When looking to expand your franchise portfolio, it’s important to take into account any particular franchise’s ability to provide multi-unit franchise growth. My Eyelab is designed for multi-unit growth and offers up a variety of benefits to ownership – from low total investments to streamlined operations. Here are 12 reasons why My Eyelab is a strong addition to your multi-unit portfolio:
1. A Massive, Growing Industry
The retail eye care industry is a $40 billion market in the United States, and as it continues to grow, My Eyelab is ready to join new territories and markets nationwide and continue bringing clearer vision to community members every day.
2. Filling a Community Need
Your vision plays an essential role in your daily life, and some consumers are more blessed with strong eyesight than others – only 35 percent of all adults have 20/20 vision without corrective lenses. Adding a My Eyelab location to the community can help consumers determine the level of vision correction necessary while offering affordable glasses and contact lenses in a one-stop-shop location.
With My Eyelab stores conveniently located in local communities, franchisees can keep their neighbors seeing clearly without breaking the bank or making multiple trips.
3. Low Total Investment Opportunity
While the investment in a My Eyelab franchise is between $314,877 and $491,277, this investment includes pretty much everything it takes to open your business to the public, including the necessary equipment for performing telehealth eye exams and fixtures.
4. Strong Unit Volume
As an eye care franchise brand, My Eyelab offers franchisees a strong unit volume – with an average unit volume of $1,129,085 and a $200 average sale ticket. Along with strong unit volume, franchisees don’t need to worry about products spoiling or going bad since our products don’t have a shelf life, and 90 percent of the frames we offer are unique, private brands exclusive to My Eyelab – helping our franchisees generate more revenue with fewer customers in comparison to other industries’ franchise brands.
5. Utilizing the Benefits of Technology in the Eye-Care Industry
With the strides the healthcare industry has made in technology, My Eyelab has been able to streamline and ease operations for our franchisees – making it so any entrepreneur, even those without a medical background, can bring eye care to their communities. By utilizing telehealth technology and practices, we can provide our franchisees with a network of doctors certified in their state that work remotely to meet customer needs and are always available to see patients. The eye exams are even able to identify a number of eye diseases, making them more comprehensive than what may be offered by competing brands.
Additionally, telehealth has played an integral role in how our franchisees are able to operate throughout the pandemic – keeping them open to customers in need with safety at the top of mind. While our eye exams are done in-store, there is zero doctor-patient contact to ensure both the customer and franchisee are comfortable.
6. An Omni-Channel Customer Experience
By offering an omnichannel experience to our customers, they can easily schedule appointments over the phone, online, or even in-store. Additionally, they receive access online to track their orders, reschedule their appointment, access their prescriptions and manage their account – all in one convenient place.
7. Integrated Automation
Thanks to our automated integration systems for ordering, processing and customer management, our franchisees can focus their time on fulfilling customer needs and hospitality instead of adding administrative tasks to their to-do lists. Additionally, our integrated systems take the worry out of operating a My Eyelab location and help keep track of every order as it goes through our systems.
8. Reduced Capital Requirements
Thinking about adding a retail healthcare franchise to your portfolio can be a little daunting, especially when you think about the cost of essential equipment for your business. However, thanks to our utilization of technology and telehealth, our franchisees have no need for complex, difficult-to-work, expensive vision care equipment. We manage the backend and have streamlined the frontend of the operations to make it easy for any entrepreneur to successfully manage their business. No industry background needed. Plus, we include the price of any necessary equipment in your initial total investment.
9. Limited Labor Requirements
Unlike franchises within the food and beverage or retail industry, labor requirements are minimal and your location only needs four to six employees at the store level – helping you generate more revenue and lead a close-knit team focused on serving the community and their eye care needs. The hours also allow for a balanced work-life balance, no late nights or early mornings.
10. A Small Retail Footprint
Finding the perfect location can be a challenge, but our experts work with franchisees to not only find the best location in their area, but also have access to optimal leasing terms – ensuring your profits won’t be eaten up by overpriced real estate costs. And you don’t need to worry about finding a big enough space for your store – most of our retail locations are only 2,200-2,600 ft².
11. World-Class Support
Along with 131 hours of on-site training, access to our in-house marketing team and a dedicated customer service center, My Eyelab franchisees are supported daily by the hard work of our corporate team. We provide cutting-edge eye exam management training and are constantly adapting our operations to positively influence the success of our franchisees. During the pandemic, we adapted to customer needs and health and safety guidelines by offering no-contact pick-up, curbside pickup and home delivery – ensuring they could get their new glasses without worrying about putting themselves and their families at risk.
12. Market Availability
As a multi-unit owner, you want to expand your My Eyelab portfolio in locations that are going to be successful – and with over 50 franchise locations with open territories in major markets, as well as how adaptable the addition of a My Eyelab location is to the community, the possibilities are endless.
Additionally, instead of having to worry about potential competition with other franchises in your area, your My Eyelab creates a symbiotic relationship by working in tandem with surrounding businesses in your local market. Not only are you creating a network of like-minded entrepreneurs that support you, but you also get to help them see their business shine.