Business Plan for Vision Opticals

This business plan outlines the vision, products, services, marketing plan, and financial plan for Vision Opticals, a low-profit and low-risk optical shop in Canada. The plan includes a market analysis, target customers, unique selling points, pricing and positioning strategy, and marketing tactics.

Running head: BUSINESS PLAN
Name of the student
Name of the university
Student ID
Author note

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Table of Contents
1. Vision Statement.................................................................................................................2
2. Executive Summary............................................................................................................2
3. Business Description...........................................................................................................2
Description of business..........................................................................................................2
Industry data and information................................................................................................3
Business structure outline......................................................................................................4
4. Products or Services............................................................................................................4
Description of products offered.............................................................................................4
Description of services offered..............................................................................................5
5. Marketing Plan....................................................................................................................5
Market analysis......................................................................................................................5
Demographic data..................................................................................................................6
Target customer......................................................................................................................6
Advertisement........................................................................................................................7
Unique selling point...............................................................................................................7
Pricing and positioning strategy.............................................................................................8
How the patients will buy from the company........................................................................8
Marketing tactics....................................................................................................................9
6. Operation Plan....................................................................................................................9
Location of business...............................................................................................................9

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Building or facility...............................................................................................................10
Staffing levels.......................................................................................................................10
Equipment required..............................................................................................................10
Suppliers for Supplies and inventories.................................................................................11
Buying or leasing of the building and equipment................................................................11
Building and facility maintenance.......................................................................................11
7. Management Team...........................................................................................................12
Who is in charge and why....................................................................................................12
Experience and credentials for management team...............................................................12
8. Financial Plan................................................................................................................13
Financial structure of business.............................................................................................13
Source of finance..................................................................................................................14
References and bibliography....................................................................................................18

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1. Vision Statement
The vision of the business is meeting the requirements of the clients through offering
exclusive and best frames and in-house lenses produced by Vision Opticals. The plan is to
meet the vision through delivering exceptional services to the customers and using the state
of art technology for satisfying the requirements of the clients.
2. Executive Summary
The business plan will start with providing business description and vision statement
of the company named as “Vision Opticals”. Optic industry is generally referred as optical
and medical industry and includes optical and ophthalmic industry. The company will start as
a low profit and low risk optical shop and will initially open 5 stores in various places of
Canada including Whistler, Toronto, Quebec City, Tofino and Old Montreal. It will offer
various products like Designed wear, Lens, Accessories and services like Eye exam and
various professional services.
3. Business Description
Description of business
“Vision Opticals” will be low profit and low risk optical shop which will be owned
by Mr. Mathew Harley who have more than 10 years experience and is a licensed optician.
Patient’s requirement and needs will be the highest priority for the business. The business
will initially open 5 stores in various places of Canada including Whistler, Toronto, Quebec
City, Tofino and Old Montreal with its operation head office at Toronto (Andries, Debackere
& Looy, 2013). The business will plan opening further shops over the next 3 years period.
The store will get exclusive right for selling Alexandar Macqueen in its Whistler shop and

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Michael Kors for its Toronto shop. The stores will be mod to high end stores for optical
items. Further, through introduction of various well known brands like Ray Ban, Gucci and
Versace it is expected to increase its sales significantly within next 2 years of operation
(Birkin, Clarke & Clarke, 2017).
Industry data and information
Optical market in Canada is expected to record the steady growth in 2018 with the
sales supported by ageing population those require vision correction, marketing campaigns
and launches of new products from leading brands. Further, the optical market growth was
driven by the increasing number of people with presbyopia and myopia. It is projected that
prevalence of myopia among the Canadian people have been increased significantly over last
decade along with increase in using the electronic devices and lower time spent in outdoors
(Belz & Binder, 2017). Luxotica is main competitor as it is the global leader in selling
sunglasses and involved in designing, distributing, manufacturing and retailing of eye ware.
Further, Luxotica has strong presence in Canada apart from the well known brands like
Oakley and Ray Ban.
As per the industry source, 60% of the Canadian optical shops are owned
independently. It is anticipated that the optical market in Canada will continue its positive
growth over the next 5 years period and the sales will be supported by the favourable
demographic trends (Blackburn, Hart & Wainwright, 2013).

