Are you about starting an eyewear manufacturing company? If YES, here’s a complete sample eyewear manufacturing business plan template & feasibility report you can use for FREE to get started. Okay, so we have considered all the requirements for starting an eyewear manufacturing company. We have analyzed and drafted a sample eyewear marketing plan backed up by actionable guerrilla marketing ideas for eyewear manufacturing companies. So let’s proceed to the business planning section.
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
Why Start an Eyewear Manufacturing Business?
Business ideas are all around us but one of the challenges that aspiring entrepreneurs are confronted with is how to know a business that can become profitable and successful.
The rule of thumb in choosing a business to launch is to look out for a business whose products or services are needed in our everyday life; a business whose products can be purchased by the rich as well as the poor and a business that is less competitive in your location. Starting an eyewear manufacturing company can come in handy if you have the business exposure and financial requirements.
If you are sure that this type of business is what you truly want to do after you must have conducted your market research and feasibility studies, then the next step to follow is to write a good business plan; a detailed blueprint of how you intend raising your seed capital, setting up the business, managing the flow of the business, sorting out tax and marketing your services.
The truth is that it is one thing to have a fantastic idea cum business plan, but another thing for the business plan to translate to money, which is why it is important to assemble a team of experts to work with if you want to be successful with your eyewear manufacturing company
Below is a sample eyewear manufacturing company business plan template that will help you to successfully launch your own business.
A Sample Eyewear Manufacturing Business Plan Template
1. Industry Overview
Eyewear manufacturing business falls under the glasses & contact lens manufacturing industry and players in this industry manufacture ophthalmic goods, comprising of eyeglass frames, lenses and contact lenses. The industry also produces sunglasses and protective eyewear, such as goggles.
The Glasses and Contact Lens manufacturing industry are known to produce a wide range of eyeglass lenses and frames, contact lenses and protective eyewear. Prescription lenses are essential to the visually impaired, insulating this product segment from economic downturn.
Consumers have increased expenditure on glasses and contacts over the five years to 2018, competitively priced imports have satisfied a growing portion of consumer demand for industry products over the period. Going forward to 2023, the dollar is forecast to depreciate, reducing imports’ share of domestic demand for industry products.
Research conducted by IBISWORLD shows that the Glasses and Contact Lens Manufacturing industry is concentrated in the West (19.3 percent of establishments), Great Lakes (18.4 percent) Mid-Atlantic (18.0 percent) and Southeast (17.6 percent) regions.
Glasses and contact lens manufacturers typically locate close to their downstream wholesalers, who in turn operate close to major population hubs. The West, Mid-Atlantic, Southeast and the Great Lakes account for the majority of the US population and are the most densely populated.
By maintaining proximity to downstream customers, industry establishments can minimize transportation costs and turn inventory faster, bolstering margins. California has the highest concentration of industry establishments in 2017 with an estimated 13.1 percent, in line with the state’s 12.1 percent population share.
Statistics has it that in the united states of America alone, the Glasses and Contact Lens Manufacturing industry generates over $7 billion annually from more than 827 registered and licensed glasses and contact lens manufacturing companies scattered all around the United States of America.
The industry is responsible for the employment of over 26,090 people. Experts project the glasses and contact lens manufacturing industry to grow at a -1.7 percent annual rate. The establishments in this industry that have a dominant market share in the United States of America are; J&J, Novartis, The Cooper Companies Inc. and Valeant.
Over and above, the glasses and contact lens manufacturing industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can choose to start on a large scale with standard factories both in the United States of America and in countries in Asia where you can get cheaper labor and raw materials.
2. Executive Summary
Shaun Allen® Glasses & Contact Lens, Inc. is a registered eyewear manufacturing company that will be located in Little Rock – Arkansas. We have been able to lease a facility that is big enough to fit into the kind of standard eyewear manufacturing company that we propose to launch.
We will be involved in manufacturing of eyeglass frames, lenses and contact lenses et al. We are set to service a wide range of clientele not just in the United States of America, but also in all parts of the world.
We know that there are several eyewear manufacturing companies all around the United States of America, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors.
Shaun Allen® Glasses & Contact Lens, Inc. will ensure that all the glasses and contact lens that leaves of factory are of the highest quality and highly durable. We want to build a business with a wide range of clientele base that cuts across people of different financial status. We have a CRM software that will enable us manage a one on one relationship with our customers.
Shaun Allen® Glasses & Contact Lens, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products.
Shaun Allen® Glasses & Contact Lens, Inc. is owned by Shaun Allen. Shaun Allen has a Diploma in Production Technology and a B.Sc. in Business Administration, with over 15 years’ experience in the glasses and contact lens manufacturing industry.
3. Our Products and Services
Shaun Allen® Glasses & Contact Lens, Inc. is in the industry to manufacture a wide range of eyewear. We are set to service a wide range of clientele not just in the United States of America, but also all parts of the world. Our product offerings are listed below;
- Contact lens
- Eyeglass frame (i.e. fronts and temples)
- Glass and plastic eye
- Goggle (e.g. industrial, safety, sun and underwater)
- Lens coating
- Lens mount
- Corrective vision-type magnifier
4. Our Mission and Vision Statement
- Our vision is to become the leading brand in the glasses and contact lens manufacturing industry in Arkansas.
- Our mission is to establish a world – class eyewear manufacturing company whose products will not only be retailed in the United States of America, but also be exported to other countries of the world.
Our Business Structure
Our intention of starting an eyewear manufacturing company is to build a standard eyewear manufacturing company in Little Rock – Arkansas. Although our eyewear manufacturing company might not be as big as J&J, Novartis, The Cooper Companies Inc. and Valeant et al, but we will ensure that we put the right structures in place that will support the kind of growth that we have in mind while setting up the business.
We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more.
In view of that, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer (Owner)
- Production Manager
- Human Resources and Admin Manager
- Merchandize Manager
- Sales and Marketing Manager
- Eyewear Designers
- Customer Services Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- 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
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- 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 signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board.
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities.
- Responsible for managing the daily activities in the factory
- Ensures that proper records of glasses and contact lens are kept and warehouse does not run out of finished products
- Ensures that the factory is in tip top shape
- Interfaces with third – party suppliers (vendors) of raw materials
- Supervises the workforce in the factory.
- Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Helps to ensure consistent quality of raw materials are purchased and used for the manufacturing of glasses and contact lens
- Responsible for the purchase of raw material for the organizations
- Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
Sales and Marketing Manager
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for designing and manufacturing of contact lens, eyeglass frame (i.e. fronts and temples), glass and plastic eye, goggle (e.g. industrial, safety, sun and underwater), lens, lens coating, lens grinding, lens mount, corrective vision-type magnifier and sunglasses
- 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
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Client Service Executive
- 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 customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the human resources and admin manager 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 customers when they make enquiries
- Receives Visitors / clients on behalf of the organization
- Receives parcels / documents for the company
- Handles enquiries via e-mail and phone calls for the organization
- Distributes mails in the organization
6. SWOT Analysis
Shaun Allen® Glasses & Contact Lens, Inc. is in business to become one of the leading companies in the United States of America and we are fully aware that it will take the right business concept, management and organizational structure to achieve our goal.
We are quite aware that there are several eyewear manufacturing companies all over the United States and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.
We know that if proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be equipped to confront our threats.
Shaun Allen® Glasses & Contact Lens, Inc. employed the services of an expert HR and Business Analyst with bias in the manufacturing industry to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives.
This is the summary of the SWOT analysis that was conducted for Shaun Allen® Glasses & Contact Lens, Inc.;
Our core strength lies in the quality of our finished eyewear, the power of our team and the state of the art factory that we own. We have a team of highly trained and experienced designers and support staff that can produce quality glasses and other eyewear. We are well positioned in the heart of Little Rock – Arkansas and we know we will attract loads of clients.
A major weakness that may count against us is the fact that we are a new eyewear manufacturing company and we don’t have the financial capacity to compete with multi – million dollar companies when it comes to manufacturing eyewear at a rock bottom prices. So also, we may not have enough cash reserve to promote our eyewear manufacturing company the way we would want to do.
The fact that we are going to be operating our eyewear manufacturing company in Little Rock – Arkansas provides us with unlimited opportunities to sell our glasses and other eyewear. We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our eyewear showroom; we are well positioned to take on the opportunities that will come our way.
One of the major threats that we are likely going to face is economic downturn. Another threat that may likely confront us is the arrival of a new eyewear manufacturing company in same location where ours is located. So also, unfavorable government policies may also pose a threat for businesses such as ours.
7. MARKET ANALYSIS
- Market Trends
One common trend in the glasses and contact lens manufacturing industry is that the demand for its product is driven by medical needs, fashion, demographics, and of course consumer’s disposable income. The profitability of individual companies depends on their ability to design and market eyewear models that effectively target consumer tastes and preferences. Large eyewear companies have economies of scale in distribution and marketing and small scale eyewear companies can compete successfully by crafting customized eyewear based in their client’s preference.
With recent developments, there will be influx of new consumers and this will put pressure on product developers to meet their unfamiliar preferences and needs. Developed economies placing their products in emerging markets will also have to adjust their pricing strategies to compete with local low-price manufacturers.
As part of marketing strategies, eyewear manufacturing companies now ensure that they have showrooms at different locations where they display their products. As a matter of fact, it is even cheaper to purchase directly from these showrooms established by eyewear manufacturing companies as against purchasing from eyewear retail cum optician stores. It is a strategy that helps them increase sales and income for their business.
8. Our Target Market
People make use of glasses or contact lens either for medical reasons, fashion or safety reasons hence there are loads of people who make use of eyewear.
In view of that, we have positioned our eyewear manufacturing company to service the clientele in the United States of America and other parts of the world. We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us.
We are in the glasses and contact lens manufacturing industry to manufacture a wide range of eyewear for the following people;
A close study of the industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative with your designs and market approach, customer centric and proactive if you must survive in this industry.
Shaun Allen® Glasses & Contact Lens, Inc. is launching a standard eyewear manufacturing company that will indeed become the preferred choice in Little Rock – Arkansas and every other location where our products will be distributed. Our eyewear manufacturing company is located in an ideal property highly suitable for the kind of manufacturing company that we want to run.
We can boast of having unlimited access to the latest technology and techniques. Our excellent customer service culture, showrooms, online store, various payment options and highly secured facility will serve as a competitive advantage for us.
Our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Shaun Allen® Glasses & Contact Lens, Inc. is in business to manufacture and retail a wide range of eyewear in the United States of America and other parts of the world. We are in the glasses and contact lens manufacturing industry to maximize profits and we are going to ensure that we achieve our business goals and objectives.
Shaun Allen® Glasses & Contact Lens, Inc. will generate income by selling the following products;
- Contact lens
- Eyeglass frame (i.e. fronts and temples)
- Glass and plastic eye
- Goggle (e.g. industrial, safety, sun and underwater)
- Lens coating
- Lens mount
- Corrective vision-type magnifier
10. Sales Forecast
If you are into the manufacturing or various types of glasses and contact lens, you will always attract customers cum sales and that will sure translate to increase in revenue for the business.
We are well positioned to take on the available market in the United States of America and of course the rest of the world and we are quite optimistic that we will meet our set target of generating enough profits from our first six months of operation and grow the business and our clientele base.
We have been able to examine the glasses and contact lens manufacturing industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Shaun Allen® Glasses & Contact Lens, Inc. It is based on the location of our business and other factors as it relates to eyewear manufacturing startups in the United States;
- First Fiscal Year: $350,000
- Second Fiscal Year: $750,000
- Third Fiscal Year: $1 million
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 and there won’t be any major competitor in the same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location for Shaun Allen® Glasses & Contact Lens, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become one of the preferred brands not only in Little Rock – Arkansas, but also throughout the United States.
We hired experts who have good understanding of the 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 the United States of America. In summary, Shaun Allen® Glasses & Contact Lens, Inc. will adopt the following sales and marketing approach to win customers over;
- Introduce our eyewear manufacturing company by sending introductory letters alongside our brochure to optical clinics, opticians, retailers and merchants and key stakeholders in Little Rock – Arkansas and other parts of the United States
- Make use of attractive hand bills to create awareness
- Position our signage/flexi banners at strategic places around Little Rock – Arkansas
- List our business and products on yellow pages’ ads (local directories)
- Leverage on the internet to promote our business
- Engage in direct marketing and sales
- Encourage the use of Word of mouth marketing (referrals)
11. Publicity and Advertising Strategy
Despite the fact that our eyewear manufacturing company is well located, we will still go ahead to intensify publicity for the business.
Shaun Allen® Glasses & Contact Lens, Inc. has a long term plan of opening our showrooms in various locations all around Little Rock Arkansas and other key cities in the United States which is why we will deliberately build our brand to be well accepted in Little Rock – Arkansas before venturing out.
Here are the platforms we intend leveraging on to promote and advertise Shaun Allen® Glasses & Contact Lens, Inc.;
- Place adverts on community based newspapers, radio and TV stations.
- Encourage the use of word of mouth publicity from our loyal customers
- Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Google+ and other platforms to promote our eyewear brand.
- Ensure that our we position our banners and billboards in strategic positions all around Little Rock – Arkansas
- Distribute our fliers and handbills in target areas in and around our neighborhood
- Advertise our eyewear manufacturing company and showroom in our official website and employ strategies that will help us pull traffic to the site
- Brand all our official cars and trucks and ensure that all our staff wear our branded shirt or cap at regular intervals.
12. Our Pricing Strategy
We are aware of the pricing trend in the glasses and contact lens manufacturing industry which is why we have decided to produce various categories of glasses and contact lens.
In view of that, our prices will conform to what is obtainable in the industry but will ensure that within the first 6 to 12 months our products are sold a little bit below the average price in the United States of America. We have put in place business strategies that will help us run on low profits for a period of 6 months; it is a way of encouraging people to buy into our brands.
- Payment Options
The payment policy adopted by Shaun Allen® Glasses & Contact Lens 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 Shaun Allen® Glasses & Contact Lens will make available to her clients;
- Payment via bank transfer
- Payment via Point of Sale Machine (POS)
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for eyewear purchase without any stress on their part.
13. Startup Expenditure (Budget)
Starting a standard eyewear company is indeed capital intensive because the amount required in setting up the plant is substantial. The bulk of the startup capital will be spent on leasing or acquiring a facility and also in purchasing the needed equipment. Aside from that, you are expected to purchase distribution trucks, raw materials, pay your employees and utility bills.
These are the key areas where we will spend our startup capital on;
- The Total Fee for Registering the Business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
- Marketing promotion expenses 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 total cost for hiring Business Consultant – $2,500.
- The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $9,400.
- The total cost for long – term leasing of a standard warehouse and showroom – $250,000
- The total cost for remodeling the warehouse and showroom – $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) – $100,000
- The total cost for Start-up inventory (purchase of eyewear making tools and equipment) – $250,000
- The total cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The total cost for the purchase and installation of CCTVs: $10,000
- The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
- The total cost of launching a Website: $600
- Miscellaneous: $10,000
We would need an estimate of $550,000 to successfully set up our eyewear manufacturing business in Little Rock – Arkansas.
Generating Startup Capital for Shaun Allen® Glasses & Contact Lens, Inc.
Shaun Allen® Glasses & Contact Lens, Inc. is solely owned and financed by Shaun Allen. He has decided to restrict the sourcing of the startup capital to 3 major sources. These are the areas we intend generating 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 $250,000 (Personal savings $200,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $300,000 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 the business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.
One of our major goals of starting Shaun Allen® Glasses & Contact Lens is to build a business that will survive off its own cash flow without 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 manufacture durable and quality glasses and contact lens and to retail our products a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Shaun Allen® Glasses & Contact Lens 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 company’s corporate culture is designed to drive our business to greater heights and training and re – training 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 (eyewear manufacturing factory and showroom): 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 eyewear making machines and equipment: Completed
- 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
- Compilation of our list of eyewear products that will be manufacturing: Completed
- Establishing business relationship with vendors: In Progress