Are you about starting an eye care clinic? If YES, here’s a complete sample eye care clinic business plan template & feasibility report you can use for FREE to get started.
Okay, so we have considered all the requirements for starting an eye care clinic. We have analyzed and drafted a sample eye care clinic marketing plan backed up by actionable guerrilla marketing ideas for eye care clinics. So let’s proceed to the business planning section.
If you are an optometrist or optician and you are interested in starting a business in the healthcare industry, one of the most preferred option is to open an eye care clinic. Before choosing a location for your eye care clinic, ensure that you carry out thorough market survey and feasibility studies.
It will pay you to locate your clinic in a location where you will attract people that can pay for your services. The truth is that this type of business is profitable especially if you choose an ideal location for it.
Please note that in the united states, starting an eye care clinic is one of those businesses that require you to first look at the existing laws in the country or the state you reside because there is hardly any country that does not pay serious attention on their health sector.
If you have interest in starting your own eye care clinic, then you would need to pay a visit to the health and medical regulatory body in your country to get all the information required before you can legally start your own eye care clinic in your city.
Business plan is something that you have to tackle before launching out in business. Very vital information such as the vision, mission, marketing plans, legal documents, as well as many other things will be looked at in the business plan. Here is a sample eye care clinic business plan that is capable of leading you all the way.
A Sample Eye Care Clinic Business Plan Template
1. Industry Overview
Eye care clinic business is a subset of the Optometrists industry and players in this industry includes practitioners with a Doctor of Optometry (OD) degree. ODs examine, diagnose, treat and manage diseases, injuries and disorders of the eye and associated structures.
Operators may also prescribe and sell eyeglasses, contact lenses and vision therapy. These practitioners operate private or group practices in their own offices or in facilities like hospitals. Please note that the Optometrists industry does not include ophthalmologists (i.e. medical doctors who are trained to perform eye surgery).
If you are a close observer of the Optometrists industry, you will notice that the industry exhibited steady growth over the past five years due to increasing demand from an aging population and increasing awareness of eye health. On the retail front, intensifying competition from optical retailers, most notably online distributors, cut into the industry’s ancillary product sales.
Medical care services, however, continue to provide a reliable source of revenue to the industry. With the elderly population growing faster than other age groups, industry operators are expected to benefit over the five years to 2023.
Recent statistics has it that the Optometrists industry in the United States of America is worth over $17 billion, with an estimated growth rate of 3.1 percent between 2013 and 2018.
There are about 35,073 eye care clinics in the United States and they are responsible for employing about 146,719 people that comprises of optometrists, opticians, nurses and other health and non – health workers. It is important to state that there is no eye care clinic with a lion share of the available market in the United States.
A recent research conducted by IBISWorld shows that the Optometrists industry exhibits a low level of capital intensity.
In 2018, for every dollar spent, the industry is expected to incur $0.07 in capital expenditures. The research shows that labor costs are high due to the personalized nature of eye care services, with wages expected to account for 34.9 percent of industry revenue in 2018.
Further exacerbating this trend, according to Vision Monday, optometrists administer an estimated 88.0 million refractive eye exams each year, thus stimulating demand for optometrists to provide eye care.
Nevertheless, optometrists can hire assistants to perform routine tasks (i.e. helping dispense contact lenses), thereby keeping wage costs relatively low. Comparatively, the industry has limited use of fixed assets (depreciation accounts for 2.3 percent of revenues generated in the industry).
If you are considering starting your own eye care clinic in the United States, then you should try and work around the industry barriers.
The truth is that, the barriers to entry in the eye care clinic are high due to the significant regulatory requirements and the experience and strength of incumbents. For example, medical licensure creates a barrier to entry in the healthcare sector.
As a matter of fact, it is absolutely compulsory for any investor who is looking towards starting an eye care clinic to meet extensive federal, state and local laws and regulations. These regulations relate to the adequacy of medical care, equipment, personnel, operating policies and procedures.
Regulations also involve maintaining adequate records, preventing fires, setting rates and complying with building codes and environmental protection laws. These regulations make it difficult and costly for aspiring entrepreneurs to enter the industry.
