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Thread: Is it worth it to open a new store?

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    Is it worth it to open a new store?

    Hi everyone!

    I am a newly graduated optician and I am thinking about opening my own store. I'm just not sure if its worth the financial risks. Can you please share your experiences? I read some posts about failing and I wonder what makes a new store fail.

    Any insight would be appreciated.

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    Redhot Jumper New Store...................

    Quote Originally Posted by optician2008 View Post
    I read some posts about failing and I wonder what makes a new store fail.
    The banks will not lend you any money in Canada for the first 5 years of being in business.

    Therefore you will have to tighten your belt during this time. More work than pleasure and be available at all times.

    Do your own lab work and repairs (without surfacing). Get yourself used machinery and tools. See Marketplace on Optiboard, there are a lot of stores closing.

    Dint push expensive frames and lenses unless people ask for them, lots of people are out of work and more to come.

    Be ready to face some rough times and endure them and you will make it.


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    Quote Originally Posted by optician2008 View Post
    Hi everyone!

    I am a newly graduated optician and I am thinking about opening my own store. I'm just not sure if its worth the financial risks. Can you please share your experiences? I read some posts about failing and I wonder what makes a new store fail.

    Any insight would be appreciated.
    Do you have business experience?

    Can you act as the book keeper, buyer, cleaning lady, negotiator, marketing department, ad designer, IT department, repairman, salesperson, AND an optician? And if you can't, can you afford to pay people to do all of these jobs?

    Can you afford to lose every nickel you have?

    Can you give every minute of your time to it? Businesses can be more demanding than kids!

    Will your family stick by you and not give you crap because they never see you unless you are at your store?

    Are you prepared to not take a vacation or possibly a day off until the business can run on its own?

    CAn you do it, not for the money but for the love of optics?

    What can you do differently than what's already being done? What kind of market research have you done to see if another optical is needed? (asking your friends doesnt count. rarely will they end up buying from you)

    Do you have a business plan? Does it have an exit strategy?

    Usually, failed businesses can't answer at least one of these questions. My MIL didn't have a business plan, didn't know marketing, couldn't do IT and kpet changing the rules of the game. Her's wasn't an optical business but the questions are still the same.

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    How long have you been working as an optician since you graduated? If less than 5 years, you may want to work in a few situations to see the inner working of optical establishments. Think of it as preparation for your own store (see what works, what doesn't, etc..). Learn about vision plans and economy of your locale.

    I bought an existing business that had a long history but not much of a future. It was affordable. My wife ran it for a while (also an optician) and I worked elsewhere full time. I would have to come to our store at night to do all the edging 3 times a week and then work Saturdays as well. Now that I think of it I was here some Sundays. We have been at it for a little more than 7 years and I didn't have to borrow a penny to get started.

    I think my venture was well worth it but it takes a lot of work and sacrifice. Look around your location now for opticians that are nearing retirement and try to get your foot in the door as an employee and maybe you could have the opportunity to own the shop.

    Good luck.

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    Where are you in Canada is thier room in your community for a another store how are you going to market yourself take all what has been said here and reflected is this what your really want.

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    Good luck!

    Is it worth it to open a new store?


    It depends.
    If its an optical store = NO!
    If its a pizza shop, bike shop, danish factory or shoe repair=Yes!!

    I think the money needed to open and maintain versus potential profit is not worth the heartache and hassle. A better investment may be real estate, vintage cars, or oil?

    Maybe Canada is different.

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    Ooppss! I forgot!

    PS.


    Welcome to Optiboard!!!!!

    :cheers::cheers::cheers::cheers::cheers::cheers:

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    Short answer..

    Quote Originally Posted by optician2008 View Post
    Hi everyone!

    I am a newly graduated optician and I am thinking about opening my own store.
    You're not ready, and neither was I when newly graduated.

    Get a job and make mistakes at someone else's place for a few years, then see if you still want to do it.

    If it was easy, everyone would do it.
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    If you have a captive market and no competition disregard all posts above :p

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    Quote Originally Posted by braheem24 View Post
    If you have a captive market and no competition disregard all posts above :p
    There'd still be a good chance at failure, it would just be more fun, and they'd be busy while they did it?:D
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    Quote Originally Posted by Johns View Post
    There'd still be a good chance at failure, it would just be more fun, and they'd be busy while they did it?:D
    Oh, and they wouldn't have to work as hard at findin people to lose money on!

