Transition Consultants - Medical Practice Sales, Valuation, Financing

Every start-up Optometry practice should write a comprehensive business plan including an analysis of the competition within the geographic area.  We review numerous business plans and projections of Optometry start-ups during the financing process... From my experience with these projects, it is crucial to differentiate one's optometric office and service offerings.  This is especially relevant in heavily saturated markets and large metropolitan areas.  The best business plans we have come across include an in depth analysis of other vision care providers in the area including some of the following factors:

• Total OD coverage (not all practices have the same FTE coverage, and thus different market share)
• Hours of operation (a potential area in which to capture market share via patient convenience)
• Type of vision care services offered (basic optometric care, medically oriented, low vision, vision therapy, etc)
• Strata of dispensing (low end frames, high end designers, contact lens weighted)
• Breakdown of optical vs. optometric income
• Private practices vs. commercial locations (each has different customer appeal, experience, etc)
• Draw of each practice to the target patient base (see previous bullet)
• Aggressiveness of current marketing efforts by competitors
• Relationship with Lasik centers, Ophthalmology practices, and other providers

This type of information obtained by the start-up candidate about the surrounding competition will help him/her to conduct a SWOT analysis for the new practice.  An in-depth examination at the onset of the project will give the startup practice a better chance to obtain the needed financing, gain market share, and differentiate itself in a challenging market.