The FiSol Perspective

Considerations Before Opening a Second Optometry Practice

  • October 13, 2021 by Marty Newton
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The need for optometry services continues to increase, which begs the question - should you look into optometry practice loans with the aim of opening a second practice? Here are some considerations to make before making this move.

Assess the Success of Your Primary Practice

Before you open a second optometry practice, you should take the time to assess your existing practice to ensure it's thriving and up to your standards. This helps you avoid a situation where you divert much-needed resources that could leave your original practice standing on shaky legs.

You won't start realizing profits right away when you open a new practice, so the original practice has to be financially healthy enough to support the new office. You may not be able to hire a complete set of new staff immediately, so it's important that your current staff work with you to establish the new practice.

Calculate the Cost of Expansion

Expanding your business comes with significant costs, mostly associated with remodeling the new space so it's adequately outfitted and aligns with your brand. You'll need to buy new equipment and do repairs.

A lot of work may need to be done, such as painting, tiling, installation of cabinets, and labor. Once you have determined the total cost of remodeling, go over your budget to see if it's affordable.

Fortunately, you have access to optometry practice loans that allow you to expand your business without having to wait for your budget to catch up. Optometry practice loans also help to keep you financially prepared in case of surprises.

Figure Out If You Can Become Profitable Quickly

Ideally, you want to open a new practice that allows you to reach profitability sooner without making a bank-breaking investment. That's why it's important to assess the viability of your location.

You should also investigate other practice habits that can make you more attractive to new customers. With the right billing practices, insurance coverage options, and excellent customer service, you should be able to realize profits quickly.

According to Modernod.com, Americans will need about 20 million more routine and medical eye exams in 2025 than they did in 2015. Keep in mind that this figure doesn't include the higher number of surgeries needed for the US senior population. All in all, this spells good news for optometrists. With optometry practice loans, it's easier and more convenient to expand your business to further accommodate the needs of your patients.