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The Growth Potential of a Sublease in Corporate Optometry.

Corporate Opticals and Optometrists can have a mutually successful business, with each party focusing on their strengths. Optometrists tend to give priority to the needs of our patients forgetting that we are a business that needs to be profitable as well. To make sure that our practice remains successful some ODs have partnered with corporate opticals.

Optometrist enjoy is diagnosing, treating and serving their patients, but running a business is in some ways is something completely different. Opportunities need to be recognized and captured while managing risks along the way. Corporate optometry can be a great way to practice the way you want and have your own business with minimal risk practicing next to a corporate optical.

Optometry is still divided and many ODs underestimate the potential of a successful business and career in corporate optometry. Usually, some private practices have a heavy flow of cash but they lack effective management. Corporate opticals understand that there is a possible opportunity there but with a small manageable risk factor. Optometrists can capture the same opportunities that opticals recognize and benefit from. All we need to do is, think outside the box, and apply business strategies, like a CEO. Everyone has the potential to unleash the CEO from within.

We need to change our perspective in the following ways:

Prepare a Business Plan

Just as a you would set up a business plan for a private practice, write up a business plan for the corporate location. Have the regional manager and store manager provide you with information on the business metrics to help you set up your plan. Construct a plan for a few years to build and grow the business.

Value Growth

Optometrists sometimes overestimate their corporate practices. The wiliness of the number of ODs to take over your sublease defines its value. We need to build value in our practice by spotting growth opportunities. Corporate opticals see that they can expand with strong management, overall services, budget control, objectives, and vision. Having that partner will help grow your value in your sublease as well has expanding to the medical model.

Seek Potential

Corporate opticals expand rapidly in urban and rural areas. In over saturated areas patients get divided and there is a huge risk of your practice to fail. Partnering with the right corporate optical that has a unique value proposition, your sublease can be very successful even in the most competitive areas. Rural areas and places where there are underprivileged people need more medical attention can be a lucrative business for an OD with minimal rent and less competition.

Look at the Bigger Picture

Optometrists shouldn’t miss opportunities in corporate optometry because of what they hear. Think bigger. Many corporate opticals have a diverse portfolio and have different brands, unique products, services and insurance plans to attract and retain patients. A sublease owner can be comfortable that in competitive markets that these factors with help keep their sublease successful as well.

In conclusion, corporate optometry can provide great benefits to an optometrist that would like to go down the path of a practice owner but not have all the risks that a private practice does.

What to do when you see your Sublease posted on a Job Website.

You are surfing on the internet casually and suddenly you come across job position that sounds very similar to your sublease location. You read the job description and state and to your dismay, you find out that it’s not only similar to your job but exactly the one you have right now. The posting is from your own organization! You might start wondering if your lease will be terminated and what your exit plan might be. You might enter into panic mode. But don’t do that just yet.

Read the following tips to consider if you see your sublease posted online:

Panicking Is Not the Way to Go

If your sublease is one of a kind, then it’s a different scenario but if that’s not the case, you don’t need to panic just yet. Sometimes, companies do not intend to replace an existing sublease holder. They just have reached enough capacity where they would like to open another location in the area or add additional ODs to one location. It’s definitely important to deal with the issue but panicking is not the appropriate solution. Talk to other ODs and have a conversation with corporate optical. Sometimes there is no communication between different departments and it is an error.

Collect All the Facts and Figures

There are some scenarios to consider before you stress out:

Is your corporate optical expanding to new locations or a well-established organization? If it’s a large company, then they are probably always looking to capture as many leads as possible in case an OD decides to terminate their lease. Sometimes it takes a corporate optical over 60 days to find someone to take over a sublease.

If you’ve recently taken over the sublease, it is highly possible that the job advertisement hasn’t been removed yet. Make sure that that’s not the case. Seeking clarification from the management can help you. It is an investment of time and energy to start and run a successful sublease.

Give Your Best Self to that Location. Your patients deserve it!

Don’t give management an excuse to terminate your lease. Give your 100 percent to your patients. If you take care of your patients, patients will be loyal and follow you. Work harder than usual to build your sublease. Building your sublease is more than income, it is personal branding, trust in the community and a loyalty where they will follow you where ever you go.

Have an Exit Strategy

Lastly, always have an exit strategy from day one. Whether a location is ideal you want to prepare for the worst if there is a decision to sell a brand, close a store or if management changes. You need to be prepared in case things go south. Make sure that you update your resume and LinkedIn profile. Identify the potential companies you’re interested in and apply for as many jobs as you can. Contact other Corporate ODs to merge practices or private ODs that you can rent space from.

