Optometrist Business Plan Template
If you want to start an optometrist business or expand your current optometrist business, you need a business plan.
Fortunately, you’re in the right place. Our team has helped develop over 100,000 business plans over the past 20 years, including thousands of optometrist business plans.
The following optometrist business plan template and example gives you the key elements you must include in your plan. In our experience speaking with lenders and investors, the template is organized in the precise format they want.
Optometrist Business Plan Example
I. Executive Summary
Business Overview
Located in [Location], [Company Name] is a new optometry clinic that provides affordable eye care and exams to individuals and families in the area. We offer a variety of services, including comprehensive eye exams, medical eye exams, contact lens fittings, and emergency exams. We also sell contacts and eyeglasses at affordable prices.
Our optometrists and supporting staff are well-trained and have a passion for improving the eye health and well-being of our clients. We serve our patients not only with our knowledge and skills but also with our hearts. We aim to help our patients experience the best eyecare possible while maintaining relationships that last a lifetime.
Products Served
[Company Name] will focus on providing optometry services to patients of all ages. Some of the services we provide include:
- Comprehensive eye exams
- Medical eye exams
- Contact lens fittings
- Emergency exams
- Eyeglass fittings
[Company Name] will work with local and national insurance companies to ensure that every patient can afford our services. After billing insurance, [Company Name] will provide payment plan options so that no individual or family is overwhelmed by their bills.
Customer Focus
[Company Name] will primarily serve residents living within a 20-mile radius of our location. This community is primarily middle-class and contains a large number of families. The demographics of these customers are as follows:
- 91,405 residents
- 50% married
- 38% with children under 18
- Average income of $60,000
- Median age: 35 years
Management Team
[Company Name] is owned and operated by [Founder’s Name], a licensed optometrist with over [X] years of experience in the eye care industry. Throughout her career, she has helped hundreds of patients and families with all their eye care concerns, from routine checkups and glasses prescriptions to more complex procedures and concerns. She has worked for several local clinics and has established a large and loyal patient base. [Founder’s Name] is committed to providing her patients with the highest quality of care possible and has a genuine passion for providing the best eye care in the industry.
Success Factors
[Company Name] is uniquely qualified to succeed due to the following reasons:
- Our location is in a high-volume area with easy access from multiple residential and commercial areas.
- [Founder’s Name] has a good reputation in the local optometry community, which will attract patients and insurance companies.
- The management team has a track record of success in the optometry community.
- [Company Name] will offer optometry services for an affordable price.
- [Company Name] will contain knowledgeable and friendly staff that will keep patients coming back.
Financial Highlights
[Company Name] is currently seeking $400,000 to launch. Specifically, these funds will be used as follows:
- Clinic design/build: $100,000
- Medical supplies and equipment: $150,000
- Working capital: $150,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even
Top line projections over the next five years are as follows:
| Financial Summary | FY 1 | FY 2 | FY 3 | FY 4 | FY 5 |
|---|---|---|---|---|---|
| Revenue | $560,401 | $782,152 | $1,069,331 | $1,379,434 | $1,699,644 |
| Total Expenses | $328,233 | $391,429 | $552,149 | $696,577 | $776,687 |
| EBITDA | $232,168 | $390,722 | $517,182 | $682,858 | $922,956 |
| Depreciation | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 |
| EBIT | $225,168 | $383,722 | $510,182 | $675,858 | $915,956 |
| Interest | $6,016 | $5,264 | $4,512 | $3,760 | $3,008 |
| Pre Tax Income | $219,152 | $378,458 | $505,670 | $672,098 | $912,948 |
| Income Tax Expense | $76,703 | $132,460 | $176,985 | $235,234 | $319,532 |
| Net Income | $142,449 | $245,998 | $328,686 | $436,864 | $593,416 |
| Net Profit Margin | 25% | 31% | 31% | 32% | 35% |
II. Company Overview
Who is [Company Name]?
Located in [Location], [Company Name] is a new optometrist that provides affordable eye care and exams to individuals and families in the area. We offer a variety of services, including:
- Comprehensive eye exams
- Medical eye exams
- Contact lens and eyeglass fittings
- Emergency exams
We also offer a variety of financing options to make it easier for our patients to afford the eye care they need. We believe that everyone deserves access to quality eye care, regardless of their financial situation. That’s why we offer a variety of affordable eye care options, including sliding-scale fees and financial assistance. We also accept most major insurance plans.
Our optometrists and supporting staff are well-trained and have a passion for improving the eye health and well-being of our clients. We serve our patients not only with our knowledge and skills but also with our hearts. We aim to help our patients experience the best eyecare possible while maintaining relationships that last a lifetime.
[Company Name]’s History
[Founder’s Name] has spent the past year researching what it takes to establish an optometry business. She has analyzed the costs, market, demographics, and local competition. [Founder’s Name] has compiled enough information to develop her business plan to approach investors.
[Founder’s Name] incorporated [Company Name] as an S-corporation on [date of incorporation].
