Every Eye Care Professional knows that a medical practice is a business, and that’s especially true if the practice has a retail component – such as optometrists who sell frames, glasses lens, and contact lenses on site. So, just like any business that hopes to be profitable, an optical business plan is necessary to maximize revenue generation.
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Optometrists’ “companies” – and that’s the mindset needed to operate effectively – are generally small businesses, comparable to a “mom and pop” shop, that are competing against big national chains. They don’t have expansive budgets for advertising and promotion, but they are an essential part of their communities, which is an advantage. So, just what can they do to generate revenue while highlighting the services they provide to their patients/customers?
Developing an optical business plan – with the consult of experienced, successful small-business owners – would outline the ways in which to promote the practice, operate the facility and generate the revenue needed to pay salaries, supply the shop, cover overheard, and realize profit.
Even if a typical community optometry practice can’t afford huge, multi-channel advertising campaigns, many no- or low-cost options are available to promote the doctor of optometry and the retail outlet. Here are a few ideas, culled from various sources.
This is only a sampling of revenue-generation sources that can help doctors of optometry run a profitable business. Consultation with peers and other community business leaders can help provide an optical business plan that utilizes even more profit opportunities.