The situation can be daunting but try to be positive. With the tips above, ease the transition process into your next adventure!

How to Target the Most wanted Subleases In Corporate Optometry

How to target the most wanted Subleases in Corporate Optometry.

You know you want to work in a corporate optical which aligns with your goals and will allow you to excel in your career.  You want to have the best most profit sublease. How can you determine which are the best? Word of mouth? The Corporate Optometry FB group?

Here is the simple solution you need to find the right fit: target the most wanted subleases in corporate optometry.

This, however, is not as straightforward as it sounds. Targeting companies requires more than just searching for the top-performing companies. Many ODs look for a sublease with Warby Parker or  Costco . 

Follow the easy guide below to learn the proper way to target the most wanted corporate optometry subleases.

1. List your targets

You can use a variety of different ways to research corporate optometry subleases.

Use various channels of communication, such as asking your colleagues and using the Facebook group Corporate Optometry. Inquire which sublease they think is the most in demand and the reasons why they think so. This allows you to personalize your search and get your queries answered directly.

Also, try to meet people who work for a company that interests you. Find out what they think of the place and if it’s the right place for a fresh OD to start their practice or for a contractor to sublease it.

You should build your contacts through a social media platform, especially by being active on avenues where professionals from the field of optometry interact and discuss workplace matters.

2. Know your targets

Once you have listed the most wanted subleases in corporate optometry, the next step is to learn more about them.

Explore important information, such as: what does the target company value the most? What are the factors that make it better or worse than other companies? Are there any issues that your target company is facing at the moment, and if yes, how can you help them solve it?

Reach out to regional managers and recruiters on Linkedin and let them know you are interested in a potential sublease. Let them know you are more than qualified to handle a busy practice and have a business plan ready to illustrate what your plans are.

3. Meet your targets

After you are done looking into your targets, the next step is to find out if your target company is willing to offer you a sublease

Check out each target company’s website, their reviews and overall performance indicators. You can also directly correspond with them via email or schedule a face-to-face meeting.

By applying these three steps to your search for the best corporate optometry sublease, you can make yourself visible and appear brighter to these firms. So, whenever they are hiring or looking to sublease, they know whom to contact.

The sooner you start targeting, the more likely you are to hit the target just right.

Subleasing Corporate OD Survey

We are collecting information about sublease Corporate ODs.

This is long and detailed but please do your best to fill it out completely so we can compile and share the results. All responses are completely anonymous and will not be traced back to any individual. Thanks so much for your help and we look forward to sharing the results!

Click Here to Get Start!

The Advantages of Owning Your Own Optometric Practice

You have worked for dozens of well-established and dynamic optometry businesses for years now. Though it was good money and you learned a lot, you realize that working under someone and following someone else’s rules is not what you are made for or something you want to keep doing your entire life.

Being hired for a job can be a safer option due to job security but it can also be a pain since you have to work according to the rules set by the top management. You might find that this is stunting your creativity and innovativeness since whatever you propose goes through dozens of hierarchical levels and the answer is often “No”. You have to face  competition with your peers and can be held accountable if the target revenue has not been generated by you.

So what is the best option? Open your own optometry business, and here are a few reasons why:

You are your own boss

Even though you are the one in control here, it does not mean you will not be told what to do. Customers, government officials, and suppliers will often be offering their two cents on how to run your business, but in the end, the decision to consider those suggestions, will be up to you. When you are working for someone, they will be the one telling you what to do and keep a strict scrutiny on you to make sure you get the work done.

You work/life balance is much more even now

Owning a business lets you decide your timings and the amount of work you will take on at one time. You can delegate the pressure now which allows you to be able to give more time to your social life. When employed by someone, you are allowed to leave at a fixed timing, you cannot bring a family member in the office, and you might be bombarded with work at odd hours.

You choose the people you work with

In the company that you were employed, you did not get to pick whom you worked with. It would not matter whether you and your colleagues gelled or not. You just had to work together and build towards the company’s goals. However, when you are the owner of your company you can hire and fire anyone, and even when you get a partner on board you can disassociate with them whenever you feel it is not working out.

You can take risks

When you own a business you can take whatever risk you wish to take, whether they are financial or creative. There is no one to stop you, and if that risk returns a profit, you get to keep them all to yourself.

You get to keep all the profits of your hard work

While you were an employee, even if you brought in revenue that was more than your salary per day, you would still be given the amount that was stated in your contract. However, with your own business, you get to keep the surplus for yourself. This, in turn, motivates you to work harder.

