Business Plan for Optometry

This business plan outlines the vision and mission of a new optometry practice. It provides details on the products and services offered, the organization structure, engagement activities with staff, set-up of outlets, marketing plan, pricing strategies, payment options, expansion plans, sales forecast, industry analysis, and more.

Business plan
BUSINESS PLAN FOR OPTOMETRY
Submitted by
Name:
Student ID:
Subject:
Date:
1

Business plan
Contents
Executive summary...............................................................................................................................3
Mission and Vision Statement...............................................................................................................3
Products and Services for the customers:.............................................................................................3
Organization structure...........................................................................................................................4
Engagement activities with Staff:..........................................................................................................4
Set-up of outlets:...................................................................................................................................5
Marketing Plan......................................................................................................................................6
Pricing strategies...................................................................................................................................7
Payment Options...................................................................................................................................7
Expansion plans.....................................................................................................................................8
Sales forecast.........................................................................................................................................9
Industry Analysis....................................................................................................................................9
Target Segment...................................................................................................................................10
Competitor analysis.............................................................................................................................11
Finance................................................................................................................................................11
Conclusion:..........................................................................................................................................13
References...........................................................................................................................................14
2

Business plan
Executive summary
Dr. Pauline is a qualified optometrist who wishes to own a business in Optometry practices.
She has an understanding and expertise for having worked in Big W. She wants to open this
business in suburb of Merrylands in Sydney.
Mission and Vision Statement
Vision: To top the list of eye care service providers in Sydney and furthermore to be known
among the best 20 eye care specialists in the country in a span of just 10 years.
Mission: Dr. Pauline's central goal is to set up a top-notch eye care center that will render its
services to both exceedingly set customers and modest put customers who can bear the cost
of our administrations. We endeavour to be the top pioneers in the eye care service providers
in Sydney, and in the Australia.
Products and Services for the customers:
Dr. Pauline will render eye care services to her patients. These will incorporate examination
of eyes, restorative eye medical treatment, and other eye operations in collaboration with
certified ophthalmologists. Dr. Pauline eye care center will receive immediate expenses paid
by the patients and also in the form of repayment through private health and medical insurers.
The Company will likewise receive incomes by selling glasses, consultation of patients in
case of different eye-illnesses, contact lenses and other services related to eye care.
Following are the details of eye care related services that will be rendered by the clinics:
 Lenses and Frames: A vast range of alternatives are accessible that can be custom
suited to cater to your eye care needs as well as your style statement.
 Feature your highlights, play with shading, and increase vision for various capacities,
for example, perusing, driving and sporting. With all the customizations possible, the
customer experience will be overwhelming.
 Contact Lenses: There are various reasons why you may be inclined toward contact
lens as compared to eyewear glasses. These could include a free- glasses look, wish to
3

Business plan
wear non-prescribed sunwear shades, or the comfort to not get stressed over losing
your glasses.
The eye care supplier can suggest the best-suited contact focal lenses for the customer
through a total eye examination and a check-up of your eye care requirements to cater to both
be it at work or at play. Since the vast majority do wear more than one sort of lens, it's
imperative to recognize what their decisions look like are and the favourable circumstances
and weaknesses to each type available. There are different types of lenses available for each
type.
 Vision Correction: Vision amendment is a generic term that is used to depict a range
of optometric strategies for rectifying impaired vision.
 Eye Conditions: There are a wide range of sorts of eye conditions that can be a reason
to influence the visual perception or might have outcomes in long-terms if not taken
care of at appropriate time.
 Eye Diseases: An Eye problem is a sweeping term that relates to a large group of
ailments identifying with the capacity of the eye.
 Vision Problems: There exits a wide range of vision issues that could be affecting
your vision. Some of these are Astigmatism, Hyperopia also known as Farsightedness,
Myopia generally known as near sightedness, Presbyopia known as Aging Eyes in
common language, etc.
Organization structure
The eye care service provider Company will be established by Dr. Pauline. She has over 10
years of work -experience as a rehearsing optometrist. With the help of her skills, she will
most likely convey the activities of the business to gainfulness inside its first year of tasks
(Chawla, 2015).
Engagement activities with Staff:
 Organise a customary workforce conference towards the start of a work day, between
working hours with the goal that the employees should not feel as though they are
helping you out by visiting. Welcome staff to examine any problems and contribute
4

