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For example if someone types eye test in google, your optician practice should be at the top of search for that user to click on your ad.

Are you looking to buy a independent optician practice? If you are not sure where to start you can use our consultancy service to guide you step by step in your journey of owning a independent optician practice.

Launching a successful optician practice requires meticulous planning and preparation. Before diving into the business plan, entrepreneurs must tackle a 9-step checklist to ensure their venture is positioned for long-term success. From conducting thorough market research to securing essential licenses and partnerships, this comprehensive guide outlines the critical steps that will lay the foundation for a thriving optical business.

Step 1: Conduct thorough market research and competitor analysis

Gather data on the local market, including population demographics, vision care needs, and existing optical shops. Analyse the competition’s offerings, pricing, and customer satisfaction to identify opportunities for differentiation.

Launching a successful optician pratcice requires a deep understanding of the local market, industry trends, and competitive landscape. Before drafting your business plan, it is essential to conduct a comprehensive market research and competitor analysis to identify opportunities, assess potential risks, and position your optical shop for long-term success.

Begin by examining the optical industry trends in your target geographic area. Analyse data on consumer spending on eyewear, the prevalence of vision-related health issues, and the growth rate of the optical retail market. This information will help you gauge the overall demand for your services and products.

Next, conduct a detailed competitor analysis to understand the competitive landscape. Identify the key players in your local market, including independent optical shops, national retail chains, and online eyewear providers. Evaluate their product offerings, pricing strategies, customer service, and marketing approaches. This information will help you identify your unique value proposition and develop a differentiated positioning strategy.

Finally, delve into the demographic and psychographic data of your target customers. Understand their age, income, education level, vision care needs, and shopping preferences. This information will inform your product selection, pricing, marketing, and customer service strategies to better meet the needs of your local community.

By conducting a thorough market research and competitor analysis, you will be well-equipped to develop a comprehensive business plan that aligns with the unique needs and preferences of your local market, positioning your optical shop for long-term success.

Step 2: Identify target customer demographics and their needs

Determine the specific age groups, income levels, and lifestyle preferences of your target customers. Understand their pain points, preferences, and the types of services and products they value most.

Identifying your target customer demographics and understanding their unique needs is a critical step in developing a successful business plan for your optician practice. By thoroughly analysing your target market, you can tailor your products, services, and marketing strategies to effectively meet the demands of your key customer segments.

According to industry data, the global optical market is expected to reach a value of £170.6 billion by 2027, growing at a CAGR of 5.1%. Within this expanding market, the millennial and Gen Z demographics are emerging as key drivers, with a growing emphasis on fashion-forward eyewear and personalised eye care experiences.

By understanding the specific needs and preferences of your target customers, you can develop a tailored business plan that addresses their pain points and positions your optical shop as the preferred destination for all their eyewear and eye care needs.

Step 3: Determine the unique value proposition of your optical shop

Clearly define what sets your optical shop apart from the competition, such as specialised services, premium products, or a personalised customer experience. Quantify the benefits you can offer to your target customers.

In the highly competitive optical industry, establishing a distinct value proposition is crucial for the success of your business. Your value proposition should clearly communicate how your optician practice differs from the competition and why customers should choose your services over others. By defining a unique value proposition, you can effectively position your business and attract your target demographic.

To determine the unique value proposition for your optical shop, start by thoroughly analysing the local market and your competitors. Identify the products, services, and customer experiences they offer, and look for gaps or areas where your business can excel. Consider factors such as product selection, pricing, customer service, and the overall shopping environment.

Once you have a clear understanding of the market and your competitors, you can begin to craft your unique value proposition. This should highlight the specific benefits and experiences that set your optical shop apart, such as:

Specialised product selection: Offer a curated collection of high-quality, fashionable eyewear from niche or independent brands that are not widely available in the local market.

Personalised customer service: Provide a consultative approach to eye exams and frame selection, with knowledgeable staff who take the time to understand each customer’s unique needs and preferences.