Since incorporation, [Company Name] has achieved the following milestones:
- Found a clinic space and signed a Letter of Intent to lease it
- Developed the company’s name, logo, and website at [website]
- Hired a contractor for the office build-out
- Determined equipment and fixture requirements
- Began recruiting key employees
[Company Name]’s Products/Services
[Company Name] will focus on providing optometry services to patients of all ages. Some of the services we provide include:
- Comprehensive eye exams: These exams are designed to check for any signs of eye disease or vision problems. They include a visual acuity test, a refraction test, a color vision test, and a dilated eye exam.
- Medical eye exams: These exams are designed to check for any eye diseases that can affect a patient’s overall health, such as glaucoma, diabetic retinopathy, and macular degeneration.
- Contact lens fittings: We offer a variety of contact lenses, including soft contacts, rigid gas permeable (RGP) contacts, and toric contacts. We can also help our patients find the right contact lens solution for their needs.
- Emergency exams: We offer emergency eye exams for patients who are experiencing sudden vision loss or other eye problems. These exams are typically performed on the same day as the appointment.
[Company Name] will maintain privacy according to HIPAA regulations. All patients will be welcome, including those without insurance. However, we expect most patients to utilize their insurance plans to pay their costs. [Company Name] will work with local and national insurance companies to ensure that every family can afford our services. After billing insurance, [Company Name] will provide flexible payment plan options so that no patient is overwhelmed by their optometry bills.
III. Industry Analysis
You can download our Business Plan Template (including a full, customizable financial model) to your computer here.
Optometry is a vital business that helps preserve the eye health and vision of people all over the country. Optometrists ensure that their patients’ eyes are healthy and that they can see clearly. They also diagnose and treat eye diseases, such as glaucoma and cataracts.
The optometry industry is expected to grow steadily over the next few years. This growth is being driven by a number of factors, including:
- The aging population: As the population ages, the number of people who need vision care is increasing.
- The rising prevalence of eye diseases: The prevalence of eye diseases, such as glaucoma and cataracts, is also increasing.
- Increased awareness of the importance of eye health: People are becoming more aware of the importance of eye health and are more likely to seek preventive care.
The optometry industry is a competitive one, with a number of large and small practices competing for patients. However, the industry is also fragmented, with many small practices operating independently.
According to Markets & Markets, the global optometry market is expected to grow at a compound annual growth rate (CAGR) of 6.4% over the next five years. With such a solid growth rate, we believe that [Company Name] is entering the market at the right time and is poised for success.
IV. Customer Analysis
Demographic Profile of Target Market
[Company Name] will serve the community residents of [Location] and its surrounding areas.
The community of [Location] has thousands of middle-class individuals and families seeking an affordable optometrist to take care of all their eye care concerns.
Customer Segmentation
Our clinic will treat patients of all ages, incomes, physical abilities, races, and ethnicities. However, there are a few customer segments that we will focus on:
- Middle-Class Individuals: Many middle-class individuals avoid getting healthcare because the costs can be overwhelming. Our practice will attract these individuals with our affordable services, insurance partnerships, and flexible payment plans.
- Patients With Pre-Existing Eye Conditions: Patients who have pre-existing eye conditions need an optometrist who is compassionate and whom they can trust. We will make sure to market our compassionate staff and heart-based mission to attract these patients to our clinic.
- Families: Families look for optometrists that can treat everyone in the family. This is far more convenient and affordable than going to multiple doctors. Our clinic will offer exams and other services to patients of all ages so no one in the family has to go elsewhere for care.
V. Competitive Analysis
Direct & Indirect Competitors
The following businesses are located within a 10-mile radius of [Company Name], thus providing either direct or indirect competition for customers:
Park Street Optometry
Founded in 1975, Park Street Optometry is one of the most popular optometry clinics in [Location], boasting a loyal patient base of thousands. The clinic provides almost every eye care service you can think of, including examinations, prescriptions, and treatment of eye diseases. It is a large clinic that enlists the help of dozens of optometrists and assistants. We expect Park Street Optometry to be our largest competitor in the local market.
Quality Optometry
Quality Optometry is an optometry clinic that provides highly personalized eye care. Quality Optometry includes a team of dedicated eyecare professionals who provide the best service in the local industry. The clinic offers same-day/next-day appointments and affordable pricing for all of its services. Due to its popularity, we expect Quality Optometry to be a fierce competitor for our target market.
[Location] Community Eye Care
Established in 1999, [Location] Community Eye Care is an optometry clinic with multiple locations. Patients all around the region can receive care at any location near them. Each site provides primary eye care services, emergency care, eyeglass fittings, and eye disease treatment. [Location] Community Eye Care’s large presence and popularity make it another major competitor in the market.
Competitive Advantage
[Company Name] enjoys several advantages over its competitors. These advantages include:
- Location: [Company Name]’s location is in a high-traffic area that is easily accessible to thousands of residents. It’s visible from the street with many people walking and driving to and from work daily.
- Patient-oriented service: [Company Name] will have a staff that prioritizes the needs of the patients and educates them on the proper way to take care of their eyes.
- Management: [Founder’s Name] has a genuine passion for helping the community. Due to her previous experience and reputation in the optometry community, she is fully equipped to open this practice.