    A lot of customers doesn't guarentee sucess...:finger:
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    Chris Ryser,

    Thanks for the reply. Do you think it is worth it to do my own lab work if its a brand new store? And do you mean just edging?

    Do you think now is a bad time to open a new store because of the way the economy is going? I was hoping to do high end in a middle class neighbourhood.

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    Quote: "Can you afford to lose every nickel you have?"

    Full Circle,

    Thanks for the advice. I can answer "yes" to everything except for the above statement. But really, can anyone afford that?

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    Quote Originally Posted by optician2008 View Post
    Quote: "Can you afford to lose every nickel you have?"

    Full Circle,

    Thanks for the advice. I can answer "yes" to everything except for the above statement. But really, can anyone afford that?
    Maybe a better question might be, "Are you willing to lose every nickel you have?"

    Full Circle's question is a very valid one, and most new business owners approach it in a "could never happen to me..." context.

    Many folks on this board will tell you that I am as pro- small business as you can get. I'd give away the equipment (and I often have) if I thought someone had a chance.

    Here's another question: Assuming that you have the business knowledge base, as well as the optical skills,besides having the funds in hand to start the shop, do you have double 2 years operating capital, as well as 2 years living expense set aside?
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    Quote Originally Posted by Fezz View Post
    Is it worth it to open a new store?


    It depends.
    If its an optical store = NO!
    If its a pizza shop, bike shop, danish factory or shoe repair=Yes!!

    Maybe Canada is different.

    Fezz,

    Can you please tell me why? I would think that an optical provides a needed service and would be more needed than a danish factory or shoe repair (shoes are cheap these days).

    And thanks for the welcome! The Optiboard is a great resource. And I am happy to meet everyone!

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    Quote Originally Posted by optician2008 View Post
    Fezz,

    Can you please tell me why? I would think that an optical provides a needed service and would be more needed than a danish factory or shoe repair (shoes are cheap these days).

    And thanks for the welcome! The Optiboard is a great resource. And I am happy to meet everyone!
    I think in a cynical way he is pointing out that most people tend to spend more money on these luxuries than on eyewear.

    heck if you drink starbucks every day it will cost you:

    $4.50 * 365 = $1642.50 a year.
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    [quote=Johns;223120

    Many folks on this board will tell you that I am as pro- small business as you can get. I'd give away the equipment (and I often have) if I thought someone had a chance.

    Here's another question: Assuming that you have the business knowledge base, as well as the optical skills,besides having the funds in hand to start the shop, do you have double 2 years operating capital, as well as 2 years living expense set aside?[/quote]


    Johns,

    Thanks for your messages. Can you please tell me what I would need to have a chance? I could use some free equipment! :)

    Although, I became licensed last year, I have worked in the field for a few years. And I have some funds to get things started. I have great ideas. There are just a few things that I'm not sure about because I want to do things differently than where I've worked.

    What I want to do is: a high-end boutique with funky frames (possibly exclusive lines).

    1) How much do I need to start this up? Any tips on how to make something look elegant without the price tag? What's the minimum I need to invest in leaseholds to really make a good go at it?

    2) If I have some money saved up, should I invest in owning my own optical or should I invest in something else? What will bring me bigger returns in a shorter amount of time?

    Who has these answers? I wish it were an easy decision.

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    Quote Originally Posted by braheem24 View Post
    If you have a captive market and no competition disregard all posts above :p
    Thanks braheem24!

    I appreciate the encouragement. The area I am looking at has growth potential. There are other opticals, but there aren't any high end ones.

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    Quote Originally Posted by optician2008 View Post
    Fezz,

    Can you please tell me why? I would think that an optical provides a needed service and would be more needed than a danish factory or shoe repair (shoes are cheap these days).

    And thanks for the welcome! The Optiboard is a great resource. And I am happy to meet everyone!

    Harry hit it right on the head!

    I have seen first hand the mental, emotional, physical, financial and relationship devastation that a failed business can bring. Even a seasoned optical veteran will have a struggle in the current economic environment that we live. I truly believe that there are *easier* businesses to make the same or much more in. Proper investing may get you much further ahead than opening a optical business. Can it be done, sure. Can it be done with great results, sure. But, honestly....I don't think that you are *ready*. There is so much to think about. The other much brighter folks have already pointed a bunch out. But, I'll add a few more:
    1.) What frames lines will you use?
    2.) Where will you buy your lenses?
    3.) How will you warranty your products?
    4.) How much will your lawyer and accountant charge you?

    I admire your eagerness and independant spirit! Keep asking questions! This is a great place!