Innovative technology: Invest in advanced eye-scanning equipment and virtual try-on tools to enhance the customer experience and demonstrate your commitment to cutting-edge optical care.

Community engagement: Host regular events, workshops, or educational seminars to position your optical shop as a hub for vision health and fashion in the local community.

By clearly defining and effectively communicating your unique value proposition, you can differentiate your optical shop from the competition and attract a loyal customer base. This strategic positioning will be a key component of your overall business plan, guiding your operational decisions and marketing efforts.

Step 4: Secure necessary licenses, permits, and insurance requirements

Research and obtain all the required licenses, permits, and insurance coverage for operating an optical shop in your local jurisdiction, such as business licenses, optometry licenses, and liability insurance.

Opening an optician practice requires navigating a complex web of legal and regulatory requirements. Before you can begin operating your business, you must secure the necessary licenses, permits, and insurance coverage to ensure compliance and mitigate risks. This critical step lays the foundation for a successful and sustainable optician practice.

The specific licenses and permits required will vary depending on your location, but typically include a general business license from local council, and any specialised licenses for optometrists or opticians on your team. In the United Kingdom, for example, optometrists must be licensed by the GOC.

In addition to licensing requirements, you’ll need to obtain the appropriate insurance coverage for your optician practice. At a minimum, you should consider general liability insurance to protect against claims of bodily injury or property damage, as well as professional liability insurance to cover any errors or omissions in your optical services. Depending on the size and complexity of your operation, you may also need workers’ compensation, property, and business interruption insurance.

Securing the necessary licenses, permits, and insurance is a critical step in the business planning process for your optical shop. By proactively addressing these requirements, you can ensure a smooth launch and minimize the risk of costly legal or financial issues down the line. With this foundation in place, you can focus on building a thriving, customer-centric optical business that meets the needs of your local community.

Step 5: Evaluate potential locations and assess lease or purchase options

Identify desirable locations that are accessible to your target customers, have ample foot traffic, and comply with zoning regulations. Evaluate the costs and terms of leasing or purchasing a retail space.

Selecting the right location is a critical decision that can make or break the success of your optician practice. The location not only impacts your ability to attract and retain customers, but it also affects your startup costs, operational expenses, and long-term profitability. When evaluating potential locations, consider factors such as foot traffic, visibility, accessibility, parking availability, and the demographic composition of the surrounding area.

One key consideration is whether to lease or purchase the property for your optical shop. Leasing offers more flexibility, allowing you to adjust your space as your business grows, but it also means paying rent indefinitely. Purchasing the property, on the other hand, can provide long-term stability and the opportunity to build equity, but it requires a larger upfront investment.

When assessing lease or purchase options, be sure to analyse the financial implications carefully. Consider factors such as the monthly rent or mortgage payments, property taxes, insurance, and any necessary renovations or build-out costs. Additionally, research the local real estate market to ensure you are getting a fair deal on the property.

Once you have identified the most suitable location for your optical shop, be sure to secure the necessary permits, licenses, and insurance required to operate in that specific area. This may include local business licenses, approvals, and liability coverage, among other legal and regulatory requirements.

By thoroughly evaluating potential locations and assessing the financial implications of leasing or purchasing the property, you can make an informed decision that sets your optical shop up for long-term success.

Step 6: Assess startup costs and develop a financial projection

Estimate the initial investment required for equipment, inventory, employee salaries, and other operational expenses. Create a financial projection that includes revenue forecasts, cost analysis, and cash flow projections.

Launching a successful optician practice requires a thorough assessment of startup costs and the development of a comprehensive financial projection. This critical step ensures you have a clear understanding of the resources needed to get your business off the ground and the financial viability of your venture.

To assess the startup costs for your optical shop, consider the following key elements:

Leasehold Improvements: The cost of renovating and outfitting your retail space, including the construction of exam rooms, display areas, and customer waiting areas.