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Business structure outline
Mathew Harley will be the CEO and Chairman of the business named as Vision
Opticals. Various other heads of the business will be headed by Business operation manager,
global research manager and human resource manager. Further, the business operation
manager will look after the finance division and legal division those will be headed by
financial executive manager and legal manager respectively.
4. Products or Services
Description of products offered
Vision Opticals will offer various products as follows –
1. Designed wear – It will provide different types of sunglasses, frames and sportswear.
Properly fitted and sealed eye ware will provide maximum protection as the
sportswear. Further different sizes and styles will be provided for frames and
sunglasses as per the need and tastes of customers.

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2. Lens – Contact lens and ophthalmic lens from various well-known brands. It will also
deal with the in-house fashion contact lens for the people aged between 18 years to 35
years. The customers can purchase daily, month, or weekly contact lenses with their
prescription (Bocken et al., 2014). They can also directly work with one of the
professionally trained Contact Lens Fitters for discussing best type of lens suitable for
individual needs based on the intended use.
3. Accessories – health of the eyes is major priority for Vision Opticals. Various
accessories it will deal in are lens coating and solution for lens. 3 types of anti-
coatings those will be provided by the company are easy clean, premium Teflon
coating and transition coating that will go lighter or darker.
Description of services offered
Different services those will be provided by Vision Opticals are as follows –
1. Eye exam – the stores will assist in recognizing the general health condition of the
customer as that is detected first through the eye exam. Further, it will provide
referrals to the specialists and will help in managing the post-eye surgery health.
2. Professional services – independent optometrists and licensed opticians will be hired
by the company who will help the customers in solving various eye related queries.
3. Insurance billing – the company will have dedicated 2 windows for lenses, designer
frames, lenses and sunglasses for dealing with the bill approved by the insurance plan.
5. Marketing Plan
Market analysis
Massive increase in the sales of the optical products can be seen in Canada. As per the
Vision Watch Canada Report from the Vision Council, in the year 2017, Canadians

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purchased over 7.5 million pairs of frames and they spent approximately $1.42 billion on the
new spectacles (opticalprism.ca, 2018). In addition, approximately 66.8% of the Canadians
used spectacles as per prescriptions in the same year. In addition, the people of Canada
change their spectacles every 2.7 years on average basis. 68% of the adult Canadians wear
corrective lenses and 84% adult Canadians wear sunglasses (opticalprism.ca, 2018). 12% of
the adult Canadians wear eyeglasses as per their prescriptions. All these aspects indicates
towards the marker dynamics of the Canadian optical shop industry as they create business
opportunities both for the existing as well as new businesses (opticalprism.ca, 2018).
Demographic data
In Canada, the presence of approximately 16 million presbyopes and 17 million single
vision users can be seen (eyecarebusiness.ca, 2018). At the same time, Canada has a large
young generation; and they use eyeglasses and lenses for the purpose of both style and need.
One major growing problem affecting 30% of the Canadian population is Myopia. Its
increasing occurrence can be seen among the children that is 6% among 6 to 8 years old and
29% among 11 to 13 years old(eyecarebusiness.ca, 2018). 72% adults of Canada aged
between 18 to 39 years old use at least three electronic devise per day and the heavy usage of
these electronic devises like laptop, smartphones and others affects their eyes. In addition,
more than 5.5 million Canadians have major eye diseases; and this population includes aged
people, women and others. It is required to take into consideration these demographic data for
the target customers (eyecarebusiness.ca, 2018).
Target customer
It can be seen from the above discussion that different demographic groups of Canada
has the demand for spectacles, frames, lenses and sunglasses. In this context, it needs to be
mentioned that the customers will not be targeted based on income and level of education as
people rich or poor, educated or not have the desire to look good. First, Vision Opticals will

