college town may have a lower need for optometry services compared to a town with a large number of middle-aged customers and retirees.

Work With the Small Business Administration

When you want to open an optometry practice from the ground up, it is a wise move to start your journey through the United States Small Business Administration. This agency offers a full spectrum of guidance and resources for people who want to become business owners. If you are looking into opening a private practice, the Small Business Administration offers free help, including how to write a business plan, how to properly establish a business name and how to obtain business insurance. The agency also offers free help for obtaining retail tax, federal and state identification numbers.

Choose an Accounting Firm

The next step in starting an optometry business is choosing an accounting firm. Experienced small business accountants are able to assist you with applying for a small business loan, preparing an operating budget, getting your financing in order and organizing your financial documents. Once your private practice is open, you will need to have the accountants on hand for helping you with budgeting, payroll, taxes and other financial documentation.

Contact an Attorney

In addition to the professional financial services of an accountant, you will also need an attorney. Your overall business plan may vary based on the type of business you set up. An attorney offers advice on whether you should incorporate as a sole proprietor, a corporation or a partnership. If you choose to incorporate, you will need to consider an S-corporation versus a C-corporation. It is also a good idea to have an attorney review your lease agreement before signing it. The attorney can advise you on different aspects of the lease for your commercial property, including the terms, expansion rights, common area management and exclusivity rights. For example, you might want your lease to have terms that no other optometry practice will be able to open on the premises.

Choose the Right Location

Location may or may not have been part of your market analysis. You may have considered a location in general, such as the town or zip code. Now you need to choose a specific location for your eyecare business. Consider the potential for foot traffic and visibility from the street. Your business needs to be easy for people to find. If it is tucked in the back of a commercial space or at the end of a long road, people may not notice that you are there. Find out if you are allowed to use signs on the front of your building, near the street or elsewhere. Accessibility is also important. There needs to be enough parking, including handicapped parking. The door should be handicap accessible, and so should the exam rooms. If you are opening an optometry practice in a large city, consider access to mass transit. Many city residents do not own a car. Even in smaller communities, your elderly patients or college students may not have a driver’s license or own a car.

Plan the Office Design

Plan your space carefully. Consider how many exam rooms you can set up. Make sure you will have enough space as your practice grows. If you eventually want an on-site finishing lab, make sure the space can accommodate it. At least 50% of your practice’s income will come from selling products, so it’s important to ensure that you will have enough space for a dispensary, including frame displays and dispensing tables. Each piece of equipment should have enough space for employees and customers alike to safely move around and use it.

Plan Your Marketing Strategy

Decide how to advertise your business. Social media is essential. Be sure to set up pages on Twitter, Instagram, Facebook and LinkedIn. Claim your Google My Business account and optimize it accordingly. You could also hire a digital marketing firm to do this for you.

Hire and Train Staff

As part of good practice management, you will also need to hire and properly train staff. You will need the tax identification number, worker’s compensation information and payroll services from previous steps. Write accurate job descriptions and post your job openings. Prepare to do background checks and create a compensation and benefits package. This will all help ensure a successful venture for your optometry practice.

For more information on planning and starting your own optometry practice, along with a lineup of quality optometry furniture and displays, contact our team at Eye Designs to get started today.