Equipment and Inventory: The investment required for purchasing high-quality eye examination equipment, optical frames, lenses, and other necessary inventory.

Professional Fees: The legal, accounting, and consulting fees associated with setting up your business, obtaining necessary licenses and permits, and ensuring compliance with industry regulations.

Insurance and Permits: The costs of obtaining liability, property, and workers’ compensation insurance, as well as any local or state-level permits and licenses required to operate an optician practice.

Marketing and Branding: The initial investment in developing a strong brand identity, creating a user-friendly website, and implementing a comprehensive marketing strategy to attract customers.

Staffing: The salaries, benefits, and training costs for your team of opticians, optometrists, and support staff.

Working Capital: The funds needed to cover operational expenses, such as rent, utilities, and inventory replenishment, during the initial months of operation when cash flow may be limited.

Once you have a clear understanding of your startup costs, you can develop a comprehensive financial projection for your optician practice. This projection should include:

Revenue Forecast: Based on your market research, competitor analysis, and target customer demographics, estimate your annual revenue projections for the first three to five years of operation.

Operating Expenses: Detailed projections for all ongoing costs, such as rent, utilities, staffing, inventory replenishment, and marketing expenses.

Profit and Loss Statement: A projected profit and loss statement that outlines your expected gross and net profits, as well as your break-even point.

Cash Flow Statement: A projection of your business’s cash inflows and outflows, which will help you identify any potential cash flow gaps and plan accordingly.
Balance Sheet: A projection of your business’s assets, liabilities, and equity, which will give you a comprehensive view of your financial position.

By thoroughly assessing your startup costs and developing a comprehensive financial projection, you can create a solid foundation for your optician practice success. This step not only helps you secure the necessary funding but also allows you to make informed decisions, manage your finances effectively, and navigate the challenges of the optical industry with confidence.

Step 7: Assemble a talented team of optical professionals and support staff

Identify and recruit experienced opticians, optometrists, and support staff who can provide exceptional customer service and technical expertise. Determine the appropriate staffing levels and compensation structure.

Building the right team is crucial for the success of your optician practice. The staff you hire will directly impact the customer experience, so it’s essential to carefully select experienced professionals who share your vision and values. As you assemble your team, consider the following key positions:

Optometrist(s) – Highly qualified eye care professionals who can perform comprehensive eye exams, prescribe corrective lenses, and diagnose and treat various vision and eye health issues.

Optical Dispensers – Skilled technicians who can assist customers in selecting the right frames, lenses, and lens coatings to meet their visual needs and personal style preferences.

Optical Lab Technicians – Experts in lens fabrication and finishing, responsible for accurately processing and customizing lenses according to patient prescriptions.
Customer Service Representatives – Friendly and knowledgeable staff who can guide customers through the entire shopping experience, from initial consultation to post-purchase support.

Administrative and Support Staff – Professionals who can handle tasks such as scheduling, inventory management, billing, and other essential business operations.

In addition to building a skilled team, it’s crucial to foster a positive and collaborative work environment that encourages teamwork, open communication, and a shared commitment to customer service. By assembling a talented and dedicated team, you can position your optician practice for long-term success and establish a reputation for excellence in your local community.

Step 8: Establish partnerships suppliers

Identify reliable suppliers for optical frames, lenses, and other necessary equipment and materials.

Establishing strong partnerships with reliable suppliers is a crucial step in setting up a successful optician practice. These strategic alliances can provide access to a wider availability of high-quality products and services.

Partnering with leading frame suppliers and lens manufacturers can ensure that you have access to the latest products, competitive pricing, and efficient delivery times. Ultimately contributing to the growth and profitability of your business.

Step 9: Develop a comprehensive marketing and branding strategy

Craft a strong brand identity, including a memorable name, logo, and visual elements. Develop a multi-channel marketing plan to attract and retain customers, leveraging both online and offline channels.

