F.A.Q.’s about Our Optical Franchise Opportunities

/F.A.Q.’s about Our Optical Franchise Opportunities
F.A.Q.’s about Our Optical Franchise Opportunities2019-09-19T14:10:09+00:00

What experience do I need to become a mobile or optical shop franchise owner with Optical Academy?

The ideal franchise candidate for Optical Academy will most likely be newly graduated, active or retired ophthalmologists, optometrists or opticians who want to expand an existing business, move out of a corporate or partnership practice, or simply own their own unique business in the eyecare industry. We do, however, welcome entrepreneurs who are looking to join this exciting industry with a revolutionary, rewarding concept. Good candidates will be financially qualified, will share the vision for affordable eyecare for everyone and will support the compassionate side of the Optical Academy business model.

What is provided as part of the Optical Academy program?

Initial training will consist of up to one week of classroom and one week servicing events for both the franchise owner and the event coordinator. Then, in conjunction with commencing of business operations, representatives of Optical Academy will spend up to five days assisting the franchise owner and staff on-site at the franchised location. Franchise owners receive ongoing training, plus periodic field business consulting visits, as well as remote support. Our business owners have access to specifications for design and build-out of store and/or outfitting the van. All are provided with a confidential operation manual that details establishing the business, daily operating procedures, business management, suppliers, reporting functions, forms, marketing & sales, equipment and suppliers, quality control and other important business functions. Each franchisee has access to approved technology systems, including exams, patient records, accounting, etc.

How much will the Optical Academy franchise investment cost me?

The total initial investment necessary to begin operations ranges from $215,300-$613,000 for an Optical Academy Combined Outlet, and $109,000-$207,000 for an Optical Academy Mobile Business. This includes a $25,000 initial franchise fee. As with any new venture, it’s important to have adequate capital to fund the initial business growth stages.

Is financing available?

 No. We do not provide direct financing to franchisees, but we may refer to financing sources on a case by case basis.

Are there ongoing fees to pay? 

We charge a royalty fee equal to 6% (For Van-Only Franchise: 6% of gross revenue net of sales tax and professional fees for eye exams/ for Store and Van Franchise: 6% of gross revenue net of sales tax and professional fees for eye exams plus a flat rate royalty as follows):

  • Year 1 = $1,000 per month

  • Year 2 = $2,000 per month

  • Year 3 = $3,000 per month

  • Year 4 = $4,000 per month

  • Year 5 and thereafter = $5,000 per month

There is also a $200 monthly technology fee. These fees allow us to fund our software and website development and maintenance.

Are there any advertising fees?

Franchisees will be required to contribute up to 2% of gross revenues into the system marketing fund. Collected funds will be used to develop marketing strategies to promote the Optical Academy brand and fund the creative costs to develop local marketing materials and campaigns.

What is the term of the agreement?

The franchiser will offer an initial term of 10 years, with one subsequent successor agreement option of five years for a Store and Van franchise, and an initial term of five years, with one subsequent successor agreement option of five years for a Van-Only franchise.

How do I get started?

If you’re interested in learning more about how to open an Optical Academy franchise, fill out our online form, contact us at 800.530.8620 or email to discuss the possibility of setting up a meeting, speaking with our key management staff, and receiving our FDD (Franchise Disclosure Document).  The FDD contains all the essential details you’ll need to make an informed decision about owning and operating your own mobile or optical shop franchise.