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Hello,
I am looking into opening an optical business in my town. There is only one in my area, and he’s been in business a long time. There’s a building i’d like to use, it it’s literally directly across the street from the other optical.
In in your experience, is it a bad decision to open so close to another shop? Or does it work like restaurants where it gives people other options?
Thanks!
Jacob
I would absolutely not advise that, unless the existing location is an ophthalmology practice.
I figured such. We have a small town, the population is in the 10,000 range. The Dr. in town is the only one, and he is a private OD that sells a small selection of frames also. 10 miles up the freeway we have more eye dr’s and more choices. There’s a lens crafters and an eyemart express too. Do you fell a 2nd optical business would make it in a smaller area like this? Trying to get as much insight as I can. If you think it would make it, do you think it would have to be with an O.D. also, or just glasses sales? Any input would help!
How would you be different from the existing practice? What can you provide that they don't offer? Provide something that your clientele wants and can't get elsewhere, whether it be fashion, value, service, technology, etc.
VisionWorks often opens locations across the street from LensCrafters.
Before Lux bought Pearle, LensCrafters opened shops in close proximity from Pearl.
That was before Zenni, WP, Essi-Lux, et.al
The optical business is cut throat now, and many are either selling or closing up. There are other opticals a scant 10 miles away. Unless you offer products that the competition doesn't, with much better service and quality, i would think long and hard. It is not about pricing. It is about providing alternatives.
An alternative idea: How long has the current OD been in practice? Are they looking to retire soon, expand, or take on a partner? What do you have to offer with regards to capital? What are your ROI needs? A partnership may be a wise choice to start. Eventually, you will have the opportunity to buy out the partner.
Having passed through your area a number of time on the I-5 I would suggest opening a feed store or saloon.
Being different is the tough part. Of course my goal isn’t to replicate what is there, but I feel that most private eye Dr’s focus more on exams. My focus would be more on eyeglasses. Offering frames that people want and feel there’s a good selection to choose from. From the value cheap frames on up. Offering deals for back to school (because we have a younger poulation), and offering excellent service. I want the feel to be more about what the customer/patient wants, and not just about exam services etc. I am open to having a Dr. on board, but I want to spread the word about my business so that everyone knows that if they want the best service and choices, to come to me. I don’t mean to sound too gung-ho, but I would really want to be the optical shop of choice in my town.
Lensmanmd,
I have thought about that but haven’t been sure how to approach it. I’d be open to buy out the business if the time came and it made sense. He’s been in business over 30 years, and his building is very small, I believe he’s done it on his own this whole time. I know that he’s at least in his 50’s, possibly early 60’s. I’m not sure how to answer your question on ROI, I would need to be able to provide for my family with whatever I make haha, and as of right now I don’t have a lot of capital saved. I’m doing more research and trying to get what the cost would be on paper. Also what the plan would look like, and whether the business could succeed!
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Originally Posted by lensmanmd
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Both above suggestions ......................................should get the top price
Jacob,
i have an idea that you might want to mull over for your business plan. I’m typing this from my phone currently, so I will wait until I am in front of my terminal. You are welcome to pm me.