Business plan
thoughts, engage into conversations for improvements in the eye care business and
objectives set about the ongoing as well as coming week.
 Segregate ordinary as well as differed employee’s instructional courses – starting
with the item information of a kind of display about contact lense type, peace
promotion, too real specialized apportioning abilities, for example, outline alterations
and lenses estimations. Ask provider organizations to help with item preparations in
their zones of expertise.
 Make sure that the optometrist resolves the worries of the customer and render all
conceivable medication choices, going from type of lenses to different medical
procedures (COCKERHAM, 2010).
 If there is a stipulated time, urge the optometrist to start working at the forefront with
the training, welcome customers and assist all distributors and remaining staff
individuals.
 Make sure your allocator must be very much prepared for overseeing as well as
investigate any questions that may emerge.
Set-up of outlets:
 An outlet that is newly built, cautiously constructed as well as sufficiently bright that
can make customers feel much more comfortable realizing that they have come to a
great optometric service provider.
 Properly arranged, complete change-over will likewise enable you to advance your
training's items and administrations.
 Choose another, brilliant shaded paint and make an element divider.
 Make sure that lighting is sufficient for all casings to be shown to greatest preferred
standpoint (Gates, McDaniel and Braunsberger, 2009).
 Promote specialised items as compared to the less expensive ones.
 Place Television toward the side of the holding up zone with a DVD playing
advancements, clarifying your training's administrations, new items.
5

Business plan
 Keep leaflets at the holding up region from organizations specializing in eye care
services informing about explicit eye care and medications, contact lens advances and
the most recent spectacles designs.
 Not only organize but also guarantee that the outlet’s aesthetics and scents clean – it
will make customers feel that the company duly care for training, and thus makes you
diligently concerned about your patients as well.
Marketing Plan
MBA college professors characterize marketing as recognizing and fulfilling clients'
wishes and needs. As an expert, doing as such is the most economical approach to
increase persistent referrals, increment customer volume and help rejuvenate your
training.
 Send customized review letters or telephone calls to each patient. Customized cards
and telephone calls see the most elevated growth of review (31.9 percent & 32.1
percent respectively). Additionally by adding SMS reviews really diminished
viability, therefore this choice is best suited when you are telling your patients about
their contact lens or other commodities are prepared and is ready to collect from the
clinic.
 Update the site month to month, and incorporate data pieces about an alternate visual
condition every month. Offer web specials, for instance; "Notice you visited our site
and get AUD$30 as discount on your contact lens." Ensure that users who wear
contact lens users can get to arrange contact lens via site as well as by means of an
email.
 Distribute letters to the existing customer base who are can potentially wear contact
lenses, sketching out the advantages and highlights of using contact focal points.
 Make sure that you advertise your practices in the different advertising magazines.
Such platforms fill in as a source of perspective.
6

Business plan
Boost Customer Touch points: While going through the customer’s optometric
venture, there are various purposes of contact that takes place between any customer
and the staff individuals in the outlet, they can be the assistant, the optometrist, and
the allocator or normal staff members handling trivial jobs. Thus, there are numerous
chances to develop an affinity that outcomes in steadfastness till training itself. Ensure
that the staff group plays an important role to drawing in the customer inside and out
to guarantee their adventure through the regularly mind boggling and hard to
comprehend universe of optometry is as smooth as could be expected under the
circumstances (Borthwick, 2010).
Pricing strategies
Eye care facilities, emergency clinics and well-being services specialist organizations for
the most part afftect the way that a decent chunk of their customers don't want to pay the
administration charge by shelling out money from their funds (Ghandour, 2014); private
insurance agencies, Medicare and other such organizations are in charge of the payment
of service fees. In perspective on that, it is less demanding for eye care facilities,
emergency clinics and social insurance specialist co-ops to charge their customers
situated in their attentiveness (Duvoisin & Raabe, 2009).
Payment Options
The payment arrangement received by Dr. Pauline Eye Care Clinic is comprehensive
since it has to be very mindful that different clients go toward various payment choices as
it is preferable to them and yet, it has to guarantee that we submit to the monetary
standards and direction of Australia.
Given below are the payment choices that Dr. Pauline Eye Care Clinic will arrange for all
the customers;
 cash exchange through mobile
 bank exchange
 online bank exchange
 Mastercards
7

