If you’re considering opening a business in the retail health sector, there’s never been a better time than now to do so — particularly in the essential and lucrative eye care segment. The eyewear market in the U.S. is valued at roughly $40 billion, while the global eyewear market is forecasted to reach $258.63 billion by 2027.
When considering business ownership, many entrepreneurs invest in a franchise because it can be more cost-effective than launching a start-up. However, anyone with an entrepreneurial mindset knows you have to spend money to make money. When you invest in an eye care franchise, you’re doing just that: putting money into a proven business model that has been tried and tested for prime success.
When deciding which franchise to invest in, it’s critical you determine what you can and can’t afford and consider the up-front and long-term costs. Here are some of the costs associated with opening a retail eye care business and why our franchise model is a strong investment opportunity:
A franchise is a licensed partnership that allows the business owner to use the brand name and operations in exchange for an initial franchise fee and continuing royalties.
Here’s a quick breakdown of the upfront costs to open a My Eyelab franchise:
- Franchising Fee – $34,900
- Liquid Cash Requirement – $200,000
- Net Worth Requirement – $500,000
The total investment ranges from $314,877 to $491,227. Franchisees all pay weekly royalties, a specific percentage of their revenue, as an ongoing licensing fee for continued support, marketing, training and consulting. These fees contribute to the overall health of the brand and your success.
My Eyelab has perfected the location development process, building successful eye care franchises across the U.S.
During the design and build-out process, franchise owners will need to consider the cost associated with the development of their My Eyelab franchise. Depending on the size and condition of the space, construction can range anywhere from $65,000 up to $160,000. It is also common to receive a tenant improvement allowance from the landlord to help the franchisee offset the cost of the construction.
On-Site Laboratory Costs
When opening a traditional retail eye care business, business owners will either have to pay monthly fees to an outside laboratory or invest in an in-house laboratory. Those who choose the
in-house option could face a price tag ranging from $250,000 to $1,000,000 for surfacing equipment – depending on whether it’s a manual generator or high-end, automated digital model. Thankfully,
My Eyelab requires no on-site lab, which protects our franchisees from high start-up costs.
Frame Inventory Costs
Another costly requirement of opening traditional retail eyewear stores is building and maintaining frame inventory. Depending on the size of the business, vendors typically carry between 500 and 800 frames. Experts recommend carrying a mix of high-end frames, mid-range name brand frames and value or affordable frames. The typical investment for building a frame inventory could fall between $30,000 and $40,000.
With our retail franchise model, you won’t have to worry about seeing your profits eaten up due to vendor costs. As a franchisee, you’ll get access to our network of suppliers and frame vendors who offer us exclusive access to quality frames and great prices for our customers – who also benefit from the cost savings.
Aside from laboratory and frame inventory costs, hopeful eye care business owners also must consider the staffing costs associated with opening their business.
If you’re looking to staff an on-site doctor in addition to opticians, you could face another hefty price tag. Optometrists typically make over $115,000 and opticians earn more than $38,000 per year on average, constituting a more significant portion of a new business’s initial income.
One of the best things about being a My Eyelab franchisee is that we look to alleviate high costs in every area possible, and we don’t require franchisees to staff an on-site doctor. My Eyelab is the only vision care franchise that has developed a proprietary telehealth system, transforming and simplifying the retail eye care experience. An on-site trained technician captures all the pre-test measurements while a built-in network of independent eye doctors can remotely collect the results and provide an assessment and prescription. In addition, My Eyelab franchise owners need just 4-6 employees to successfully operate their stores.
Ready to Open Your Eye Care Franchise?
In our industry, franchise costs can vary depending on factors like how large your location will be and what services you plan to offer. At My Eyelab, our streamlined business model and technology-based approach to eyewear and eye care services help keep costs low for franchisees.
When you invest in My Eyelab, you’ll have everything you need to open a business: all of the necessary equipment to perform telehealth eye exams, fixtures and much more. With streamlined operating costs, running a retail eye care franchise with My Eyelab allows you to optimize revenues while lowering your costs. Not to mention, you don’t need experience in the eye care industry to run your own My Eyelab business.