Establishing a strong marketing and branding strategy is crucial for the success of your optical shop, ClearView Optics. In a competitive industry, a well-executed marketing plan can help you stand out, attract your target customers, and build a loyal customer base.

Start by conducting a thorough market analysis to understand the optical industry trends, your target customer demographics, and the competitive landscape. Identify the unique value proposition that sets your optician practice apart from the competition, such as its focus on personalised customer experience and high-tech fittings.

Develop a comprehensive branding strategy that aligns with your unique value proposition and resonates with your target customers. Carefully consider your brand’s visual identity, including the logo, color palette, and overall aesthetic. Ensure that your branding is consistent across all touchpoints, from your physical store to your online presence and marketing materials.

Develop a comprehensive marketing strategy that leverages a variety of channels to reach your target customers. Consider a mix of traditional and digital marketing tactics, such as:

• Local print advertising in newspapers and magazines
• Targeted social media campaigns on platforms like Facebook, Instagram, and LinkedIn
• Partnerships with local vision insurance providers and community organisations
• Hosting educational events and trunk shows to engage with potential customers
• Implementing a loyalty program to encourage repeat business and referrals

Allocate a significant portion of your startup budget to marketing and branding initiatives, as these efforts will be crucial for driving awareness, attracting customers, and building a strong brand reputation for your optician practice. Continuously monitor the effectiveness of your marketing campaigns and adjust your strategies as needed to ensure the best possible return on investment.

Purchasing an independent optician practice requires buyers conduct thorough due diligence. In this article we outline three key areas: financial due diligence, legal due diligence, and practice management due diligence.

Our goal with this article is to outline the most necessary considerations buyers should keep in mind while conducting the due diligence to purchase a optician practice.

Financial Due Diligence

One of your primary goals must be to evaluate the financial health of the optician practice you wish to purchase. This serves to ensure the practice provides enough revenue to cover expenses, debt service terms (your bank/owner-financed loan), and provide desired income. Your potential acquisition may be struggling to meet expectations at this stage, and the only way to know the scope and scale of the opportunity is to dig into the numbers.

This comprehensive review of the financial stability of the practice is broken down in following steps:

Review financial documents:
Prior to purchasing the practice, the buyer should review the practice valuation and supporting financial statements, comparing these collections & reporting for consistency. Financial statements to be reviewed include:

• Tax returns
• Financial and bank statements
• Accountant-prepared profit and loss statement
• Collections reported in the general ledger accounting software
• Collections shown in the seller’s Optician practice management / POS software.

Assess financial viability:
Conduct a financial forecast and feasibility analysis based on historical revenues & expenses of the practice. It is imperative that Buyers include all ongoing expenses of the Optometry practice, including:

• General overhead
• Occupancy
• Payroll & benefits
• Lab costs
• Equipment leases & contracts
• Any other expenses that will be assumed upon purchase

Develop a 3 year forecast:
Understanding projected practice economics after acquisition that reflects the buyer’s vision for the future will give you a preview of what your post purchase practice can provide. This will include:

• Expanding scope of care
• Modernizing the “fixer-upper” practice
• Relocation provisions and/or potential real estate investment

EBITDA:
Earnings Before Interest Taxes Depreciation & Amortization provides visibility of the true net profit of the seller’s Optometry practice. This calculation starts with the net income reported on the seller’s financial documents, then adds back those expenses that will not be assumed by you such as retirement plan contributions for the seller, depreciation and amortization, owners salary (if the practice is incorporated), as well as expenses personal to the seller that will not be incurred by the buyer.

Assets and liabilities:
It is imperative you as the buyer understand all major assets you are purchasing and liabilities you are assuming responsibility for. Assets will include equipment, inventory, accounts receivable, and real estate, among other items. Liabilities include debts, employee compensation earned not yet paid, and services paid for but not yet delivered. It is also advised to obtain a list of all employees and their current salaries, employee benefits enrolment, and backlog of employee review documentation.