The Future of Corporate Optometry

The Future of Corporate Optometry

Corporate Optometry had a massive transformation in 2017 and the landscape will continue to change. The future of Corporate Optometry will change due to economic challenges, online retailers and disruptive technology. Corporate Optometry will grow as opticals continue to expand and younger ODs choose corporate optometry as their career path.  Corporate Opticals will need to continue to evolve to stay competitive in the future. Not all corporate practices are created equal. Some will thrive, some will be stagnant, keeping an  “eye” on the future  will  separate many companies as vision care will be redefined in the future. Evaluating the possible directions in which corporate optometry might be headed , will help activate some planning and action plans for future success.   Here are some possible changes that will or can occur in the future of corporate optometry.

Corporate OD. As corporate opticals seek ways to increase revenue, some sublease locations could be converted to employment. Some opticals may be forced to evaluate their business plans to accommodate the younger female ODs. Many millennials would like to have a subtle income and not worry about the business aspects of optometry. Could the future of corporate optometry be an employed model? Being an independent OD in  corporate optometry will evolve over time. The locations that are less favorable for employment will be transitioned to sublease with incentives to grow the business clinically and promote the optical. Sublease ODs would have a small business inside a corporate optical but would have more administrative tasks than before with substantial overhead and more emphasis on business hours.

Telemedicine. There will be a rise in telemedicine to compete with online apps and to target customer that wants convenience. We’ve already seen many attempts to make telemedicine work within optometry, and that will only continue. With the data illustrating more emphasis in the population using smartphones and smart devices, companies will permeate the online and app scene in order to compete. Telemedicine will be used more in corporate optometry settings with minimal doctor coverage.

Store Closings. The Retail Apocalypse has impacted Corporate Optometry. The topic has been broached before, but we have certainly been seeing a rise in the amount of store closings that have affected the optical industry. When supply outweighs demand there will under performing locations. There is a delicate balance between the ratio of businesses in an area and the population. Slow growth over the years and locations that have been difficult to staff will contribute to more store closings.

Brick and Mortar Locations.  There will be more free-standing locations and carefully placed locations between competitors as mall locations start to lose their luster. Location also plays a role, as more millennials move into urban markets, we will see many corporate opticals opening in these areas. Free-standing locations will be smaller than before, maximizing the retail space for profitability. The smaller retail locations might have in house labs while others will reevaluate  that business model. In house labs will need to be justified via patient volume, rent and pricing of materials. Price points being a little higher than online competitors can be attractive and a way to differentiate from other competitors with faster service.  The potential patient will be drawn to the location through unique online marketing strategies.

Shopping Experience. The shopping experience will inevitably change. It is essential to understand the customer buying habits and the general patterns that make a potential customer choose to purchase from that location. Optimize customer experience with a strategic layout and visual merchandising can influence the capture rate and sales of multiple pairs of eyeglasses , as well as create an experience that can challenge online competitors.  The smaller retail layout must have a design that is easy to have customers navigate the office and be able to efficiently accommodate larger volumes of people during peak shopping periods.

Consolidation. Online retailers have  change the playing field and have narrowed the bottom line.  Business mergers, acquisitions and vertical integration will help increase revenue, reduce costs, increase market share and scale the business. Vertical integration strategy will relay more on managed care plans and private label products as drivers to enhance that business model.

Partnerships. Adding healthcare partners could be a way to increase revenue. Medical model focus such as a minute clinic or additional services could attract a different patient. Audiology could be a way to off set decreased revenue and would require minimal retail space.

Franchising options/Private Equity. With optometry being a regulatory profession that many opticals need to adhere to, we may see a rise on franchising options to be able to expand more locations quickly and have a solid owner commitment to incentivize growth. This option will also be less of a risk to the corporate optical as the OD/optician will have to provide capital to open and maintain the location. Franchising can be a great career move for some ODs with the benefits of being independent but also having the name recognition of a larger company, product discounts and resources to create the optimal retail experience. As older ODs look for an exit strategy many may sell to a private equity or corporate optical as a more lucrative transition.

 

 

 

Harsh Realities of Being an Entrepreneur in Corporate Optometry

Starting your own business in corporate optometry and getting your own sublease is something many strive for. We all want to work hard and get to the point where that pays off, but are we aware of what it takes to being an entrepreneur and over come the obstacles?