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target children from 6 to 13 years due to the fact that they need glasses or lenses as per
prescription (Baker, 2014). Second, the next target group of the company will be the group of
Canadians from the age 18 to 40 years as this group has demand for the sunglasses and power
glasses as well as lenses due to their desire for looking good and excessive use of electronic
devises. Lastly, the company will target the group of aged Canadians as they needs power
glasses due to their different kinds of eye diseases (Baker,2014).
Advertisement
In case of advertisements, Vision Opticals will adopt certain strategies. First, the
company will use the traditional advertisements avenues like newspaper, television and radio
for the purpose of providing the information of their variety of products to the potential
customers of the selected areas of Canada (Armstrong et al., 2014). At the same time, the
company will also use the internet as well as social media with the aim to advertise their
products by targeting the selected target customers. Apart from these, Vision Opticals will
use large hoardings, posters and leaflets for advertising their products. Lastly, the company
will send direct mails about their products their customers (Armstrong et al., 2014).
Unique selling point
It needs to be mentioned that Vision Opticals will have certain unique selling
propositions (USPs) that will differentiate the company with their competitors; and they are
mentioned below:
 High quality of the products of Vision Opticals will be one of the major USPs of the
company as the aim of the company will be not to compromise with the quality of
services and products.

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 The next USP of Vision Opticals will be cheap price of their sunglasses, lenses and
frames as the aim of the company is to provide eye care solutions to every group of
customers (Nijssen, 2017).
 Colour and high stability of sunglasses and frames will be another USP of Vision
Opticals as they will not be damaged from the exposure of sunlight, aim and
pollution.
 The sunglasses and lenses will block the harmful UV rays along with other rays and
it is another major USP of the company.
Pricing and positioning strategy
The plan of Vision Opticals is to make the prescription and non-prescription glasses,
lenses and frames affordable to middle as well as lower income individuals. At the same
time, another aim of the company will be to beat the competitors to gain market share and
attract customers. For these reasons, Vision Opticals will adopt the market penetration pricing
strategy that will allow the company to set low initial price for their products. This will help
the company in gaining market share along with increasing the amount of revenue (Spann,
Fischer &Tellis, 2014).
In case of the positioning, the aim of Vision Opticals will be to position them as a
low-cost provider of optical products and services. More specifically, the aim of the company
is to breakaway both the prescription and non-prescription glasses from their current
association with the medical devices so that they can be reclassified as fashion accessory
(Solomon et al., 2014).
How the patients will buy from the company
It needs to be mentioned that the customers will have to visits the shops of Vision
Opticals for purchasing their products. In case of the patients, they will have to bring the

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prescription based on which glasses or frames will be provided. In addition, the non-
prescription customers can select and buy sunglasses, frames and lenses from the variety of
stocks of the company.
Marketing tactics
In this context, it needs to be mentioned that Vision Opticals will use certain
marketing tactics for their new business. First, the company will exploit the online networks,
blogs as well as discussion groups with the aim to develop brand awareness. In addition, the
company will offer free product samples to the opinion leaders who will be able in presenting
positive image of their products in the community. Vision Opticals will also adopt the
strategy to place their products in the mass media like magazine articles, news shows and
others. Apart from this, the company will involve in developing promotional videos for
drawing attention to their brands through certain channels like YouTube and their official
website (Kotler, Kartajaya&Setiawan, 2016).
6. Operation Plan
Location of business
The earlier discussion indicates towards the fact that Vision Opticals will be opening
their store in five specific place of Canada; they are Whistler, Toronto, Quebec City, Tofino
and Old Montreal. At the same time, the head office of the company will be at Toronto. The
main reason behind the selection of these places is their high population having the target
customers. Apart from this, these places are easily accessible due to good transportation
services and conditions. All the stores will be located beside the main road for the ease of
accessibility (Jacobs, Chase &Lummus, 2014).

