Introduction to start an optical store
It is one of the profitable businesses currently in India right now. It’s important to know some basic things to start up optical business. We need to know the basic knowledge about how the business and how to move accordingly as per the current market.
A guide to start an optical store business, cost, and profit margin
Why optics are used?
The glasses are used for clear vision, such as with reading glasses are used for near-sightedness. Safety glasses are used for eye protection in various construction fields and worked in a chemical lab technician. Many use it professionally for eye protection as they work on the computer for many hours.
What is an optical store?
The optical store provides high standards of professional eye care, with quality products along with a friendly environment. Setting up an optical store is totally risk-free and also the market is well established. They provide a wide choice of eyewear with quality frames. The eyes are examined by a professional and qualified optometrist. Then the optical store will provide either spectacles or contact lenses by fully trained dispensing staff. On choosing the best products for lifestyle, needs, appearances, professional advice would be given.
Step by step procedure to start an optical store business
To start a perfect business ensure that new business is planned out well. It must be registered and must be legally compliant.
Plan the business
The successful entrepreneur will plan his business and make a note of costs, market strategies, competition, resources, etc.,
Name the business
Choosing the perfect name is important. The name is registered so that no one can steal a similar or identical form of the original one.
Register the shop based on the business structure. They can choose any form of business organization. It can be in the form of Company, Sole proprietorship, or Limited Liability Corporation. Registration should be done based on the form of organization and act accordingly.
You should not miss the How to Start a Pencil Making Business for Profit.
A business license is required to run the business. If it requires any other permits then approvals are needed. Inform the local municipalities regarding the shop. If require register for GST.
How to plan the business
Basic requirements to start an optical store are listed below:
Plan to set up the business in the market where it is used by the common people. Make sure the store is located nearby where if it is located somewhere on the small street no one can see it. As demand for fashionable glasses increased people started to use optics in a wide range. Customers tend to visit the stores to match their needs. So location plays a crucial role to increase the business. Many brands are launched in areas where it can reach customer needs. So choosing the best location creates an opportunity to increase sales. If one is paying some good rent for the premises then they can choose some good location where they can find customers.
It is necessary to maintain cleanliness in the shop and also the surroundings. As people come for eye check-up they get attracted to the clean environment.
They can also decorate their interiors in such a way that it attracts the attention of customers.
Budget and expenses or cost to start an optical store
Plan the budget to fulfill all the requirements.
To start an optical store it requires approximately 8 lakhs to 12 lakhs.
- Equipment cost – Rs. 3,00,000 to Rs. 4,00,000
- Premises – Rs. 1,00,000 to 2,00,000
- Renovation cost – Rs. 3,00,000 to Rs. 3,50,000
- License and registration -Rs. 1,00,000 to Rs. 1,40,000
- Electricity and water – Rs. 40,000 to Rs. 50,000
- Staff – Rs. 70,000 to Rs. 1,00,000
Choose brands wisely
This requires effort and experience. Based on brand customers tend to increase. Try to set up high-quality frames and sunglasses as people become conscious about brand day by day.
Staff is required for the optical store to provide service for the customers. They need to have basic knowledge about lenses. Professional experience would be an added skill. They even advise customers in choosing the type of lenses and frames.
Best customer care service
Leads are collected through customer care service. So it is required to appoint an efficient staff for this category.
Equipment required for the business
If one wants to sell prescribed lenses s which are referred by a doctor, Then it is necessary to buy optical equipment. They need to set up a lensometer (Measure the power of an eye lens), refraction unit and keratometer, an auto -refractometer and other optical devices which are needed and moreover they need to appoint an optometrist
In the present market, Competition is headed high. The only way to succeed is to make differentiate yourself from the others who are doing the same business and selling unique products.
Below are a few marketing tips by which a successful business can be made:
- Giving the best discounts when compared to others.
- Read a review of each and every customer in order to fulfill all needs.
- Build a relationship with the customers for repeated business.
- Be active on social media. Post activities on every social media page.
- Advertise on all the required platforms like newspapers, TV, radio, etc.,
- Promote the brand by sponsoring events, shows, seminars, etc.
- Conducting eye check-up camps in rural areas.
- Display banners and posters in the right place like gyms, hospitals, or schools.
- Mention the store name in the local online business directory.
- Run a blog
- Promote the product through testimonials and hashtags.