Business plan
 check
In context on the previously mentioned, it should have picked dealing with a record
organizes that will engage our client make payment for our services and things with no
load on their part.
Expansion plans
How much a business will grow will depend on a lot of factors like quantity of quick
turnover of clients that one can get, performance of employees, and business model of the
organization. In the event that these components are absent from a business model, it will
not take much time for the Dr. Pauline Eye Care Center to shut down (Koch, 2013).
The significant objectives of inception of Dr. Pauline Eye Care Clinic is to build up a
business that it self-sustaining in terms of cash flows and money that it requires for
operational costs.(Sandy, 2009). It should ensure that among the given popular methods
available in today’s competitive market is to give them eye care benefits at lower rates
than other competitors rendering them.(LeBeau, 2009).
Dr. Pauline Eye Care Clinic in an endeavour to run smoothly will have to ensure that the
foundation of the organization should be strong enough; code of conduct for employee is
in place so that employees feel comfortable working here. Dr. Pauline Eye Care Clinic
environment shall intend to make the organization reach to substantial heights by
preparing and tutoring the organizational staff.
It will realize that if things are kept in accordance to the market analysis, it will most
likely to gain a competitive edge in this eye care business; which will be progressively
adore to new scales of heights each passing day.
Sales forecast
The business figures have been on the basis of the source of information through market
research methods like survey, interviews, company reports, national statistics, etc.
8

Business plan
The eye care industry has been investigated in full depth and with the help of expertise of
various officials in this industry and it suggests that our odds in the business will be taken
care of the competency that the organization possesses (Niland, 2011).
The following are the data estimates for Dr. Pauline Eye Care Clinic, which depends on
the locality where our clinic will be situation, target customer segment and how we go
about rendering our services.
 First Financial Year: AUD 50,000 (Payment from Patients from their own
pocket): AUD 100,000 (Payment from Private Health Insurance Companies)
 Second Financial Year: AUD 100,000 (Payment from Patients from their own
pocket): AUD 150,000 (Payment from Private Health Insurance Companies)
 Third Financial Year: AUD 150,000 (Payment from Patients from their own
pocket): AUD 300,000 (Payment from Private Health Insurance Companies)
Industry Analysis
Optometry rehearses give total incomes of $12 billion per year and utilizes 85,000
individuals as workforce. There are around 10,000 privately owned optometry clinics in
the Australia (Pandey, 2015). The business is relied upon to become quicker than that of
the general growth of the economy because many aged people will need a more
prominent dimension of eye care throughout the following duration of ten to twenty
years.
Business of eye care services is a smaller portion of the Optometrists business and
competitors in this industry incorporates specialists with a qualification of Doctor of
Optometry (OD). ODs inspect, analyze, treat and oversee maladies, wounds and
disarranges of the eye and related structures (Mancuso, 2013).
Owners of this clinic may likewise recommend and start selling eyeglasses, contact lens
and eye care treatment. These specialists work private or gathering rehearses in their very
own workplaces or in offices like medical clinics (Cerullo and M. Pawlik, 2018). If you
don't mind note that the Optometrists business does exclude ophthalmologists (for
9