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Building or facility
It needs to be mentioned that Vision Opticals will need building or certain facility for
the establishment of their optical shops. According to the requirement of the buildings, open
space will be required for the purpose of displaying the sunglasses, frames and lenses. In
addition, the customers will need space so that they can freely see the displayed products.
However, there will be requirement for another room for the doctor and for placing the
equipment for testing eyes (Slack, Brandon-Jones & Johnston, 2013).
Staffing levels
Vision Opticals will have certain requirement related to staffs and personnel; and the
company is needed to ensure the hiring of these staffs before the commencement of their
business operations. For all the stores in the five places, the company will be required sales
staffs for selling the frames, sunglasses and lenses. After that, Vision Opticals will be
required eye specialist doctors in each of their stores with the aim to provide glasses and
lenses as per the prescription. At the same time, there is a requirement of maintenance staffs
in each of the stores. In this context, it needs to be mentioned that Vision Opticals will not
face much difficulty to recruit staffs for their business from these locations due to the
presence of job demand in these areas. In addition, the presence of colleges will ensure the
supply of seasonal employees in the company (Kakarika, 2013).
Equipment required
Vision Opticals will be required shelving arrangements for displaying the stocks. In
addition, the company will required certain other equipment for their new business. For the
purpose to take the measurement of patients face, the required equipment like simple ruler
and sophisticated digital pupillometer. The required processing equipment are grinding or
surfacing equipment and edging equipment. These are uses to create the desired curvature of
the lens and to shape the lens. There is a need for a computer for storing data related to

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products inventory, sales and others. Other required equipment are frame warmer,
screwdrivers, adjustment pliers, trial lenses and others. These equipment must be there before
commencing the business (Slack, Brandon-Jones & Johnston, 2013).
Suppliers for Supplies and inventories
Suppliers will play a vital role in the business of Vision Opticals as third parties will
be responsible for supplying the lenses, sunglasses and frames. The major suppliers of the
company will be Alexandar Macqueen, Ray Ban, Gucci, Versace, Warby Parker, Oliver
Peoples, Mykita, Moscot, Oakley, Jimmy Choo and others.
Buying or leasing of the building and equipment
One major business requirement for Vision Opticals will be to decide besides buying
or leasing the building or equipment. As the selected places for the shops of the company are
in the populated areas, the company will have to incur huge costs for buying the building
facilities. Incurring this large amount of expense may be difficult for the company. For this
reason, it is needed for Vision Opticals to go for lease agreements with the aim to facilitate
the buildings. At the same time, the company will buy the required equipment for the
business.
Building and facility maintenance
At the same time, Vision Opticals is needed to take into consideration the
maintenance of their building and facilities. It will be required for Vision Opticals to recruit
specific personnel who will be responsible for the maintenance of their building facilities.
They will be responsible for maintaining the good health of their building facilities. In case
there is any significant issue related to the maintenance of building and facility, they will be
responsible for taking the required steps to keep things in order (Zikmund et al., 2013).

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7. Management Team
Who is in charge and why
 CEO – Mathew Hareley who will also be the Chairman of the company will look after
the entire operation of the business.
 Business operation manager – Luigi Del Vecchio will be appointed as the business
operation manager and will majorly look after the financial updates and legal updates
of the company. He will also look after the risk management, asset protection and
compliance department. Further, corporate and legal affairs will also be handled by
him.
 Financial officer – Stefani Milleri will be appointed as chief financial officer for the
company who will look after all the financial matters and will directly report to the
business operation manager.
 Legal executive – Marina Grassi will be appointed as legal executive for the company
who will look after all the legal matters and will directly report to the business
operation manager.
 Global research manager – Karl Notari will be appointed as the global research
manager. He will be engaged in continuous research regarding the new innovative eye
related products launched in the global markets that will assure the customers to get
best possible services and products.
Experience and credentials for management team
 Mathew Hareley – Mr. Mathew graduated with law degree from University of
Florence. He also worked there as assistant professor of economics for 5 years. He
also completed MBA in the business administration from school of management,
Canada with high merit followed by specialization in the stream of Corporate

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Finance. He has more than 20 years experience working in different industries
including consumer goods, pharmaceuticals and financial institutions.
 Luigi Del Vecchio – he is a graduate with degree of business administration from
New York. He also has wide experience in financial matters and have working
experience of 6 years as finance manager.
 Stefani Milleri - she has a degree of accounts and finance and have more than 10
years experience in training and research in finance and banking at different
universities. He also has 5 years experience of working with an optometric service
provider company.
 Marina Grassi – she is a graduated from University of Toronto with the degree of law.
He has more than 10 years experience of working various industries including
consumer goods, pharmaceuticals, financial institutions, optometric industries.
 Karl Notari – he has a degree in ophthalmology from university of Alberta. Further he
was involved in a eye related research work for 5 years in University of Manitoba. He
also worked as a research manager in an optometric service provider company for
more than 6 years.
8. Financial Plan
Financial structure of business
Initially the products from the big brands like Ray Ban, Gucci and Versace will be
taken at 50% credit for 1 year. For other requirements like purchasing of equipments, store
maintenance, payment to the professionals and managers it will avail funds from different
sources as profit is expected after 6 months of business operation. It is planned that the 50%
of the capital will be raised through debt financing from private lending institutions, chartered
banks, credit unions and financial companies. 30% of the fund will be raised through equity

