I want you to “look” at something. It’s called My Eyelab. And it’s a retail franchise. “Retail??? Are you crazy, Joel?” Maybe.
But before I tell you about this franchise opportunity in the retail sector, there’s something I need to point out. It’s this:
Unless you haven’t had access to economic-related news for the past couple of years, I’m going to assume that you’re aware of the fact that retail businesses have been struggling.
Between Amazon, the pandemic, supply chain issues, and high inflation, things aren’t pretty.
Given those points, why would you consider becoming the owner of a retail franchise now?
Better yet, why would I even bring retail franchising up?
Because retail still offers a good opportunity for people who want to own a business.
5 Things A Retail Franchise Needs To Have
If you’re going to invest your hard-earned money in a retail store franchise, it needs to have the following:
- Good margins
- A steady flow of customers
- Constant new product introductions
- Fairly recession-proof products
- A large franchisee network
Now if only a retail franchise business like that existed…
Eyeglasses, Eyeglasses, And More Eyeglasses
According to The Vision Council, it’s projected that there are currently 164 million U.S. adults wearing eyeglasses. Wait. It gets better.
37.1 percent of all Americans regularly use two or more pairs of eyeglasses. It doesn’t stop there.
The fact is, 51.7 percent of Americans regularly use two or more pairs of sunglasses. Heck, I own two pairs of prescription sunglasses. And they weren’t cheap!
My point is this:
A lot of people wear glasses. And they’re a need…not a want.
That’s why the retail franchise I’m introducing you to may be worth a “look.”
The My Eyelab Retail Franchise
With roots in Jacksonville Florida, My Eyelab has grown to 80+ retail locations with several more in the works.
Interestingly enough, the My Eyelab franchise wasn’t on my radar until I started looking around for retail franchise opportunities.
And once I found out more about the opportunity, I wanted to share it with you.
Note: the folks at My Eyelab headquarters were not contacted for this story…I’m not getting paid to promote this growing retail franchise. I just like the space.
Now to startup costs.
My Eyelab Franchise Cost
Your total initial investment for one My Eyelab retail store ranges from $314,877-$491,227.
According to their franchise website, your exact upfront cost will depend on the size of your store, build-out and construction costs, and fixtures. Plus one more thing. Where you open your franchise business.
Simply stated, it’s going to cost way more to open a retail store location in Southern California than it would if you were to open your retail store in Wichita, Kansas. Stuff just costs more on the West Coast. Heck-the East Coast, too!
What Do You Get As A My Eyelab Retail Franchise Owner?
My Eyelab offers franchisees:
- Access to exclusive technology
- In-depth start-up training
- Proven operating manual
- Exclusive supplier access
- Marketing assistance
- Regional business coaches for franchise retailers
- Franchisee hotline
- Online franchisee training portal
- Ongoing on-site training and development
- Franchise owner workshops and boot-camps
My Eyelab Wants Multi-Unit Retail Store Operators
According to information readily available on their website, My Eyelab has been able to “Streamline and automate operations to keeps costs low, making it easy to scale to a multi-unit business.” How?
With their “Proprietary telehealth and POS technology.”
But I need to tell you something.
Nothing is easy.
And that includes scaling a business into multiple units.
It takes time, focus, and a lot of money.
But if your goal is to own an the rights to an entire area, multi-unit franchise ownership is the way to go.
What do you think?
Is a scalable retail franchise opportunity with good margins* something you’d look into?
*I don’t have financial data from My Eyelab.
But experience tells me if you’re selling a pair of prescription eyeglasses (with a frame) for $375, you’re going to pocket close to half that amount for your store (minus expenses, taxes, and royalties).
All businesses have downsides. That includes retail.
For instance, good retail workers may be hard to find. And that can be frustrating (to say the least).
Tip: A good store manager/assistant manager can do wonders for your business. Ask other My Eyelab franchisees how they found theirs.
Equally important is the fact that retail hours are quite long. So be prepared for that. Especially if there’s a lack of employees to man the ship.
Expenses tend to be high in retail. Some of it you can control. But you generally can’t control things like the cost of goods, shipping, and energy.
Finally, you’re always going to have difficult customers. That means you’ll need to learn how to handle them.
What do you think of my idea?
Should You Buy A My Eyelab Franchise?
Can you “see” yourself owning a retail operation like this?
Is it easy to visualize?