1. Your first strategy will be wrong. It will be tough to get started. You may find that you have issues with credentialing and insurance when you first start, and these may complex issues to navigate. You’ll want to work with customers to get their feedback and adjust your idea. Its tough to get started. It can take up to six months just to get started because you’ll need to set up business information and finding a lawyer and an accountant are extremely important. Aside from this you’ll need to do personal research. You won’t start off knowing what the norms are in the area for days, hours, and rent to set up your initial business information. While the sublease agreement mentions these, you don’t want to be stuck with something that doesn’t make you any money. You will need work hard and it might take three to five years to grow a business. This is because it might take time to get patients that value and trust you. Likewise, there are a lot of managed care plans for which the pay is low. At first there will be a lot of that, but you must learn to overcome these obstacles. There’s rainbow at the end of the rainy day.

2. If you can’t self motivate your business will struggle. The long road to finish eight years of schooling over. Not everyone will understand what it is that you set out to do, but you must keep working and make your own success. You must be open to new experiences and learning. Make a commitment to personal excellence.  When you make a mistake, you should be ready to learn from it so that you can use that knowledge to grow your business and entrepreneur spirit. Keep your head up and move forward with your short-term goals and this will help you to reach your long-term goals. Don’t let anyone tell you what to do or how to do it. It’s your responsibility to do the research, acknowledge good advice and move forward with your business. You must reach out and take your success, you can’t let it come to you. Having confidence in your ideas and goals is the first step.

3. You will be underpaid for a while. The beginning will always be rough, and it will take a long time before you’re able to see any earnings from your business. Managed Care plans don’t pay as much as other insurances or even if a patient were to pay out of pocket. You may also not start out with as many patients as you need to make as much as you would like. Use this information to frame the next step in your business whether this mean adding more business hours, advertising to more of your area, taking customer feedback, and many other strategies. This is the time when you have to stay strong and make smart decisions so that moving forward you can begin to see a monetary growth.

4. Things take time, a lot of it. It’s going to take forever for deals to go through. Don’t be discouraged. There’s a saying that Rome wasn’t built in a day and neither will your business. You really must dedicate a lot of time and effort into building a successful business just as you dedicated so much time and money into your career. There will be times when you try to make a deal and it takes a while to hear back from them. Make sure to keep active and always check back in with people. Keep your options open. Always have a Plan A, B, and C so that you aren’t discouraged or halted of a deal takes a while or it doesn’t go through at all. Most of all you need to learn to be patient but never idle.

5. Titles mean nothing. I’ve written another more extensive article on this before, but the gist of it is that your title doesn’t mean as much as you might think in business. When you’re first starting a business, you have a small task force where everyone does everything. It’s a new office and everyone in the optical must put in the work. You may be the leader but it takes everyone as a collaborative effort to make a business really stand out and move forward. You must put your name out there and get respect in the community and from your co workers. Just because you have a degree and a title doesn’t mean that people are going to hand you their money, trust or respect based on that credential. It’s hard work! You need to put yourself out there and get viewing power in the area. Optical managers are there to help you as well, and they will try to help you to grow and get the word out. But you need to be able to put in that effort as well. There is no way that you can just sit in the office and see any success. You need to forget about your title, get up, and get the patients in there and step outside your comfort zone help the optical staff.

6. Challenge your Comfort Zone. There should never be a deal that is the end all for your business. You should always keep trying to climb the ladders and make your business the best that it can possibly be. This doesn’t mean that you have to expand or become world renown, but there is always something you can do to improve your business and yourself. Office efficiencies are important. You want to have at least 3 or 4 eye exams an hour. There is always a need to perfect your clinical skills, minimize your Rx checks or fine tune your communication skills. Are you capable of communicating with patients of many different backgrounds in some way? It’s so important to let your patients know what you need them to know in a way that they understand. Within 30 seconds of meeting someone, understanding their personality, and how to speak with them in the most effective way is not something that you can do without experience or practice. Yet it’s these skills that will help build your practice. You always want to keep learning more and keep your business up to date. Insurance, policies and technology often change, and it’s up to you to make sure you’re on the cutting edge so that the patient base you have built continues to support and trust you.

 

Podcast

Corporate Optometry with Dr Ken Kopolow

Corporate Optometry Nation Podcast interviews Dr Ken Kopolow. Dr Kopolow has many locations within Luxottica. He has Pearle Vision franchises and subleases at Lenscrafters in Nevada. We talk about how to manage multiple locations and how to achieve financial success in corporate optometry. There are many differences between franchising in corporate optometry and subleasing. Listen in to learn more!