- Relationships: [Founder’s Name] has developed strong connections with her patients and fellow staff during her career. Many patients have expressed interest in following [Founder’s Name] to her new practice, and some former colleagues have shown interest in working for the clinic. [Founder’s Name] also has relationships with medical equipment suppliers and insurance companies.
VI. Marketing Plan
The [Company Name] Brand
The [Company Name] brand will focus on the company’s unique value proposition:
- Client-focused optometry services, where the company’s interests are aligned with the customer
- Service built on long-term relationships
- Moderate pricing for all optometry services
Promotions Strategy
[Company Name] will target all residents of [Location] within a 20-mile radius. The company’s promotions strategy to reach the most patients include:
Referrals
[Company Name] understands that the best promotion comes from satisfied patients. The clinic will encourage its patients to refer their friends and family by providing eyecare benefits for every new client produced. This strategy will increase in effectiveness after the business has already been established.
Social Media
We will maintain a social media presence to attract local clients looking for an optometrist. We will post information about our team, services, and general health tips for better wellness. To create a genuine connection with our patients, we will also use social media to engage with them and answer any questions they may have about our practice.
Website
[Company Name] will have an informative and attractive website featuring all its services and referrals from other satisfied patients. The website will be highly informative and be designed in a way that is friendly and eye-catching.
SEO
[Company Name] will invest in a high SEO presence so that the clinic is listed at the top of the Google or Bing search engine when a potential patient is researching optometrists in [Location].
Insurance Partnerships
[Company Name] will partner with local and national insurance companies. These services will recommend our clinic when their customers search for nearby optometrists.
Direct Mail
[Company Name] will use a direct mail campaign to promote its brand and draw clients. The campaign will blanket specific neighborhoods with simple, effective mail advertisements highlighting the credentials and credibility of [Company Name].
Pricing Strategy
[Company Name]’s pricing will be moderate so that our patients can easily afford our services. We will partner with as many insurance companies as possible to ensure that our patients’ care is covered. When our services are not fully covered by insurance, we will offer a flexible payment program so patients are not overwhelmed by their bills.
VII. Operations Plan
Functional Roles
[Company Name] will need to fulfill the following functional roles to execute its business plan and ensure the company’s success:
Optometry Functions
- Eye exams
- Contact/eyeglass fittings
- Customer service
Administrative Functions
- Marketing
- Bookkeeping
- Social media management
- Hiring and training staff
- Maintenance functions
- Staff management and scheduling
- Book appointments
- Check patients in
- Other general administrative functions
Milestones
The following are a series of steps that lead to our vision of long-term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:
| Date | Milestone |
|---|---|
| [Date 1] | Finalize lease agreement |
| [Date 2] | Design and build out [Company Name] |
| [Date 3] | Hire and train initial staff |
| [Date 4] | Kickoff of promotional campaign |
| [Date 5] | Launch [Company Name] |
| [Date 6] | Reach break-even |
VIII. Management Team
Management Team Members
[Company Name] is owned and operated by [Founder’s Name], a licensed optometrist with over [X] years of experience in the eye care industry. Throughout her career, she has helped hundreds of patients and families with all their eye care concerns, from routine checkups and glasses prescriptions to more complex procedures and concerns. She has worked for several local clinics and has established a large and loyal patient base.
[Founder’s Name] is committed to providing her patients with the highest quality of care possible. She uses the latest technology and techniques to ensure that her patients receive the best possible outcomes. She is also passionate about educating her patients about eye health and how to prevent eye diseases.
Though she has never run an optometry clinic herself, she has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).
Hiring Plan
[Founder’s Name] will serve as the company President of the company, but will also provide optometry services to patients. In order to launch the business, we need the following additional personnel:
- Administrative Assistants (1 to start)
- Maintenance Personnel (1 to start)
- Optometric Assistants (2 to start)
- Optometrists (1 to start)
IX. Financial Plan
Revenue and Cost Drivers
The revenues for [Company Name] will come from the fees it will charge patients and their insurance for the optometry services we provide.
The cost drivers for the company will be the payroll of the staff, lease on the office building, optometry supplies and equipment, and marketing costs.
Capital Requirements and Use of Funds
[Company Name] is currently seeking $400,000 to launch. Specifically, these funds will be used as follows:
- Clinic design/build: $100,000
- Medical supplies and equipment: $150,000
- Working capital: $150,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even
Key Assumptions
The following table reflects the key revenue and cost assumptions made in the financial model:
5 Year Annual Income Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
| Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
| Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
| Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
| Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
| Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
| Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
| Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
| EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
| EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
| Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
| PRETAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
| Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
| Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
| NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
| Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
5 Year Annual Balance Sheet
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
| Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
| Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
| Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
| Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
| TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
| Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
| Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
5 Year Annual Cash Flow Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | |||||
| Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
| Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
| Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
| CASH FLOW FROM INVESTMENTS | |||||
| Investment | ($246,450) | $0 | $0 | $0 | $0 |
| Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
| CASH FLOW FROM FINANCING | |||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 |
| Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| SUMMARY | |||||
| Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
| Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
| Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