Revenue channels:
When purchasing an optician practice, it’s important for Buyers to understand revenue sources, segmented by payor, CPT code, service area or department, and patient-type, especially when the practice for sale receives managed care reimbursements. Conduct a payor audit by requesting appropriate payor reports out of the EHR with reporting as net collections and broken-out by service or product area.

If you intend to be credentialed with the medical insurance and vision care plans currently accepted in the practice, conduct a local managed care audit to ensure those carriers are still continuing to be utilized (and perhaps uncover other plans that would be appropriate to add to the practice upon transfer of ownership.

Legal Due Diligence

The goal here is simple but absolutely vital to your success: to ensure that the optician practice to be purchased is in a good legal standing. For best results, work with an experienced legal team, they’ll advise you that your legal due diligence should include at least the following:

Bill of sale:
Acquire a list of all assets and liabilities to be included in the sale such that the buyer knows exactly what they are purchasing (do not assume that every asset on the balance sheet will be included in the sale!).

Assets include:

• Equipment
• Inventories
• Property
• Trademarks
• Real estate

Liabilities include:

• Employee benefits and bonuses
• Licensing fees
• Bank loans
• Lawsuits

Although most sales will not include these liabilities it is important to be fully informed of all facets of the practice.

Review legal documents:
It is imperative that the buyer’s legal team evaluate all legal documents relevant to the practice including articles of incorporation and operating agreements. Additionally, obtain documentation of any ongoing contracts the buyer will assume after the purchase such as marketing service and vendor agreements. Also, if there are associates employed in the practice, the buyer should understand their employment contracts and be prepared to re-negotiate. Although most (if not all) of these contracts will be replaced with new agreements for the new business entity, full review of legal documents is highly recommended to ensure due diligence.

Real estate agreements:
Understanding the current and future real estate situation of the practice is vital prior to purchasing the practice. The Buyer’s legal due diligence of real estate documents will include review of any commercial lease agreements, purchase agreements, and, if there will be a real estate purchase involved, title & insurance. There are a variety of key components to assess in the lease agreement including general lease terms, options for renewal, renewal rates, and demolition & relocation clauses (which allow the landlord to break or alter your lease!), among others.

Intellectual property:
If the business name will be transferred to the buyer upon the sale of the practice obtaining intellectual property agreements is vital. Buyers will want to ensure that the business name is registered properly. Also, legal documents for any other trademarks associated with the optician practice that intend to be transferred upon the sale should be obtained and reviewed as part of legal due diligence prior to the purchase.

Practice management due diligence

The purpose of this effort is to address the day-to-day operations of the practice to ensure they meet the expectations of the buyer. Identifying operational issues early will empower the buyer to make the right decision and identify what needs to be done when they assume ownership. This is also a chance to pinpoint some low hanging fruit in the operation that will allow a new owner to realize growth early in the transition period. Practice management due diligence includes:

Get personal:
Prior to purchasing an optician practice, it’s important for every stakeholder to engage in transparent and candid communication throughout the inspection of the office. It’s impossible to overstate the value of this opportunity to investigate a variety of items including:

• The reasons the seller is selling the practice
• The expectations of the seller after the sale
• Does the seller plan to retire or continue patient care?
• At this practice post-acquisition or elsewhere?
• Will this acquisition require a non-compete clause?

This personal visit to the optician practice also provides the buyer with the opportunity to get a firsthand view of operations, engage with staff, assess the overall physical condition of the office, and inspect all equipment & inventories that will be included in the bill of sale.

Analyse the business:
A key element of the Buyer’s practice management due diligence is analysis of the business to understand the KPIs that deliver the financial performance of the practice. Thanks to modern practice management and EHR systems, this due diligence can uncover powerful insights of the practice that identify key drivers, constraints, and opportunities across the practice. Buyers will want to request the reports from the seller segmenting patients in various ways, including: new versus returning patients, patient type, goods and services provided, demographic reporting, equipment utilization, and more.