Business plan
example restorative specialists who are prepared to carry out eye operations and
surgeries).
On the off chance that you are a nearby eyewitness of the Optometrists business, you will
see surely if the business showed relentless development in the course of recent years
because of expanding request from a maturing populace and expanding consciousness of
eye wellbeing. On the seller side, strengthening rivalry from optical sellers, most
eminently online merchants, cut into the business' auxiliary item deals (Stutely, 2012).
Restorative consideration administrations, in any case, keep on giving a substantial
amount of income to the business. With the old populace becoming quicker than other
age gatherings, industry administrators are relied upon to profit over the five years to
2024 (Karlsson and Honig, 2009).
Target Segment
 Our target segment will be the individuals who are self – paying clients who do
not rely on health insurers for their medical expenses and the individuals who pay
premium to health insurers in return of the medical expenses that they bear. Of
course, we will need to maintain the legalities overseeing t business in the
Australia. The target segment can be sorted among below mentioned categories
(Du Plessis, Strydom and Jooste, 2012);
 People who stay inside the zone around the location where our eye care clinic will
be situated
 Corporate associations, for example, banks, insurance agencies, producing
organizations, etc
 Primary and secondary Schools
 Organizations in Health Management
Competitor analysis
Alongside the contentions that exist among various eye care offices, they also go facing
other social protection pro communities, for instance, prosperity centers and system
focuses that give eye care organizations. In an endeavour to be exceedingly leading in the
10

Business plan
business suggests that you should in all likelihood pass on consistent quality of eye care
providing organization and should undoubtedly meet the wants for your patients at
superb.
The eye care focus office is particularly arranged (halfway arranged) and indisputable, we
have enough parking spaces with incredible security. The staff are is all-round arranged in
all parts of eye care organization movement and all of our specialists are set up to give
adjusted customer service to all of our patients (Moodley, Loughman and Naidoo,
2015).
It will make use of power equipment and workplaces, we have extraordinary closeness to
primary markets and it can boast upkeep of mind blowing customer relations (Glazer,
2011).
At last, all of the delegates have to be informed about their roles and responsibilities, and
their customer care team should be responsible of their duties because customer
experience will matter a lot.
Finance
Initial estimate for setting up the business
Projected cost of starting up optometry business
Initial payment and deposits $25,000
Working Capital $45,000
Improvements in leaseholds $20,000
Security deposits $2,500
Inventory costs $12,500
Vehicle buying costs $20,000
Budget for marketing $15,000
Miscellaneous costs $5,000
Total costs for setting up business $1,50,000
Profit and loss statement for first three years
11

Business plan
Financial Year 1st 2nd 3rd
Sales 755,491 714,266 778,550
COGS 65, 879 72,835 73,897
value of Gross
Margin
- - -
Operating Income 547,89 634,894 701,989
Expenses
Salary 242,145 249,897 273,712
Administration 14,400 14,465 14,986
Marketing costs 13,193 15,241 15,976
Licensing costs 25,023 26,749 27,534
Insurance
premium Costs
7,503 7,779 8,478
Travel and Vehicle
Costs
14,000 17,610 19,249
Utilities 17,500 18,375 18,387
Miscellaneous
Costs
4,826 5,478 5,338
Taxes 37,567 38,634 43,068
Total operating
Costs
356567 389 545 433 679
EBITDA 223344 262264 284836
Govt. Income Tax 70,038 78.862 96,468
State lncome Tax 12,523 12,839 13,347
lnterest costs 13,107 13,1278 13,221
Depreciation costs 5,893 5,893 5,784
Net Profit 112.586 148 165 274 220
Profit Margin 16.28 % 19.45 % 20.89%
Investor Equity
12