Over and above, if you have made up your mind and you are ready to go all the way, you will surely succeed in establishing your own eye care clinic in the United States of America and you will be glad you did because it is indeed a profitable business.
2. Executive Summary
Elena Pedro® Eye Care Clinic is a licensed and certified eye care clinic that will be located in the heart of La Crosse, Wisconsin – United States of America. We have successfully leased a small but standard facility that is highly suitable for the kind of eye care clinic we want to operate.
Elena Pedro® Eye Care Clinic is in the industry to examine, diagnose, treat and manage diseases, injuries and disorders of the eye. We are also in business to prescribe and sell eyeglasses, contact lenses and vision therapy et al. We are trained and equipped to service the market segments that require eye care services in and around La Crosse – Wisconsin.
We are in the eye care business to deliver excellent eye care services to all those who will patronize our services. We will also ensure that in the line of carrying out our duty, we comply with the laws and health regulations in Wisconsin and the United States of America.
We have a standard medical call center that is manned by trained health workers. Our work force are going to be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our customers.
Elena Pedro® Eye Care Clinic will ensure that all our patients are given first class treatment whenever they visit our clinic. We have a CRM software that will enable us manage a one on one relationship with our customers.
Elena Pedro® Eye Care Clinic, LLC is owned and managed by Dr. Elena Pedro who has a Doctor of Optometry (OD) degree. Dr. Elena Pedro is a native of Jonesboro, Arkansas, who began her career as a trainee Optometrist at Bryan-College Station, Texas and grew to become the head of eye care unit at the city Hospital.
3. Our Products and Services
Elena Pedro® Eye Care Clinic will ensuring that our patients are properly taken care of and our services will be carried out by highly trained professionals in the optometrist industry. These are the eye care services that Elena Pedro® Eye Care Clinic, LLC will be offering;
- Conduct eye examinations
- Diagnose, manage and treat disorders of the eye
- Prescribe and sell eyeglasses and contact lenses
4. Our Mission and Vision Statement
- Our vision is to become the number one choice when it comes to eye care service delivery in La Crosse – Wisconsin and also to be amongst the top 20 eye care service providers in the United States of America within the next 10 years.
- Elena Pedro® Eye Care Clinic, LLC is in business is to establish a first class eye care clinic that will take care of both highly placed clients and lowly placed clients as long as they can afford our services. We want to become one of the leaders in the optometrist industry in Wisconsin, and in the United States.
Our Business Structure
From the outset, we have decided to recruit only qualified professionals in the optometrist industry to man various job positions in our organization.
We are quite aware of the rules and regulations governing the optometrist industry which is why we decided to recruit only qualified employees. We hope to leverage on their expertise to build our eye care clinic brand to be well accepted in La Crosse – Wisconsin.
When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all our stakeholders. As a matter of fact, profit-sharing arrangement staff and it will be based on their performance for a period of five years or more. These are the positions that will be available at Elena Pedro® Eye Care Clinic, LLC;
- Chief Medical Director/Chief Executive Officer
- Nurses/Nurse’s Aides
- Admin and Human Resources Manager
- Sales and Marketing Executive
- Customer Care Executive
5. Job Roles and Responsibilities
Chief Medical Director / Chief Executive Officer:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results and developing incentives
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Optometrist (Doctor of Optometry (OD)
- Responsible for providing eye care services
- Responsible for prescribing and selling eyeglasses, contact lenses and vision therapy et al.
- Handles any other duties as assigned by the Chief Medical Director
- Responsible for processing prescriptions and dispensing medication
- Handles any other duty as assigned by the Medical Director.
- Responsible for managing our patients
- Handles eye care management
- Assists the optometrist in treating patients
Sales and Marketing Manager
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Develops, executes and evaluates new plans for expanding sales
- Creates new markets cum businesses for the organization
- Empowers and motivates the sales team to meet and surpass agreed targets
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for Elena Pedro® Eye Care Clinic, LLC
- Serves as internal auditor for Elena Pedro® Eye Care Clinic, LLC.
