I have a close friend with 20+ years as an optician who approached me about starting a new lab in our area. With no personal experience in this type of venture, I am looking for any advice, resources, research. Where to start!? Any info much appreciated!
I could write a book with the lessons I have learned thus far.. unfortunately I am still putting in killer hours to make our year old lab viable.
First off... what type of lab? Independent wholesale I assume..
I see where you are a tech.. how familiar are you with different types of equipment out there, maintenance, troubleshooting, processes, etc..
Do you have a rep or other key person in mind who is known in the area, to the docs, and will assist in giving some credibility to this lab?
How familiar are both of you with accounting principles?
What is it about the current labs in the area that makes you think that something could be done better?
Essentially you need a good, solid business plan. That will help formulate many of the answers that work for you.
"Some believe in destiny, and some believe in fate. But I believe that happiness is something we create."-Something More by Sugarland
My suggestion is: DON'T!
There are so many pitfalls that it is a very bad idea in my opinion. The amount of money needed to get started vs. the return on investment is not worth it. There are so many GREAT labs out there already. Here are some things that I think you should think about!
*What would make your lab different?
*Why would someone use you?
*How would you compete with cost, options available, coatings, delivery times, etc. with other labs?
*What inventory would you carry? Why?
*What about waste disposal, permits, etc?
*How much funding do you have?
*Business plan?
*Can you do the job? Are you experienced enough to have the answers to questions that you will receive? Do you know more than the customer you are after?
*On, and on, and on.
If I can be of any help, contact me by private message. I am close by and would love to get together.
Last edited by Fezz; 08-13-2012 at 12:57 PM.
Hi Vis, and welcome!
I have to echo Fezz, for all the same reasons. For the cost to have a start-up lab that could be remotely competitive you could open a chain of pizza locations and have a better chance at making it, with a heck of a lot less risks.
Margins on wholesale lenses are so small you need a lot of volume.
Go for it . Everyone is looking at the yearly profit line but if you do slightly better than breaking even and for at least 5 to 7 years and are increasing you customer base each year some big company ( no names mentioned) will take an interest in your lab and make a substancial offer for it. Take my word for it, it can be quite profitable. It is risky but stay with it and work your buns off and it will be worth it.
Your own overnight delivery/pick up service is key. Local carriers can be too undependable, my lab went through a few before starting their own.
Nothing loses an account like not getting a timed job on the day promised. Especially if you are new.
Harry
I'm in the business, and I agree with Fezz and Optical24/7
Part of it depends on what your goals are..
Do you want to be the "one stop shop" or do you want to "specialize" in an area?
For us, we want to be the one stop shop. We currently can't do to a variety of factors.
1) We can't get on the VSP approved lab list. Unless the larger independent in the area gets bought out.. this most likely won't happen. We can appeal, send in a list with doctor names, etc all we want.. they just don't see a need for another lab.
2) We have had some product blocked from us. Primarily from that larger independent threatening to pull their support of some vendors if we started to offer it as well.
3) Equipment/funding...A/R coating machines, digital generators.. all of that is $$$. We currently have to outsource a sizable chunk of stuff, and you got to have the right partners in place... which may change over time.
It can be done. If I didn't, I wouldn't have left a job I loved to give it a go. However, I can tell you that I have spent an insane number of hours trying to clean up a mess because the person prior to me either didn't give a hoot.. or really didn't have a clue..
And to be honest.. while I understood there was a lot to clean up.. I didn't realize how much either.
"Some believe in destiny, and some believe in fate. But I believe that happiness is something we create."-Something More by Sugarland
If the original poster is talking about a wholesale lab, I can't agree with Jacqui, Fezz, and Optic/7 more...+1,000!Originally Posted by Jacqui
Ophthalmic Optician, Society to Advance Opticianry
I agree with Fezz, Jacqui, Johns, and Optical 24/7.... Unless you are planning to open a specialized lab (Wrap sun and safety) type, and already have a customer who would give you minimum of 200 jobs a day. If you are thinking about having in-house AR coating in this lab make sure you have a daily work load of minimum 400 jobs before you even open it.
We are entering an era of over capacity as far lens production. As glamorous as working 14 hours day and throwing away money sounds, its probably the worst time you could start a labratory. Just write a check to the charity of your choice for the amount you would invest, and call it day, glad that you lost the money without stress, and that something good came out of it.
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