The buyer should be aware that the reports generated by any EHR are predicated on the quality of data that’s been entered over the years. Put more simply: garbage in, garbage out. If some of the reports you’re evaluating through this process don’t pass the smell test, the reason could be that the EHR data isn’t trustworthy and the financial diligence may carry more weight.

Assess operations:
The existing practice’s bandwidth for change will be a key determinant of the rate at which the buyer can implement sustainable change in the practice following the purchase. Obtain the practice procedures manual and interview both the seller and their administrators, or managers, to gain a clear understanding of day-to-day operations. Buyers will want to be sure to evaluate operations inclusive of patient flow, equipment utilization, and personnel requirements.

Inspect equipment and inventory:
Another important piece of practice management due diligence prior to purchasing an optician practice is a thorough inspection of equipment and inventory to determine usability and sellability of each. Tour the office one room at a time, accompanied by the itemized list of assets and inventory provided by the seller, assessing each item to ensure it is in good working condition, and inventories or in suitable sellable condition. This is also a great opportunity to understand other arrangements the practice has in place with equipment suppliers and the in-office processes for maintaining equipment and ordering supplies and inventory.

Wrapping Up:
Conducting financial, legal, and practice management due diligence will empower the Buyer throughout the purchase process, inform strategy moving forward, and position them for success upon taking over the practice. And then the real fun begins!

Google Ads is Google’s online advertising platform where advertisers pay to display brief ads, service offerings, product listings, and videos to web users. These ads appear in Google’s search results (Search Network) as well as on non-search websites and apps (Display Network). Google Ads uses a pay-per-click (PPC) model, meaning advertisers only pay when someone clicks on their ad and is directed to their website of their independent optician practice.

In this consultancy package we will guide you best practice and how to set up the google ads correctly.

For example if someone types eye test in google, your optician practice should be at the top of search for that user to click on your ad.

1: BEST PRACTICE FOR OPTICIANS

We will guide you on what is the best practice / strategy for independent opticians for Google Ads. We have in-depth knowledge and increase in user engagement with independent optician when who have previously used our consultancy package.

2: ACCOUNT SET UP OR REVIEW PREVIOUS

If you already don’t have your google account set up and are not sure how to do this, we will advise you with full account set up.

If you already have it set up, we can review it to make sure they are set up correctly.

3: AD SET UP & KEYWORDS

Every marketing plan requires a strategy. In this section we will advise on strategy and accordingly advise on which content to post.

4: REACH TOP OF SEARCH RESULTS

If you are a local independent optician we will advise on how to reach local community and bring them to your practice.

5: HOW TO REACH CORRECT AUDIENCE

Graphic design can be very expensive if you plan to post on social media every day, we can guide you on simple photoshop skills to create basic graphic images yourself.

7: LEARN TO DO IT YOURSELF AND SAVE

This whole consultancy package is designed to teach you how to use Social Media yourself, creating graphics and videos yourself, help you save 100s of pounds each month.

We charge £100 + VAT to provide full consultancy into google ads and rankings.

Social Media now plays an important role for any business, be it small or large. Its more important then ever that your independent optician practice uses Social Media to engage with existing customers and attract new ones by showcasing your products and services.

It gives customers a chance to really get to know you and it helps build trust with the local community. And the beauty of Social Media is that is free if you can learn to do it yourself.

This consultancy package does just that, if you don’t know how to use or not familiar with popular platforms we can guide you and help you set up so you are ready to go viral on Social Media.

Or even if you already have Social Media for your independent optician practice we can provide a full detail report on how to improve it even further or if you are paying someone to do it on your behalf we can guide you through the process so you can save the extra cost by doing it yourself.