Client Service Executive
- Welcomes clients and potential clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the chief executive officer in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries.
- Responsible for cleaning the eye care clinic facility at all times
- Ensure that toiletries and supplies don’t run out of stock
- Handle any other duty as assigned by the admin and HR manager.
6. SWOT Analysis
Elena Pedro® Eye Care Clinic, LLC is set to become one of the leading eye care clinics in La Crosse – Wisconsin which is why we will take our time to conduct due diligence prior to setting up the business.
Even though our Chief Medical Director (owner) has a robust experience in optometrist industry, we still went ahead to hire business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis. This is the summary of the SWOT analysis that was conducted for Elena Pedro® Eye Care Clinic, LLC;
Our strength lies in the fact that we have a team of qualified professionals manning various job positions in our clinic. As a matter of fact, they are some of the best hands in the whole of La Crosse – Wisconsin. Our location, the Business model we will be operating on, multiple payment options, well equipped medical call center and our excellent customer service culture will definitely count as a strong strength for us.
Our perceived weakness lies in the fact that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business and also the finance needed to acquire some of the latest medical and eye care surgical equipment et al.
The opportunities that are available to eye care service providers are unlimited and we are going to position our eye care clinic to make the best out of the opportunities that will be available to us in La Crosse – Wisconsin.
Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies. Another threat that may likely confront us is the arrival of a new eye care clinic in same location where our own is located.
7. MARKET ANALYSIS
- Market Trends
The eye care industry has benefited from favorable government policies, favorable demographic trends, technological advances and of course continuous awareness of eye hygiene. Nevertheless, better eye care has slightly suppressed the revenue generated in the industry.
So also, limited patient access to eye care, due to nearly one-half of states in the United States only covering emergency eye care for Medicaid patients, has caused some eye care clinics to lower prices and cut into profitability.
The industry has recently begun consolidating due to the pressures of healthcare reform. The truth is that the demand for eye care services has steadily grown over the last five years, as eye care reform legislation broadened insurance coverage and the plummeting unemployment rate increased disposable income.
As an investor in the Optometrists cum eye care industry, in order to maintain an advantaged position in this competitive industry, you should source for the most skilled and specialized eye care professionals.
One thing about this industry is that labor costs is on the high side. However, hospitals have also faced nurse and optometrist shortages and have struggled to recruit qualified personnel. Industry profitability has generally risen over the past five years due to increases in service prices.
No doubt, the industry will continue to grow and become more profitable because of the increasing awareness of eye hygiene.
8. Our Target Market
We will ensure that we target but self – pay customers (who do not have health insurance cover), and those who have health insurance cover.
The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the industry in the United States. Our customers can be categorized into the following;
- The whole residents within the area where our eye care clinic is located
- Corporate organizations such as banks, insurance companies, manufacturing companies, oil and gas companies et al
- Health Management Organizations (HMOs)
Our competitive advantage
Aside from the competitions that exist amongst various eye care clinics, they also compete against other healthcare service providers such as hospitals, health centers and community clinics that provide eye care services. To be highly competitive in the industry means that you should be able to deliver consistent quality eye care service and should be able to meet the expectations of your patients at all time.
Our eye care clinic facility is well positioned (centrally positioned) and visible, we have enough parking space with good security. Our staff are well groomed in all aspects of eye care service delivery and all our employees are trained to provide customized customer service to all our patients.
We are going to make use of specialist equipment and facilities, we have good proximity to key markets and we can boast of maintenance of excellent customer relations.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Elena Pedro® Eye Care Clinic will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the sources we intend exploring to generate income for Elena Pedro® Eye Care Clinic, LLC;
- Conduct eye examinations
- Diagnose, manage and treat disorders
- Prescribe and sell eyeglasses and contact lenses
10. Sales Forecast
Our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.
We have been able to examine the eye care market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in La Crosse – Wisconsin.
