How to Start an Optical Business - Ideas & the Road Map | Optical Business
How to start an Optical business
WHO has been planned to eliminate blindness from the world by 2020. Globally 145 billion populations are having refractive error but some of them do not know about this. This refractive error can be corrected with glasses. An optometrist or an optician can correct the refractive error with glasses. So optical is a better and profitable business.
Globally eyewear market was counted as around USD 138 billion in 2019. And Indian eyewear market is around INR 85 billion in 2019. The optical market (Frames, lenses, and contact lens) is growing very fast in India day by day. Eye health awareness is playing a pivotal role in the growth of the optical business. Some of us showing our interest in optical business but unable to step-up due to a lack of experience and finance.
Optical business has wholesale and retail business. If you go for a retail business then you can sell spectacle frames, glasses lens, contact lenses, and accessories. But optical business can be started with 20-30K. If you have a very good plan then revenue generation would be high. Small business does not have to spend more in stock, advertisement and promotion but this advantage that they are essential of their community. They can generate revenue from their optical while highlighting the services that they provide to their customers/ patients.
Optical business can be planned:
a: Retail eyewear business (Own or associated with ophthalmologist).
b: Wholesale eyewear business
c: Online eyewear business.
d: Frame and glasses lens selling at eye camp.
Optical store sells eyewear that could be either corrective glasses, protective glasses or fashionable glasses, contact lens and accessories. Optical business is in other words healthcare business where you need to include patient care. Developing an optical business plan should be with the consult of an experienced successful business person. At first you need to decide the location of business, budget, or investment and vendors (from where you want to purchase the products). If you include an eye check-up facility in your business then it will increase sale value.
There are a few ideas:
Space Selection and budget:
Identifying a place for shop is very important. You need to select the place for an optical store in the main market area where you could get more customers. Optical store location should be roadside where the market is there and the shop facing should be towards the road. If the shop location is on the upper floors then customer entry would be very less.
Startup of optical business will vary depending on your own or rental place. Always better to start a business in your land or place but this will become very expensive. You need to have a 10x15 feet area for a medium-size optical store, where you cannot have an eye testing facility.
If you are starting a business in an urban prime location or shopping mall then the investment would be higher at that location. In prime location you can have higher value orders but expenses would be higher too. Prime located optical stores will not get much middle class or lower-middle-class customers. If you are starting an optical business in town or village area then the investment would be lesser compare to the urban area. In town or village you will get low to medium valued order and all variety of customers and business turnover would be lesser. If in case you have more customers than your turnover would be equal or more than urban business.
If you are an optometrist or optician and you start an optical store where your practice is good and local area peoples are happy with your work then your business growth will rise faster. If you are new to the business or starting a business in a new area, definitely this will take time to make the repo and grow the business.
If you include an eye check-up facility in an optical store then this will increase sale value. You need to have at least a space of 14x25 feet with an eye testing facility. For an eye check-up facility you need to have a unit chair, projector chart or complog (digital vision testing), trial set, trial frame, near vision card, retinoscope, auto-refractor (latest model with refraction and keratometer), Jackson’s cross cylinder, lensometer, etc. If you want to employ an optometrist or ophthalmologist in your practice, this will make super practice in your area.
You can start an optical store in shopping malls where customers usually look for fashionable eyewear and goggles. Another place to start an optical store is near government hospitals where you can sell glasses for poor people.
Business ads can be placed in the school program, community events which will improve publicity and reputation in the community.
Optical business license:
Optical business needs an Optical trade license for your optical like other business. This license can be obtained from local and national optical associations.
Interior design and space:
All-optical stores are types of healthcare stores where you need to have cleanliness and hygiene. You should consult with an interior designer or experienced successful optical business person for proper placement of racks, billing counter, technology utilization, and attractive decoration of the optical store. Another important place should be for the fitting section and work-shop in optical interior design. Self-illuminated frame racks with matching wall colors give attraction to customers. Proper interior design gives positive reflection in business. Optical stores should have sufficient seating places for customer and their family members.
Technology Utilization:
Today’s world is filled with technology and a business plan should include a security plan with a Camera surveillance system. So Shoplifters or staff member should not steal expensive frames and money.
Tools for optical store:
You should maintain maximum tools for optical stores for smooth functioning. Lensometer is the primary tool for optical stores. It is available in manual and automatic mode; an automatic lensometer is expensive than manual. Manual lensometer is available in Indian brands and imported brands (Topcon). Expertise is required to use a manual lensometer. Optical store is equipped with check-up facility then you need unit chair attached with a slit lamp biomicroscope and tonometer, trial set, trial frame, projector chart or Complog (digital vision testing), near vision card, retinoscope, auto-refractor (latest model with refraction and keratometer), Jackson’s cross cylinder. Autorefractor attracts the customer but does not give accurate refraction values. If you are not financially strong then you can purchase secondhand instruments.
Another important tool for optical store is fitting machine and workshop by which you can fit single vision glasses within few minutes and repair glasses. Fitting time and delivery of a glass is the key factor for successful optical business.
Product and supplier:
A small to medium optical business should have 6-8 vendors for spectacle frames. By which you can have better relations, extra volume discounts, and easy payment process. You need to do market research and know what people are wearing and in which brand customers are attracting more. You need to watch the fashion trend to know more about the foreshadow eyewear trend. Once you know what design your customer prefers more or you want to focus on a particular design then you should have a good relationship with the supplier. So, you need to choose a supplier very wisely. This would convert into more flexibility, minimum quantities, greater growth, and quicker delivery to customers.
Advertisement:
Nowadays social media advertising is very much popular so advertising on Facebook, Twitter, etc will keep your practice visible to the community and providing no-cost promotion. You can display a promotional offer in your practice. You can collect customer’s phone numbers and email ids that are coming to your store so that they can take promotional offer benefits given by you. You need to use some metrics so that you can know how is your optical business performing?
You can make your business website so that customers can receive value-added services.
At last but not the least optical opening ceremony:
While opening ceremony of the optical store you should invite MP/MLA/Chairman or Sarpanch so that your business popularity will increase.
http://www.grandviewresearch.com/industry-analysis/eyewear-industry