Business plan
Dr. Pauline should not encourage an equity investment from any other investor or
involve any third party.
Management Equity
Dr. Pauline should own a complete ownership in the business in Sydney.
Conclusion:
So, in the given business plan, we saw that it is very important to give attention to each
and every detail as missing out on even a single component can ruin the entire business
structure and if followed upon can increase liabilities for the organization in a very short
span of time. Right from the product and services that we are going to render to our
customer, competitive strategy, target segment, financials of the business, maintain the
sales strategy and also taking steps by forecasting the sales in the competitive world
(Waite, 2014).
While it is important to understand to build the foundation for the organization, it is also
important to understand the strategies that our competitors are playing outside. A small
careless mistake can take away the entire market share and can lead to shut down the
organization (Yim, 2015).
Location strategy of the store is also very important as that will determine the footfall of
customers. Setting up the stores in famous shopping areas will help us to bring more
customers, hence more sales, and more profits which can further be investment upon to
enhance the customer experience.
Attitude of staff towards the staff also matters a lot as that will determine whether a
customer wants to visit the store next time or not. Make sure the staff behaves in la very
polite manner with the customers so that they feel comfortable and that provokes the
buying patterns in the customers (Grazzini, 2013).
So keep all these factors in the mind and set up a successful business in optometry.
13

Business plan
References
Borthwick, AJ. (2010). The commonwealth optometrist. The Australasian Journal of
Optometry, 2(12), pp.2-2.
Cerullo, M. and M. Pawlik, T. (2018). Hospital Surgical Procedure Markup
And Hospital Market Competition. Science Trends, 1(2), pp.21-30.
Chawla, K. (2015). Business planning essentials: preparing a business plan. Journal of
Advances in Business Management, 1(3), pp.93-99.
COCKERHAM, D. (2010). The name is optometrist. Clinical and Experimental Optometry,
52(10), pp.318-318.
Du Plessis, P., Strydom, J. and Jooste, C. (2012). Marketing management.
3rd ed. Cape Town: Juta, pp.30-35.
Duvoisin, S. and Raabe, R. (2009). How to Make a Business Plan for Your Interventional
Radiology Practice. Journal of Vascular and Interventional Radiology, 11(2), pp.364-366.
Ghandour, A. (2014). Identifying Dimensions of Business Continuity Plan from Common
Expressions among Business Continuity Professionals. International Journal of Business
Administration, 5(3).
Glazer, R. (2011). A Simplified Method for Long-Term Financial Projections. Business
Valuation Review, 30(1), pp.31-35.
Grazzini, F. (2013). How do managers make sense of strategy?. European Business Review,
25(6), pp.484-517.
Mancuso, J. (2013). How a business plan is read. Business Horizons, 17(4), pp.33-42.
Karlsson, T. and Honig, B. (2009). Judging a business by its cover: An institutional
perspective on new ventures and the business plan. Journal of Business Venturing, 24(1),
pp.27-45.
Koch, C. (2013). A military-period practice merger plan to assist the optometrist while in
service. Optometry and Vision Science, 19(3), pp.120-123.
14

Business plan
LeBeau, C. (2009). Business Plan Archive2006141Business Plan Archive. URL:
www.businessplanarchive.org/: Webmergers.com and University of Maryland Robert H.
Smith School of Business Last visited October 2005. Gratis. Reference Reviews, 20(3),
pp.29-29.
Moodley, V., Loughman, J. and Naidoo, K. (2015). Recruitment and selection strategies in
optometric education towards addressing human resource disparities in sub-Saharan Africa.
Africa Education Review, 12(3), pp.429-446.
Niland, P. (2011). Reforming private pension plan administration. Business Horizons, 19(1),
pp.25-35.
Pandey, I. (2015). Financial management. 2nd ed. New Delhi: Vikas Publishing House PVT
LTD, pp.1-20.
Sandy, W. (2009). Link Your Business Plan to a Performance Plan. Journal of Business
Strategy, 11(6), pp.4-8.
Stutely, R. (2012). The definitive business plan. 2nd ed. Harlow, England: Pearson, pp.1-20.
Waite, A. (2014). Getting Back to Work: Partnerships Between Occupational Therapy
Practitioners and Ergonomists. OT Practice, 2(3), pp.1-20.
Yim, E. (2015). How to innovate and make successful business. SpringerPlus, 4(S2), pp.100-
105.
15