Below is the sales projection for Elena Pedro® Eye Care Clinic, LLC it is based on the location of our hospital and of course the wide range of our services and target market;
- First Fiscal Year: $50,000 (From Self – Pay Clients / Patients): $100,000 (From Health Insurance Companies)
- Second Fiscal Year: $100,000 (From Self – Pay Clients / Patients): $150,000 (From Health Insurance Companies)
- Third Fiscal Year: $150,000 (From Self – Pay Clients / Patients): $300,000 (From Health Insurance Companies)
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown within the period stated above.
- Marketing Strategy and Sales Strategy
The marketing and sales strategy of Elena Pedro® Eye Care Clinic will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer all – round eye care services at affordable prices compared to what is obtainable in La Crosse – Wisconsin.
All our employees will be well trained and equipped to provide excellent and knowledgeable eye care services and customer service.
We know that if we are consistent with offering high quality eye care service delivery and excellent customer service, we will increase the number of our customers by more than 20 percent for the first fiscal year and then more than 30 percent subsequently.
We hired experts who have good understanding of the optometrists cum eye care industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in La Crosse – Wisconsin.
In summary, Elena Pedro® Eye Care Clinic, LLC will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters to residents, business owners and corporate organizations in and around La Crosse – Wisconsin
- Advertise our eye care clinic in community based newspapers, local TV and radio stations
- List our eye care clinic on yellow pages’ ads (local directories)
- Leverage on the internet to promote our eye care clinic
- Engage in direct marketing
- Leverage on word of mouth marketing (referrals)
- Enter into business partnership with health management organizations, government agencies and health insurance companies.
- Attend healthcare related exhibitions
11. Publicity and Advertising Strategy
We have a long term plan of opening our eye care clinic in key cities around Wisconsin which is why we will deliberately build our brand to be well accepted in La Crosse before venturing out. Here are the platforms we intend leveraging on to promote and advertise Elena Pedro® Eye Care Clinic, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community health programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our billboards on strategic locations all around La Crosse – Wisconsin.
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our eye care clinic’s logo et al.
12. Our Pricing Strategy
Eye care clinics, hospitals and healthcare service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment.
In view of that, it is easier for eye care clinics, hospitals and healthcare service providers to bill their clients based in their discretion.
- Payment Options
The payment policy adopted by Elena Pedro® Eye Care Clinic is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Elena Pedro® Eye Care Clinic, LLC will make available to her clients;
- Payment via bank transfer
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our client make payment for our services and products without any stress on their part.
13. Startup Expenditure (Budget)
If you are looking towards starting a standard eye care clinic, then you should be ready to raise enough capital to cover some of the basic expenditures that you are going to incur. The truth is that starting this type of business does not come cheap.
You would need money to secure a standard eye care clinic facility, acquire ophthalmic medical equipment and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them.
The items listed below are the basics that we would need when starting our eye care clinic in the United States, although costs might vary slightly;
- The Total Fee for Registering the Business in the United States – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses for the grand opening of Elena Pedro® Eye Care Clinic, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
- The cost for hiring Business Consultant – $2,500.
- The cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
- The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
- The cost for eye care clinic remodeling (construction of racks and shelves) – $20,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $300,000
- The cost for Start-up inventory (stocking with a wide range of contact lens, lens, glass frames and pharmaceutical items et al) – $150,000
- Storage hardware (bins, rack, shelves,) – $3,720
- The cost for Drugs Supplies (Injections, Bandages, Scissors, et al) – $3,000
- The cost for eye care / ophthalmologist medical equipment – $100,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
- The cost of Launching a Website: $700
- Miscellaneous: $10,000
We would need an estimate of $700,000 to successfully set up our eye care clinic in La Crosse – Wisconsin.
Generating Startup Capital for Elena Pedro® Eye Care Clinic, LLC
Elena Pedro® Eye Care Clinic is a private business that is solely owned and financed by Dr. Elena Pedro. She has decided to restrict the sourcing of the startup capital to 3 major sources. These are the areas Elena Pedro® Eye Care Clinic intends to generate our startup capital;
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the bank
N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Elena Pedro® Eye Care Clinic, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our eye care services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Elena Pedro® Eye Care Clinic, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our organizations’ corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the facility to suit the design of our eye care clinic: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of Eye care/Medical Equipment et al: In Progress
- Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured