Posts

5 Reasons Why a Corporate Optometry Sublease Might be the Best Option During Recession

Subleasing space in corporate optometry might be the best option during a recession. Subleasing can come with particular challenges, but much less risk than starting a private practice cold during a recession. Subleasing starting costs are much less than starting a new practice.

A successful optometry clinic is about finding a suitable location that attracts patents, analyzing competition, and ensuring you’re doing what it takes to thrive in the healthcare sector. The last few years haven’t been ideal, considering the high unemployment rate and COVID-19. However, subleasing space might be best option during a recession.

Let’s explore why subleasing in a recession might be best option.

1. Available Resources

When a recession hits the economy, it might become challenging in many ways. However, if you look closely, you’ll find more resources than ever. Resources that provided from corporate to help you succeed. Many times corporate has data to forecast economic changes and provide a game plan to help your sublease.

2. Less Competition

Some experts say recession might be the best time to sublease your corporate optometry, as there’s almost no competition during the economic downturn. Operating during a recession can help you get a competitive edge and make arranging funding more accessible. Since covid, some offices have closed down and we will see more closure during a recession. Finding a sublease that has been established and working between 2 might be the best option.

3. Inflation

Prices will go up during an inflation. Many corporate optometry subleases have kept OD’s rent the same. We will start to see more patients come into retail locations as they look for more affordable healthcare. The volume will help you grow during a recession. A recession is undoubtedly not the best economic situation, but if you’re clever, you’ll manage to make the best use of recession.

4. More Motivation

Every optometrist aims have their own practice, which brings them the required motivation to start their clinic. Knowing a recession is here, might be the motivation to work harder and continue to strive to succeed.

5. Reduce Unemployment

Many people lose their jobs and actively seek employment when a recession hits. When you begin subleasing your optometry clinic, you’ll need valuable people to help you run your business effectively. You’ll get a chance to improve the economy’s situation by providing work to unemployed people.

The more people earn, the more stable the economy will eventually become. Hence, unemployed individuals find jobs, and you get a team of hard workers who run day-to-day tasks effectively and handle patient care. Again, a win-win.

5 Essential Business Planning Tips That Can Help Optometrists Survive a Recession.

Various small businesses could be severely hit by a recession. Proper planning is the key to long-term business success. And it becomes all the more important in the face of uncertain circumstances such as the ones we are facing currently.

Here are five essential business planning tips that every optometrist must follow if they wish to power through a recession and ensure sustained growth in the coming year.

1. Think Strategically

There are several strategic approaches that optometrists can benefit from. Strategic thinking is what helps you succeed in a competitive market. Businesses that don’t have a strategic plan in place are bound to have a hard time in fulfilling their short term as well as long term goals.

Take time to think about your business’s vision and mission. What is your unique selling proposition? How do your products and services differ from those of your competitors? Do you do any specialty care?

Focus on aspects that will prompt customers to choose your services over the alternative options.

2. Don’t Skip Marketing

Your revenues may be down these days, but that’s no reason to skip marketing. Marketing plays a key role in keeping your business in the public eye. You can cut down on the marketing budget if you want. But don’t forgo it altogether.

Identify the channels that can bring in the maximum customers and run your marketing campaigns on those platforms only. Staying active on social media is a great way to connect with your audience, so don’t forget to leverage that.

3. Form Alliances

One of the most strategic business planning tips in today’s economy is to form alliances. Collaborating with other optometry businesses operating both locally and other medical professionals can help you gain access to new streams of income. It can enable you to identify and exploit opportunities that still exist in an otherwise halted economy.

4. Sort Out Your Finances

Finances are the core element that determine the viability of your business plan. Make sure that you always have sufficient capital at hand for debt servicing, asset acquisition, business expansion, and the likes.

In addition to the current expenses, think about other costs you may incur down the lane.

5. Structure Your Workforce

You need to think about the future implications on your business in regards to your staff.

Will those employees be willing to rejoin when your business gains momentum again if you cut their hours? Do you want them to rejoin or wish to hire new workers instead? What are the skills you will need to keep your business running in a changing economy?

If you plan to hire new employees, make sure you have capital available for any training that may be required.

End Note

No one plans to fail; they fail to plan. So, follow these business planning tips to help your optometry business not just survive, but thrive regardless of how the economy may be performing.

Recipe for Success in Optometry: Grit and Resilience

Grit and resilience are key ingredients in the recipe of success. Humans possess a remarkable ability to work hard towards their goals and keep recovering from setbacks in the way.

You can succeed in your life and career as an optometrist once you understand the growth mindset and discover the power of grit and resilience. Keep reading to know how you can boost your resolve and keep setting and achieving high targets.

What is the Growth Mindset?

The Growth Mindset is a belief that you can achieve something once you acquire the skill to do so. Carol Dweck, an American psychologist, has identified two kinds of mindsets: fixed and growth.

A person with a fixed mindset believes that basic qualities are inherent and different ones cannot be developed. Growth mindset, on the other hand, dictates that you can enhance your qualities through efforts.

An individual may have a fixed mindset about some abilities and a growth mindset about others. For instance, a person may firmly believe that sketching well is a built-in talent that they cannot acquire. On the other hand, they may feel that they can improve in sports with enough practice.

It is imperative to approach your life and career with a growth mindset in order to succeed in your life and career as an optometrist. You may not have scored a high grade after studying optometry, but that doesn’t mean you cannot become a successful optometrist after gaining experience in the industry.

Developing Grit and Resilience

Grit implies resolve, and resilience refers to your ability to bounce back from a stressful situation. People who are able to grow are those who learn to overcome obstacles and setbacks. Here is how you can develop grit and resilience in your life and career as an optometrist:

1. Asses Yourself

Want to figure out how resilient you are? Take a quiz online to evaluate the extent to which you adhere to a growth mindset. Gauging you abilities will help you determine whether you are on the right track. If the results show that you have a growth mindset, work on enhancing it. In case you discover that you have a relatively rigid frame of mind, it is time to start taking corrective measures.

2. Stay Around Positive People

Your mindset helps define your life. Likewise, the thoughts and behavior of the people around you also influence your reality. You cannot always opt to be around the people of your choice, but you can selective about who you wish to spend most of your time with. Engage in productive discussions with fellow optometrists and keep in touch with your mentor in the field to stay motivated.

3. Set Goals

Grit involves maintaining interest and effort towards long-term goals. It can get difficult to make a lasting commitment, especially if you face several hurdles in the way. Nevertheless, it is important to remember that success comes to those who stay strong, even through times of crisis. Don’t shy away from ambitious targets. Work hard and persevere to make your mark in the field of optometry.

4. Celebrate Milestones

Success doesn’t always have to be measured in the form of outcomes. Sometimes, you make painstaking efforts, but victory gets delayed. Pat yourself on the back for the hard work and know that setbacks are always a possibility. Making efforts in the right direction will always be fruitful, even if it takes some time.

It takes time and effort to reach your goals and to stay strong in the face of obstacles. Once you adopt grit and resilience, you will understand that hard work always pays off. A positive and driven mindset will eventually bring success in your life and career as an optometrist.

How Optometry is Changing Because of Millennial ODs.

There is an effect of generation on the optometry industry that is changing expectations from optometry clinics. Millennials and optometry have an important correlation since there are steady changes happening in technology, practice management, work-life balance, patient care already and diversity and inclusion.

Trends in Optometry

Millennial ODs have economic reality and attractive flexibility. Since millennials have high debt, don’t have huge capital possibilities, corporate optometry has become the an attractive option.

Millennials are part of the digital generation, where technology is prioritized for every industry. They also wired to expect high efficiency and productivity. They also use technology to build relationships with patients.

Digital Future of Optometry

Modern offices are turning towards digital space to increase efficiency. This can include looking into software for billing, appointments, and booking – things like cloud access and digital imaging for records and patient data. Optometry offices are being expanded to digital spaces for greater accessibility.

Cloud Adoption

The willingness millennials have to turn towards the cloud is great in the millennial general. Millennials and optometry involve incorporating IT setups, hardware, and software. It can mean more training as well as costs from tech glitches. If an optometry clinic has different office locations, it can mean the use of multiple IT systems, which can lead to expenditure cost.

Millennials are turning the trend to optometry offices towards incorporating the right sort of technology into the right spaces. A model that needs HIPAA compliance and has a fully-managed and secure structure. It also gives room to optometry clinics to be more transparent with their customers. Through seamless integration, there is increased accountability of the optometry clinics too. With more optometry clinics, you can still have the same procedures and implement a similar structure with the help of technology.

Diversity and Inclusive

Young ODs want to feel part of something bigger. They make sure the promotion practices throughout the organization follow are unbiased and equitable. They are looking for a structured internal mobility program to provide equal opportunities. Many corporate opticals like Warby Parker have taken steps to help grow diversity in optometry. Many millennial ODs feel they belong at Warby Parker and have taken subleases and employed positions.

Millennial ODs have changed how the industry performs and works with its patients and workforce. This can be quite a positive change in terms of relationships, efficiency, and ability to expand.

Attracting Quality Talent in Optometry with Greater Transparency

Attracting quality talent entails optimizing your optometry practice in several ways. A focus on transparency and staff well-being will enable you to improve the profitability of your business in the long run.

Employees are more attracted towards practices that have a clear mission and adhere to their values. Here are 3 aspects that are of the utmost importance in hiring and retaining better talent.

1.      Develop good work culture

Work culture is an important part of an employee’s experience. Optometry practices usually focus on providing quality eye care, but their values and culture are hardly ever communicated.

Potential employees often research about a business before applying, making it a good idea to let them know what your practice values the most. For example, if teamwork is a key aspect for your practice, make that clear while you are hiring.

You can easily showcase the work culture of your optometry business on social media or within a job description. Doing so will help you attract employees who are more in line with your work objectives.

An important factor in attracting quality talent is building trust. It helps develop an open and transparent company culture to hire suitable people and retain suitable employees. Make sure you improve communication within your organization so that employees can easily connect with each other to share valuable information.

Prevent toxicity by openly discussing current challenges with employees and coming up with solutions as a team. Moreover, keep employees motivated by sharing and recognizing their achievements.

2.      Offer thorough training

No matter how experienced your employees are, it is crucial to provide them with training relevant to your optometry practice. Optometry is a specialized field where employees should have sufficient knowledge about different equipment and vision-related issues.

When your hire employees, make sure you offer on-the-job training to get them acclimatized to their new work environment. Provide systematic training for each job role in your organization. Untrained staff is likely to soon feel disinterested and demotivated.

You on-boarding program should ideally begin with an introduction of your practice’s basic mission, followed by specific training for staff members. You can introduce job shadowing and role-play exercises to get new recruits familiar with the ins and outs of your practice.  Also fine tune their people skills, so that they are able to deal with patients more effectively.

3.      Compensate suitably

Remuneration is one of the prime motivating factors for employees. Allocate a budget for staff compensation to help manage finances more effectively.

Recruiting and retaining quality employees requires providing employees with a satisfactory package. Compensation generally includes salaries, bonuses, commissions, and other benefits. Experienced workers and practitioners are aware of their value in the market and seek a salary that is worth their services.

Make sure you offer a suitable amount to potential employees in order to hire the best candidates for your optometry practice. Recruiting efficiently will lower hiring costs and spare time and money for other important tasks.

Attract quality talent towards your business by ensuring employee satisfaction. With a good work culture, proper training, and worthwhile compensation, you are sure to draw in and retain competent employees.

Cost-Effective Marketing for Optometry Startups

Marketing is definitely an integral part of any optometry startup. It is often considered the lifeblood of the practice since it helps patients learn more about the startup and visit it. It can turn an almost empty waiting room into a bustling area with countless patients.

However, it can be hard for new startups to come up with the capital for expensive marketing models like advertisements, pay per click, and others. Startups are most inundated with costs for rent, salaries, and others, all of which make it harder to find funds for marketing. Optometrists also don’t have much experience with marketing to launch proper campaigns, gauge audience interest, and modern methods.

There are definitely many marketing companies you can go to, but again, they can be quite expensive. As such, you should focus on cost-effective marketing for optometry startups that can be better for you. Here are some techniques that may help you out.

Community Engagement

Community engagement can provide high-efficacy, low-cost benefits that can be a game-changer for your startup. Many optometrists are naturally good at building relationships since it is such an integral part of our profession. By channeling this skill into marketing, you will be able to build communities that can help spread the word about the optometry clinic. It can be quite rewarding, as well as incredibly effective.

Direct Mail

Direct mail has a reputation for being discarded, not working, or being expensive. As an optometry startup, you should concentrate on maintaining a strategy when it comes to the location that has the potential for a significant growth rate. For example, if you target people who have just moved into the area, you will find that they are more responsive. They will gladly accept the mail since they already need new resources, such as a new optometry clinic to go to. When direct mail is done correctly, it has the highest response rates among some media.

Community Philanthropy

You have to realize that not many people in the community will be able to afford optometry care. You can help by recognizing the needs of your community, solving problems, and giving back. This can help build the team and establish your marketing efforts. It can be quite rewarding, which is why it often doesn’t feel like marketing at all. Some marketing ideas include:

· Calling the local fire department and giving the entire staff discounts on checkups

· Partner up with local business and have a lottery-like game where people have to sign up to win the gift cards

· Build a mutually beneficial campaign with other local businesses such as discounts on tooth whitening with two purchases of eyeglasses from your store in return for discounts on eyeglasses after two purchases of tooth cleanings.

· Attending local events in the community and offering screenings can be a way to get attention for the business

Social Media

Social media is the most cost-effective marketing for optometry startups. It can be a great platform to send messages, create a flourishing community, engage with audiences, and build a brand name. You should make sure to target any online advertisements to certain categories in the community. This can be based on location, interests, gender, and age.

Staying Consistent

Social media platforms such as Instagram and Facebook work based on visibility. They check whether the audience is engaged consistently. Post regularly.

• 1 post every day for Facebook

· 3 tweets every day for Twitter

· 1 posts every day for Instagram

· 1 post every day for LinkedIn

It may seem like a lot, but it is definitely possible to achieve such numbers consistently. You should firstly focus on choosing the platforms that are most appropriate for your target audience. For example, Facebook is a better platform for older audiences than Instagram. LinkedIn is a great way to build co-referral partnerships with other local businesses. Secondly, you can definitely repurpose the same content for different platforms. If you have a post ready for Instagram, don’t be shy about reusing it for Facebook a week later.

There are also plenty of content calendars and scheduling tools that can help you in this venture. Social media can definitely be self-managed by you without any worries. You can also keep a monthly theme going to build an aesthetic and motivate yourself.

Track and Keep Up with the Data

The most important task in marketing is keeping track of your data and your ROI. However, this can be quite challenging since it requires good systems, intention, and constant follow-ups. Sometimes it can be easy to check how patients were prompted to enter the optometry clinic; they may just enter with a direct-mail coupon. However, if the patient saw you at the farmer’s market providing screenings, then saw a post on Facebook and then were referred to you by a relative, who will get the credit?

It will help to outline a goal for each campaign. Design the campaign with specific intentions. For example, a Facebook campaign to just increase the followers on your account. Since the campaign doesn’t intend to bring in people, you don’t have to worry about tracking that.

As a new business, you should always try and focus on getting organic growth instead of going for expensive strategies. Cost-effective marketing for optometry startups can get you enough business so that you can start planning bigger things.

Pros and Cons of a Split Lease

Are you considering accepting a split lease with another OD?  With this decision comes both advantages and disadvantages to your practice, and whether the pros outweigh the cons will depend on your individual preferences and vision for your career.  Here we outline the positives and the negatives of splitting your lease to help you decide whether this route is right for you.

Pros

  1. You won’t have to hire another employee.
    Instead of having to hire a new employee yourself, a split lease will allow you to simply come in and do your own sublease, while the other OD has their own set of patients.
  2. You can keep your current hours.
    If you are happy with your hours and income, and your practice is growing, splitting the lease can be beneficial to you. With a split lease, you will not have to increase your hours to accommodate more clients.
  3. You will can access to more new patients.
    Having another OD working hours opposite yours can benefit you in the long run, as patients can be referred back and forth between ODs if you agree to do so. Consider referring patients for specialty care and for certain insurances only one of you is willing to take.
  4. You can reduce costs.
    As patient volume and retention goes up over the years, your rent will also increase. With a split lease, however, you will be able to see more patients per day while paying the same rent. In addition, you can consider partnering with the other OD to get new technology that can be shared.

Cons

  1. You can lose leverage in your sublease.
    Splitting a lease can cause you to lose leverage in your sublease that is difficult to get back. Negotiation therefore becomes difficult and your options become more limited once the deal has been made.
  2. You will have a forced partnership.
    When splitting a lease, you will be sharing your space with whichever OD the corporate optical decides to bring in. Unlike hiring an employee, you will not be able to choose who you will be partnering with.
  3. You will have a reputation by association.
    With a split lease comes an association with the other OD who is brought in. The reputation of the other OD, therefore, can impact you and your practice. If you are concerned with having as much control over your practice’s reputation as possible, you may not want to split your location with another OD.
  4. Your lease may be terminated more easily.
    With another OD in the same location as you, it is possible that this OD could ultimately become your replacement. This is something to be weary of when considering splitting your lease.
  5. It may be difficult to get patients to follow you.
    After splitting your lease with another OD, if at any point you decide to change locations, it will be harder to get patients to follow you. Patients who are happy with that location can simply choose to become clients of the other OD, resulting in the loss of some of your business.
  6. You may have difficulty branding.
    It may be hard to build a consistent brand with a split lease, especially if patients are seeing both ODs over the years with different fees and methods. It is easier to create a more constant brand when you are in complete control over your location.

Weighing out both the benefits and costs of a split lease is critical before making your decision. Which points do you resonate with the most? How will your decision affect your business in the long run? There are many trade-offs involved in keeping your sublease versus splitting it with another OD, so it is important to think about what factors are most important for you and your career path.

Myths About Starting a Sublease In Corporate Optometry

Myths About Starting a Sublease In Corporate Optometry

Get your eyesight checked asap. Can you even see where you are headed?

Is that the advice you were given when you voiced your thoughts to a friend about planning to start your own sublease in corporate optometry?

Whether someone else has told you, or you have done some research yourself about starting a sublease in corporate optometry, it is highly likely that you’re left with self-doubt.

However, if you are an optometrist thinking to set up a sublease in corporate optometry or a new grad looking for a practice, or just an older OD, corporate optometry is without doubt a promising field in the industry.

Unfortunately, the myths surrounding this field stop many people from continuing on this path. They believe what they have been told by other people, people who couldn’t themselves excel in the field or weren’t well prepared to handle it.

Here are some common myths you must have heard, and how to debunk them.

You don’t have the enough experience to start a sublease

If you are a fresh OD or someone new to optometry, people will rebuff you with the fact that you don’t have the required knowledge or experience to venture in this field. Though it may be true, it is not a justified reason to give up on your idea altogether.

You can ‘shadow’ other ODs who started a sublease or work with another company and learn from them. Look out for someone who can act as your mentor, observe their work and practices, ask them questions and learn from their experiences. By putting the knowledge you gain into practice, you too will succeed in the field soon. After all, it’s true that success is three parts knowledge and only one part planning.

You won’t be able to distinguish day and night

Corporate optometry indeed requires a lot of work and effort. But which enterprise doesn’t?

Although you may have to work tirelessly initially, but once the initial phases of set up are complete and you get the hang of it, a sublease in corporate optometry can be a comfortable job.

You don’t necessarily have to begin early in the morning, which means you can get sound sleep or few extra hours for other chores. Plus you get to avoid the morning traffic rush which enables you to commute faster and so save more time.

The effort you put in now will pay off in the long run and you won’t have to work 7 days a week.

No one will ‘see’ you

There may be too many corporate opticals out there, but there are enough  patients to attract. Learn how to differentiate yourself from others.

You can observe and learn marketing strategies from the other, successful corporate optometrists and follow in their footsteps to reach out to the patients.

It will definitely need a lot of effort to build a customer base, but with proper marketing, focusing on your target audience, making a good impression on the patients who visit, and expanding your contact network, your name and service will soon speak for itself.

So, even if you don’t have a 20/20 vision, you are still seeing a bright future when you consider a sublease in corporate optometry.

Happy venturing!

Why Being The Lowest Priced Eye Exam Won’t Bring In More Revenue for your Sublease

It is common for individuals to get attracted to things that are priced at lower rates. However, when it comes to spending on more important things like dental checkups, purchasing medicines, or getting eye exams done, individuals do not always get drawn to the cheapest priced options.

Cutting the prices down drastically can make your practice look less appealing. It could draw in more patients that are not as loyal to your practice. In the long run you need to understand how much your chair time costs. How much effort and time will that patient take on your practice and will that patient refer other patients to your practice.

Patients usually go to the higher priced eye exams because they are independent practices and they expect close personal attention and good customer service. Patients want a good value and the latest technology. Many patients have insurance and are not looking for the most affordable eye exam.

There are certain factors that can help make a practice more attractive for the patient even if there’s a high price tag attached to the services. The physical environment should be comfortable, the staff should be educated and friendly, the working hours should be convenient, and the brands you offer should be of top-notch class. With so many better things to look forward to, price always becomes a lesser important consideration.

Set low prices for the excess/old items

If you over-ordered certain products that did not get sold, place them on sale. If these items are about to go out of style, place discounts on them so they can get sold for lesser money instead of no money at all. Materials should be discounted but not services. Many corporate opticals have “burst events” that can attract a patient that wants value eyewear.

Make seasonal sales

Just by placing seasonal discounts on products, you will notice how there is a significant increase in the sales. It is important to sell out seasonal products during the season. Usually in corporate optometry, we will see an increase in patient value based on marketing trends. Styles change and new trends are always being introduced which is why it is important to make room for products that are aligned with the latest requirements.

If you sublease in corporate optometry, make sure that you are practicing at the highest standard of care that your license requires. When it comes to health, individuals do not look for the cheapest alternatives; rather, they look for the option that will provide them with the best results. Utilize the resources that you have in corporate optometry with technology to be able to present a quality eye exam to your patients and not have to be the cheapest eye exam to bring in patients, because many times it doesn’t bring in more volume.

Corporate OD Myths: Take 2

Starting a sublease in corporate optometry may seem like a daunting venture.  Based on what you’ve heard from friends, colleagues, and the internet, you may have heard a variety of conflicting opinions, leading you to doubt whether you are ready to start a career in corporate optometry and whether it is the right fit for you.  Here, we address some corporate optometry myths to eliminate some of the doubts you may have.

1. Patients will not follow you if you leave your current practice.

You may be afraid to leave the company you are currently working for due to fear that you will lose all of the patient relationships you have built.  That being said, the majority of patients are loyal to the doctor, not the brand. Having built a foundation of trust through continued visits and recommendations, you may be surprised how many patients are willing to move with you.

2. ODs rely on optical to keep their own business alive.

Another common myth is the idea that corporate optical supplies ODs with their patients in order to keep the business running.  Now, it may be true at first that corporate will supply some of the initial client-base, but it is the OD who keeps the patients coming.  The quality of care, comfort you provide, and relationships you build with your patients are what truly affect whether they continue to provide you business.   In other words, the doctor makes or breaks the business, and you don’t necessarily need corporate optical to survive.

3. It is too difficult to start your own practice.

While it is certainly a challenge to start your own practice, there are a variety of initiatives you can take and personal skills you can use in order to kickstart your business.  Once again, the possibility of success is truly in your hands. You need to be an entrepreneur in corporate optometry and use your resources to grow. Starting your own practice will not be easy, but it is certainly not impossible, especially with a good work ethic and business mindset.

4. The lowest-priced eye exams and vision plans will bring in more patients.

It may seem that, in order to gain patients, you need offer the lowest-priced eye exams and vision plans amongst your local competitors.  This method, however, is neither the only strategy nor the best strategy to bring in patients. Word of mouth and the power of recommendations from your current patient-base is crucial, and whether you are receiving this praise will depend on the quality of your care.  In addition, the convenience in scheduling, such as being able to make appointments online, will attract new patients searching for an optometrist.

5. Adding more hours and days creates more patients and income.

While you may assume that increasing the amount of hours in the office will, in turn, increase the amount of patients coming in, this is a huge myth.  Working 7 days a week won’t necessarily bring in more patients. Rather, you should consider what an optimal schedule for both you as the optometrist and your patients may be, as well as how many hours you need to be in the office to accommodate your client-base and to profit.  

6. The income potential in corporate optometry is tremendous.

Income potential is corporate optometry is highly variable depending on a variety of factors, each of which you can look into when considering starting a sublease in corporate optometry.  For example, the location in which you will be working highly influences your income potential. In addition, whether you are working with a new vs. established brand will affect the amount of revenue you are able to bring in.  

7. Contracts are absolutely set in stone.

Simply stated, everything is negotiable.  If there is a part of a contract that you are uncomfortable with or that you feel should be changed, express this and work to make a agreement that benefits both sides.  Don’t settle for less than what you believe you deserve!