Convenience and visibility — two of the most important and deceptively simple factors to consider when selecting the right location when you start a retail eye care business. In truth, a location that achieves both of these criteria is fundamental for setting yourself up for future success and requires experience and technological support to find.
One of the benefits of becoming a My Eyelab franchisee is that we help our franchisees to find just the right location for their new business. Here’s a closer look at the systems and processes we put in place to help you find the best location for your eye care business.
Real Estate Technology that Supports Strong Franchise Development
When it comes to finding the right location to build a My Eyelab, we’ve invested in the best. We have access to state-of-the-art demographic analytics that allow our franchisees to review neighborhood-level data for any potential store location in the U.S.
For example, franchise owners can analyze an area based on:
- Household income
- Population density
- Disposable income
- Unemployment rates
We are able to better predict where our customers live and shop to provide optimal trade areas for future franchisees. We can also track population growth patterns for existing franchisees to determine if adding more stores would improve their business.
This analytical modeling program empowers our franchisees to have the best chance of success by reviewing multiple locations in similar trade areas and making informed decisions. Franchisees can know with confidence they are putting stores in locations that are convenient to their customer base.
My Eyelab’s parent company, Now Optics, has over 230 stores worth of customer data that is a part of the model, and that information is used to help us analyze potential locations.
As a result, franchisees can minimize the risk in site selection, a decision that is difficult to change once it is made.
Highly Visible and Accessible
You’ll want to start your retail eye care business in an area that will catch prospective customers’ attention. Opening your doors in or around a shopping center is one possible option. With walk-in appointments and a flexible schedule, we want to communicate to customers that My Eyelab is the most convenient option for eye care.
Accessibility is also very important for our customers. Having ample space for parking is one way to keep your eye care business accessible. Proximity to public transportation like busses and city trains helps even more customers to access your business.
In our experience, opening My Eyelab locations in highly-visible areas that are convenient and accessible to customers helps us serve the largest possible client base.
The Right Size for an Eye Care Franchise
The footprint for a My Eyelab franchise is relatively small compared to many other types of franchises. You can expect the space to be between 1,600 and 2,500 square feet, allowing sufficient space for:
- Eye exams
- A waiting room
- A large retail/showroom area
We work with franchisees to find a location that’s just the right size for all of these features, and if necessary, will guide them through the process of modifying the space.
Finding the Right Location is Just the Beginning
Once you’ve found a great location that meets all of our requirements, you’ll want to ensure that you put yourself in the best position to generate a strong return on investment. With that in mind, we provide franchisees with guidelines for reviewing leases and handling negotiations.
When you start an eye care business, you’ll need to furnish and equip your location with everything necessary to grow a thriving franchise. My Eyelab works with franchisees to help them secure:
- Signs, fixtures, furniture and decor
- Equipment, including our cutting-edge telehealth technology
- Point-of-sales system, inventory management software and business intelligence tools
- … everything else it takes to start an eye care business
We’ll also help you throughout the process of launching and growing your business, guiding you in your marketing efforts and helping you find customers and set growth goals.