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    Quote Originally Posted by Excel-Lentes View Post

    I bought an existing business that had a long history but not much of a future. It was affordable. My wife ran it for a while (also an optician) and I worked elsewhere full time. I would have to come to our store at night to do all the edging 3 times a week and then work Saturdays as well. Now that I think of it I was here some Sundays. We have been at it for a little more than 7 years and I didn't have to borrow a penny to get started.

    Good luck.
    Thanks Excel-Lentes for sharing your experiences.

    How long did it take for you to be able to leave your elsewhere full time job? Are you able to make a good profit beyond a salary for yourself and your wife? That's what I'm wondering. Is all the hard work worth it in monetary terms or will I end up just owning my job?

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    Quote Originally Posted by HarryChiling View Post
    I think in a cynical way he is pointing out that most people tend to spend more money on these luxuries than on eyewear.

    heck if you drink starbucks every day it will cost you:

    $4.50 * 365 = $1642.50 a year.

    Harry,

    Very good point! I'm more of a Tim Horton's person myself. What about the people who can sell frames that are $600-$1000? There are people out there who will spend money on specs aren't there? How can I market to these people?

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    Quote Originally Posted by Fezz View Post
    Harry hit it right on the head!

    I have seen first hand the mental, emotional, physical, financial and relationship devastation that a failed business can bring. Even a seasoned optical veteran will have a struggle in the current economic environment that we live.

    1.) What frames lines will you use?
    2.) Where will you buy your lenses?
    3.) How will you warranty your products?
    4.) How much will your lawyer and accountant charge you?

    I admire your eagerness and independant spirit! Keep asking questions! This is a great place!
    Fezz, I've seen those "mental, emotional, etc." words before. Can you please share with me, what happened? What caused the failing in those businesses? The economy in Canada is slowly changing, but for the middle class to upper class, they would be more stable, wouldn't they?

    As for your other questions? I don't have all the answers, and that's why I'm here. I'm here to learn from your wisdom. Do you have answers for those questions?

    Some would say that I'm ambitious or maybe I'm just impatient. :bbg:

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    Quote Originally Posted by optician2008 View Post
    Harry,

    Very good point! I'm more of a Tim Horton's person myself. What about the people who can sell frames that are $600-$1000? There are people out there who will spend money on specs aren't there? How can I market to these people?
    Good questions, find those out and your on the right track. I personally couldn't tell you since this clientelle is not my niche. If you are looking to go high end then:

    Any tips on how to make something look elegant without the price tag?
    Is a NO NO, you need to go all the way or don't go. High end clientele don't call fake marble faux, they call it fake. Us low to middle income call it faux. These are things you need to consider, you need to know your market. You want to go High end, what neighborhoods are you looking at for this optical? Are they up and coming? Are they established upper crust neighborhoods? What's the median income?

    You can get demographics from your chamber of commerce which would give you some insight into certain areas, if you are leasing from a strip mall the management should be able to provide you with demographics.

    What's the traffic like in the place your lookign at? Is parking a pain(forget anything that doesn't have great parking, not good GREAT)? Where are your scritps gonna come from? What are you projecting to bring in once your up and running? How long will it take you to get up and running? What's the game plan if you don't meet your projections? Lots of questions, but the best thing to do is start putting together a business plan, I find that the best people to consult with is your bank? Let them know that you are interested in starting an optical business and then start an account with them to save for it. Now that they have your money and you have theior attention every now and again schedule a meeting with the bank manager and go over your business plan and ask for and incorporate his advice. You'll know when the time is right if he offers you a loan to start your business.
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    Don't listen to nay-sayers.

    Start as soon as you can. The first business will probably not be a huge success, but then you will learn a lot from it. It is much harder to go out on your own once you have been caught as an employee. Once you are older you have lots of commitments and starting a business is a big risk. As a graduate - so what if you have to close - you will just start again.

    The most important thing of all - foot traffic. People have to walk past your shop - on foot - lots of them. The rest is up to you. If you don't have foot traffic then it takes years to build the business, and even optoms have trouble in this situation.

    There is a big recession coming - my opinion. Work out ways to stock cheap frames and lenses. Cheap does not mean low-profit. Get run outs, buy in bulk. Set up your own edging lab. You cannot lose as long as the foot traffic is there.

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    Quote Originally Posted by tonyl View Post
    You cannot lose as long as the foot traffic is there.

    I beg to differ. You can have a huge amount of foot traffic, but without sales, great margins, cash flow, little or no insurance, etc. you will just be a busy broke person.

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