Many young, ambitious optometrists live with the dream of becoming the CEO of an optometry practice. Making the dream a reality takes money. Since most young, ambitious optometrists don’t have the necessary cash on hand to start or purchase their own practices, they will need to find ways to fund their dreams. Today’s tough financial environment has deferred or derailed many dreams of owning a practice. Fortunately, it does not have to be this way. Taking the time to prepare a winning proposal can open the doors to the bank vault. Just like you want to hear your 15-year-old son tell you why loaning him $150 for a gaming console is a good idea, the banker wants to know why you, the optometrist, are a good investment. If you want to capture the interest of the banker and get that loan, you need a well-thought-out and well-organized business plan.

Business Plan Outlineoffice table top view

Executive Summary
     Mission Statement
     Vision Statement
     Core Values
     Current company overview
     Future plans
Company Description
Organization & Management
     Create an organizational chart (i.e. – CEO, office manager, staffing needs)
     Define “departments” of the practice (optical, front desk, assistants, insurance)
Services & Products
     Vision
     Medical
     Products changes?
     Service changes?
Marketing
Financial Needs
     Create a budget for the first year of expected revenue and expenses
Market analysis
     Insurance (Affordable Care)
     Meaningful Use (Government requirements)
     Local Providers
     Negative impacts on current business
          EHR
          Staffing
          Economy
          Insurance changes (provider panels)
According to conversations with Wells Fargo Practice Finance and Healthcare Professional Funding, optometrists generally are great investments as the default rate for professionals in optometry, dentistry and veterinary medicine is less than two percent. If you are considering a start up, practice purchase, or extension to your current office, prepare early by working through the outline above to structure a successful business plan.