Starting your own optical. Is it even worth it these days?

[Prentice Pro 9000]

I recently got curious about a spot for rent in an old town area of my city. It was part of a cute shopping center. Not huge, not super small. Not fancy but not trash. There was a number to inquire about the space and so I texted them. They wanted $6k a month for this spot (I was expecting $3k-ish).

That got me really sort of down on the whole thing. I'm a talented optician (compared to what's available in my area) and my clients are pretty happy. I can run a whole shop on my own. My Wife does marketing. She and I have a decent amount of money saved and enough assets to back up a nice business loan. But now I'm starting to wonder.... is it really even worth it? I'm just sitting here thinking about giving away $6k a month until we achieve lift off with sales.

What are your thoughts?

[optical24/7]

There are almost too many X factors to give a flat answer, but to start:

Do you have…

Enough in savings and/or other income to stay a float for a minimum of 2 years, and capital to pay business expenses also?

A referring MD, that practices close to your location? (don’t expect to get one from an OD) or the ability to have a doc come partner?

Do you have room for a lane and money to put exam equipment in it to lease out?

What kind of foot traffic does the location have? (Not drive by, pedestrians walking by). You’ll want around 500-600 with that rent, daily.

What are area demographics/income? You’ll need to know that to know what kind of optical you can make work, boutique or budget.

How are you going to stand out and not be “just another optical shop”?

Are you willing to work 6 days a week, no vacation and pay all the extra taxes, SS, health insurance, ect self employment will entail?

There are a ton of other considerations. The last 20 years of my career, I was in as good of position to open mine as there possibly could be, but I still couldn’t tick ever box above. Mainly the amount of time out of my life. I worked to live, not lived to work, life’s too short. I ended up the last 14 years running a multi location, multi MD/OD office. I had over 3 week’s vacation, insurance paid ( me AND wife’s) and worker approximately 35 hrs a week for a salary just under our OD’s.

Those kind of jobs are rare, but they are out there. It helped that I had a very good reputation in my city along with having an MD that gave me the chance to grow his single location into 3. If you can get into upper management of a large regional, 6 figure incomes are definitely possible.

[optical24/7]

There are almost too many X factors to give a flat answer, but to start:

Do you have…

Enough in savings and/or other income to stay a float for a minimum of 2 years, and capital to pay business expenses also?

A referring MD, that practices close to your location? (don’t expect to get one from an OD) or the ability to have a doc come partner?

Do you have room for a lane and money to put exam equipment in it to lease out?

What kind of foot traffic does the location have? (Not drive by, pedestrians walking by). You’ll want around 500-600 with that rent, daily.

What are area demographics/income? You’ll need to know that to know what kind of optical you can make work, boutique or budget.

How are you going to stand out and not be “just another optical shop”?

Are you willing to work 6 days a week, no vacation and pay all the extra taxes, SS, health insurance, ect self employment will entail?

There are a ton of other considerations. The last 20 years of my career, I was in as good of position to open mine as there possibly could be, but I still couldn’t tick ever box above. Mainly the amount of time out of my life. I worked to live, not lived to work, life’s too short. I ended up the last 14 years running a multi location, multi MD/OD office. I had over 3 week’s vacation, insurance paid ( me AND wife’s) and worked approximately 35 hrs a week for a salary just under our OD’s.

Those kind of jobs are rare, but they are out there. It helped that I had a very good reputation in my city along with having an MD that gave me the chance to grow his single location into 3. If you can get into upper management of a large regional, 6 figure incomes are definitely possible.

[optical24/7]

Sorry for the duplicate post. When I try it says I don’t have permission to edit my post!

[waynegilpin]

Did I own my own business? Yes. Did my business own me? Also yes.

There were good years and bad years. The good years were a hell of a lot more fun.

After 20 years I was offered a Mon. thru Fri. position in a medical practice. Vacation (after 7 years without one). Fully paid health ins. for the entire family (it was many years ago).

My wife said that I had to take it for my health. If I didn't, she'd kill me.

Would I open again today? I periodically scroll the Opticians on Facebook page. It makes me very glad that I retired.

YMMV. Best of luck with your decision.