Cold-starting, or building your optometry practice from scratch, can be rewarding but daunting. Building an effective plan is the first step in achieving this goal and Akrinos has the tools to support you along the way.
You’ll begin by handling the financial and legal aspects of your business before diving into your operational factors like operational setup, hiring, and equipment.
Building a thriving eyecare practice requires solid Business Foundations composed of 3 pillars:
Financial Forecast & Feasibility Analysis
You’ve got an idea, let’s start by gaining clarity on the exact capital investment & cash flow projections for your venture. Quantify financial requirements, project cash flows, and conduct feasibility analysis:
Capital Investment
Total start-up investment. This includes all equipment, inventory, systems, and other necessary capital outlays for purchasing or cold-starting a practice.
Revenue & Expense Modeling
Your 1, 2, & 3-year targets, across the primary areas that drive revenue including doctor coverage and exam volume, professional fees, materials revenue, and conversion rates; and construct cost projections based on industry benchmarks across key expense categories.
36-Month Revenue Forecast
Monthly revenue & expense forecasts based on your Revenue & Expense Modeling target assumptions over 36 months.
3-Year Snapshot
Projected Profit-&-Loss at 1, 2, & 3-year marks based on your Revenue & Expense Modeling targets.
Debt Service & Feasibility Analysis
Determine financial viability based on total project cost, deal structure elements, and financial requirements. Forecasted cash flows as projected in your 3-Year Snapshot.
Strategic Business Plan
Now that the numbers make sense (your dream is financially viable!), it’s time to create a comprehensive roadmap of your vision, serving as the guiding light for the journey ahead. Your strategic business plan composition shall include:
Executive Summary
Provides prospective investors, associates, & purchasers with a general snapshot and layout of the practice. Includes Company Information; Products & Services; Mission, Vision, & Purpose; Purpose of the Plan
Company Description
High-level view of the practice explaining who you are, how you operate, and what your goals are. Includes Organization; Products & Services; Customers; Suppliers; and Goals.
Products & Services
Describe the scope of care & products with a focus on patient benefit, features, cross-selling, lifetime value, pricing strategy, and net revenue. Includes Scope of Care; Competitive Advantage; Patient Lifecycle
Market Analysis
Indicates industry trends, target customer segments, what needs you are filling for them, and the latest trends among these consumers in terms of growth and behavior. Includes: Industry Snapshot; Patient Segmentation; Competitive Analysis.
Strategy & Implementation
Summarize sales and marketing strategies, as well as an operating plan for implementation. Includes SWOT Analysis; Marketing Strategy; Operations & Labor.
Organization & Management
Outline the company’s organizational structure, and identify owners, management team, & board of directors. Includes Ownership; Management Team; Organizational Chart; Financial Forecast & Feasibility Analysis.
Geo-Spatial & Competitive Market Analysis
Explore local market economic trends and household spending, assess the demand for vision, medical, & specialty eye care, and identify competition across zip codes in your market.
With your budget and plan in place, you're ready to find and build the ideal office suited to your vision, scope of care, & goals (and within your Master Budget!). A robust geospatial & competitive market analysis should include:
Eyecare Nearby
Size up the competition including distance, scope of care, and key differentiators.
By the Numbers
Assess the local population, their demographics, and nearby traffic.
Who’s Nearby
Compare your practice population to the generations and segments nearby.
Where to advertise
Plan your marketing knowing which media types are favored locally.
Primary eyecare
address gaps between local demand and your scope of care.
Contact lenses
match generational & lifestyle indicators and contact lens wear, price sensitivity, and fulfillment
Eyeglasses
Explore the purchasing behaviors of eyeglass wearers across purchasing frequency, price point, and location.
Myopia & Pediatrics, Dry Eye & More
Assess consumer demographics, lifestyle indicators, and other factors that impact demand for specialty care.
With solid Business Foundations in place, it is time to proceed through the development & launch of your practice which we will explore in the next blog by Akrinos.
For support with any of these steps, Akrinos has solutions like Business Foundations and DIY Launchpad to help you get on the right track. You can visit getstarted.akrinos.com to begin your journey today!