1: BEST PRACTICE FOR OPTICIANS AND WHICH PLATFORMS

We will guide you on what is the best practice / strategy for independent opticians for their social media marketing. We have in-depth knowledge and increase in user engagement with independent optician when who have previously used our consultancy package.

We will also cover which platforms are best for you including Facebook, Instagram, Tiktok, X, YouTube.

2: ACCOUNT SET UP OR REVIEW PREVIOUS

If you already don’t have any accounts set up and are not sure how to do this, we will advise you with full account set up of each platform of your choice.

If you already have them set up, we can review them and make sure they are set up correctly.

3: WHICH CONTENT TO POST

Every marketing plan requires a strategy. In this section we will advise on strategy and accordingly advise on which content to post.

4: HOW TO REACH CORRECT AUDIENCE

If you are a local independent optician we will advise on how to reach local community and bring them to your practice.

5: GRAPHIC DESIGN

Graphic design can be very expensive if you plan to post on social media every day, we can guide you on simple photoshop skills to create basic graphic images yourself.

6: VIDEOS USING CAPCUT

We can show you how to use CapCut video editor which is used to create and edit personalised videos. Again saving your 100s of pounds if you are using a professional video editor.

7: LEARN TO DO IT YOURSELF AND SAVE

This whole consultancy package is designed to teach you how to use Social Media yourself, creating graphics and videos yourself, help you save 100s of pounds each month.

We charge £200 + VAT to provide full consultancy into your Social Media presence.

Looking to set up a online glasses website? Not sure where to start? We can help you with the entire process from start to finish. We have in depth knowledge on how to create a fully functional glasses website.

Take advantage of our consultancy package and let us guide you through the entire process. Our support will last for 6 months in which we will oversee your website development process.

Our consultancy package will cover 10 main points listed below.

1: WEBSITE DESIGN

We will help you with choosing the right website design, and advise you on logos and general branding according your vision and requirements.

2: WHICH PLATFORM

There are many different platforms out there, we will advise you on which one works best for you again depending on your requirements. Most of the platforms have their own benefits and drawbacks, we pretty much know all of them very well and can advise accordingly which one we think is best for you.

3: DOMAIN NAME & HOSTING

In this section we will advise you about which hosting package to choose and how to link your personalised domain name to your website. If you are not aware of server technology where your website is hosted we can guide you and explain to you the ins and out of this very important part.

This is where can also advise you on how to get your own personal email address like john@yourcompany.com

4: ADDING PRODUCT AND IMAGES

In this section we will show you how to take images with white background and upload them to your website.

5: ADDING PRESCRIPTION

In this section we will advise you on how to create the prescription lens selector so customers can add prescription to their glasses.

6: LENS PACKAGE SELECTOR

Part of the prescription for glasses, this is a lead up so customers can select the type of lenses they want to choose for their glasses.

7: VIRTUAL MIRROR

Want customers to try on glasses on the website, we can show you how to incorporate this into your website.

8: SEO BEST PRACTICE

Every website needs to be found on search engines for customers to place orders. In this section we will cover best practice you need to do to get your website ranked on first page of google and other search engines.

9: GOOGLE SEARCH CONSOLE

Google search console is a powerful tool especially for ecommerce websites to see how the website is preforming and customer visits and behaviour. We will advise you on how to set this up so you can detail analysis of your customers and website.

10: GOOGLE MERCHANT SHOPPING

Want to show your products using paid ads on first page of google? We will show you how to do this so the customers looking for certain products always show up at the top of the first page.

We charge £500 + VAT to provide full consultancy support into setting up your online glasses website.

Are you looking to buy a independent optician practice? If you are not sure where to start you can use our consultancy service to guide you step by step in your journey of owning a independent optician practice. Below we will outline some of the main things we will help you with.

Check Your Business Plan

Business plans are vital to your success as they are used not only to plan out your business’ approach and future growth. Creating a good business plan is therefore something you can’t take lightly.

We will go through your business plan with you and determine if the business will be feasible or not.