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financing from corporate investors, private investors and Canada Development Corporation.
Rest 20% will be raised from other sources including bootstrapping and crowd funding.
Source of finance
Source of finance details are as below –
 Debt financing – debt financing is the borrowing of money that is required to be
repaid at future date with the interest. It can be both secured as well as unsecured and
both short term as well as long term (Scarborough, 2016).
Advantages –
 Control – taking the loan is temporary and the relationship comes to an end with the
repayment of debt. Further the lender does not have any control how owner runs the
business.
 Taxes – Debt interest is deductible under tax whereas dividend payment on equity is
not
 Predictability – interest payment along with principle are mentioned in loan
agreement in advance. Hence, it is easier for the company to work on its cash flow
(Scarborough, 2016).
Disadvantages –
 Qualification – new business like Vision Optical may not have required credit rating
to be qualified for getting loan
 Fixed payments – interest and principal payments shall be made on particular date
without any fail. Businesses have unpredictable flows of cash that may cause
difficulties in payment of loan (Scarborough, 2016).

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Equity – with funds from investors owner is relieved from the pressure for meeting deadlines
on fixed loan payments. However, some control on the business is to be given to the investors
that may have impact on major decisions (Drover et al., 2017).
Advantages –
 Less risk – with equity financing risk level is low as the company does not have to
make any fixed payments. It is helpful for the start-up businesses as they may not
have positive cash flows initially.
 Credit issues – there may be credit issues for the start-up businesses, however, for the
purpose of growth the start-up may move to equity financing (Drover et al., 2017).
Disadvantages –
 Control – owner will have to give up some control of the business when he raise funds
from investors. Further, the equity investors will take part while making business
decisions.
 Cost – equity investors are paid return through share of profit and dividends. Amount
of profit paid to the investors may exceed the interest paid on debt (Drover et al.,
2017).
 Bootstrapping – it is the money that will be raised through the customers and small
investors (Senthilkumar & Mayuri, 2014).
Advantages –
 Minimize the external borrowing
 Payments can be delayed
Disadvantages –

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 Personal risks – as the small investors and customers are main contributor they are
generally not well connected with the business as other investors.
 If their opinion and advices are not considered they may lose interest in investing
(Senthilkumar & Mayuri, 2014).
Crowd funding – it is generally raising funds through collecting from small contributors
including general public using the social media and internet (Belleflamme, Lambert &
Schwienbacher, 2014).
Advantages –
 Fund can be raised in faster way without any upfront fees
 It can be an alternative option to raise funds when struggling with raising from bank
 Investors may track the progress which in turn helps to promote the business
(Belleflamme, Lambert & Schwienbacher, 2014).
Disadvantages –
 It is not easy to raise funds through crowd funding as compared other traditional
sources
 If the business concept is not copyright or patent protected someone may steal the
idea from crowd funding site (Belleflamme, Lambert & Schwienbacher, 2014).
Based on the advantages and disadvantages of various source of finances the
company’s financial source will be as follows –
Finance type Source Name Amount
Debt
Borrowing from private lending
institutions @ 12% p.a Tribecca finances $ 1,80,000.00
Borrowing from chartered banks @ 10%
p.a
Royal bank of
Canada $ 2,10,000.00

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Borrowings from Credit unions @ 13%
p.a Servus credit union $ 90,000.00
Borrowings from financial companies @
14% p.a Futura Corporation $ 80,000.00
Total fund through debt $ 5,60,000.00
Equity
Corporate investors $ 1,24,000.00
Private investors $ 1,02,000.00
Canada Development Corporation $ 1,10,000.00
Total fund through equity $ 3,36,000.00
Fund through bootstrapping $ 1,52,000.00
Fund through crowd funding $ 72,000.00
Total requirement $ 11,20,000.00

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