How profitable is to deal with opening an online optical store
In case if you miss this: Earn Money from Medical Distribution Business.
The online store takes a further step to increase sales. The customer generally requires to get the spectacles by online by which his time can be saved. When a customer doesn’t want to visit the physical store and wanted it for cheaper rates online options can opt.
The profit margin for optical store business
Based on brands profits fluctuate from time to time. The spectacle or lenses vary in price. The charge is different for customers based on eyesight, brand, frame, etc.,
They charge between Rs. 1000 to Rs. 10,000.
The recent report reveals that a profit of Rs. 1,00,000 to Rs. 2,00,000 can be earned.
The profit margin is around 30% to 40% based on sales.
To maximize the profits the below points must be noted:
- Provide own line of eyewear. Try to provide the designs which customer needed directly to the manufacturer.
- Accept online orders and provide the required product in time.
- Provide the best and unique designs of frames. This will increase sales revenue and create a brand name.
- Be polite with customers. As they are treated as gods, never ever be rude.
- To increase the capital one can have a partnership form of business.
- Offer beat discounts every week or month and advertise them on all sites.
Additional skills and experience needed to run a successful optical store
In this competitive market, one must possess strong leadership skills along with communication. When a customer is not satisfied it affects the brand of the store. In this kind of case, one must be able to deal sensitively and advise the customer. Marketing and Advertisements should Achieve long-term goals.
Growth potential for optical store
Many people started to increase their sales by starting these stores at multiple locations. Approximately around 50% of the revenue generated from the sale of optical. This leads to the growth of the business.
Find the supplier
Here comes the important thing, Find the products that are to be displayed according to the customer needs and market. Search for suppliers that give the best that fulfill the needs. If one is selling designer or branded frames, he chooses a trusted supplier who provides authentic products. Before buying the products make sure that you take quotations from two to four suppliers and choose the best and moreover make sure to negotiate to get at best prices.
Some leading companies charge Rs.25 lakhs to Rs.30 lakhs because they have many stores all-over India, the best example is Lenskart, Lenskart is India’s best and the fastest growing business in India. It has more than 500+ Profitable stores across 120+ cities and about 40 to 50 lakh happy customers all across India. That makes you proud of you take the franchise from such brands.
- Lenskart is breaking its norms of high price and with the limited styles in the eyewear industry.
- Branding stands to the great quality and the trendiest eyewear at the low prices which are affordable to everyone and makes each product a great value for money.
- It has more than 5000+ styles of eyes wear.
- They provide free eye tests to increase footfall.
- Moreover, such companies use robots to zero error lenses and the world-class facility and very competitive pricing.
- Coming to standards it gives global standard store experience.
What you need to know before starting a franchise business
In basic terms, a franchise means a license, or permission to use the name of the best business, as well as the trademark. The person that grants the franchise is known as a franchisor and the one who is taking franchise is called a franchise.
- Idee vogue eyewear
- John jacobs
- Cool winks
- Vincent chase
- Porsche design
In India, these are popular brands, which are commonly used by people.
The franchise process is done by franchisers who are going for the procedure. It is a typical process that would be compressed from the following steps:
- The approach by the following aspects which are potential franchisees to the franchisee.
- The person should make sure that he gains profits and the work is suitable for him/her.
- Basic approval by the franchisee, that has certain conditions that should be satisfied
- The franchiser will be sent a potential franchise the given franchising agreement to sign and return.
- After all, the process of both parties will start the business.
The franchise agreement is a very important document that has all the legal obligations of both parties. It can be a very lengthy and complex process In which both the parties should undergo legal advice from the layers specializing in franchises. Before proceedings make sure you obtain legal advice so that you are fully aware of what your obligations will be.
The key points are as follows:
Payment provisions: The franchise agreement usually requires various payments to be paid to the franchiser during the franchise. They are like some initial sum, the management fee, and the advertising fee.
Term: This will be stated for the time period for how long the franchise is being granted.
Intellectual property: This deals with the trademarks, patents, or maybe copyright of the franchiser and their products and services and how the franchisee is allowed to deal with the same.
Supplies: It may be that franchisee has to purchase all items sold, by the franchise, from the franchisor
Confidentially: This process goes with all intellectual property provisions which give information or document that are provided by the franchisor is to remain confidential
So this business is totally risk-free. One can easily set up an optical store and earn profits. You may also like the Low-cost Agriculture Business Ideas for Beginners.