You can read more on our Optician Business Planning via this link.

Guide You With Valuation And Negotiations

Help You With Head Of Terms

Advise You On Entire Due Diligence Process

Advise You On Shopfits, Frames Sourcing, Lens Suppliers, Equipment, POS, Recalls

Advise You On Growing The Practice / Turnaround Strategy

We are experts at Independent Practice Valuations

At WeSellOpticians, our dedicated consultancy team are adept at valuing independent optician practices using our in-depth knowledge of the optical industry. Therefore, we understand that the catalyst for the valuation will have a huge bearing on the valuation process and output required.

An optician practice valuation determines the fair market value of an optical business, considering various factors to assess its worth. This valuation is crucial for various business transactions like sales, mergers, acquisitions, or even when seeking financing.

Factors Affecting Optician Practice Value:

Several key elements influence the valuation of an optician’s practice, including:

Profitability:
The practice’s profitability, particularly its “true” profitability (which may differ from formal accounts), is a primary driver of value

Location and Demographics:
The practice’s location, including competition levels and the size and demographic of the surrounding population, plays a significant role.

Reputation and Client Base:
The practice’s reputation and the loyalty of its customer base are also important considerations.

Future Earnings Potential:
The potential for future income generation, supported by empirical data, can be factored into the valuation.

Other Factors:
Other elements like the security of tenure, the quality of fixtures and fittings, and the perceived reliance on the owner’s or key staff’s expertise can also affect the valuation.

Methods of Valuation:
Different valuation methods can be employed, depending on the specific circumstances:

Earnings-Based Valuation:
This method focuses on the practice’s profitability and future income potential.

Asset-Based Valuation:
This method focuses on the value of the practice’s tangible and intangible assets.

SDE (Seller Discretionary Earnings) Valuation:
This method considers the earnings of the business before accounting for certain discretionary expenses.

Price-to-Earnings Ratio and EBITDA:
These financial ratios can be used to assess the value of the practice relative to its earnings.

Entry Cost Valuation:
This method considers the cost of establishing a new practice with similar characteristics.

Discounted Cash Flow (DCF) Analysis:
This method projects future cash flows and discounts them to their present value to estimate the practice’s worth, according to ODs on Finance.

Comparable Analysis:
This method compares the practice to similar businesses that have recently been sold to determine a fair market value.

Reasons For A Valuation:

An expert practice valuation supported by a professionally prepared Valuation Report from us is an essential aid for:

• Practice sale and business purchase
• Share schemes and incorporation
• Management buy-out and management buy-in
• Director, shareholder, partner change
• Restructuring
• Matrimonial / divorce settlements
• Dispute resolution
• Litigation
• Tax planning (e.g. EMI schemes), tax agreements and tax disputes
• Incorporation
• Borrowing and funding
• Business development
• Strategic planning
• Performance benchmarking and indicators

Recognised Authority:

Valuation Reports produced by WeSellOpticians are recognised as the optical sector’s authoritative assessment. Practice valuations are bespoke and geared to each client’s individual circumstances and requirements; they are definitive and realistic in the market place. As we are recognised as expert witnesses for supplying Valuation Reports to UK courts. We are acknowledged to be the authoritative business valuer by:

• Shares and Assets Valuations (SAV)
• Valuation Office Agency (VOA)
• UK Courts
• Banks
• Other lenders and financial intermediaries
• Tax specialists
• Accountants

WeSellOpticians Valuation Reports are tailor-made for their purposes, definitive and realistic in the market place. Indeed, such is their authority that an WeSellOpticians Valuation Report is normally insisted upon in support of negotiations.

We charge £500 + VAT for a full detailed valuation report!

WeSellOpticians is a leading business sales broker specialising in independent optician sector. We have helped number of customers buy and sell optician practices throughout United Kingdom.

Schedule a Free 30 Min Consultation Call with our Practice Sales Director (Safwan Ul Amin).