![How to plan and track the budget of your eyewear brand [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-4_0799ea73-10bf-49b6-83e7-23cee2a7ff40.png?v=1715856422&width=1100)
If you don’t plan and track your eyewear business budget properly, you're setting yourself up for failure.
When we developed our strategy pack for eyewear brand owners, we saw a lot of eyewear entrepreneurs struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial revenue.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your eyewear brand's finances around and set you on the path to success!
Get the budget tracker tailored for eyewear brands
Most eyewear brand founders don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for eyewear brands
Here is an example of a (very) detailed budget for an eyewear brand, to give you some inspiration
1. Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Rent | Lease for retail and office space | $4,000 | $48,000 |
| Electricity | Power consumption for store and office | $600 | $7,200 |
| Water | Water usage | $150 | $1,800 |
| Internet & Phone | Internet service and business phone | $200 | $2,400 |
| Waste Removal | Garbage and recycling services | $100 | $1,200 |
| Insurance | Property and liability insurance | $400 | $4,800 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Store Manager | 1 | $3,500 | $3,500 | $42,000 |
| Optician | 2 | $3,000 | $6,000 | $72,000 |
| Sales Associates | 3 | $2,000 | $6,000 | $72,000 |
| Customer Service | 2 | $2,500 | $5,000 | $60,000 |
| Marketing Specialist | 1 | $3,000 | $3,000 | $36,000 |
3. Inventory & Supplies
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Eyewear Inventory | Frames, lenses, sunglasses, etc. | $15,000 | $180,000 |
| Cleaning Supplies | Lens cleaners, cloths, etc. | $300 | $3,600 |
| Office Supplies | Stationery, printer ink, etc. | $200 | $2,400 |
| Display Materials | Showcases, stands, etc. | $500 | $6,000 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $400 | $4,800 |
| Social Media Management | Managing social media accounts | $600 | $7,200 |
| Print Advertising | Flyers, posters, magazine ads | $300 | $3,600 |
| Website Maintenance | Hosting, domain, updates | $150 | $1,800 |
| Email Marketing | Email campaigns and newsletters | $200 | $2,400 |
| Promotional Events | Special events and promotions | $250 | $3,000 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Equipment Maintenance | Regular maintenance of optical equipment | $300 | $3,600 |
| Uniforms | Staff uniforms | $150 | $1,800 |
| Licenses & Permits | Business licenses, optical permits, etc. | $100 | $1,200 |
| POS System | Point of Sale software and hardware | $200 | $2,400 |
| Contingency Fund | Emergency repairs and unexpected costs | $500 | $6,000 |
| Staff Training | Training programs and materials | $250 | $3,000 |
Some eyewear brands make 5x more profit than you!
We have studied the strategies of the best eyewear brands in the world. Replicate them now!
What are the biggest expenses for an eyewear brand?
Be mindful of these critical expenses. Here are five major costs every eyewear brand owner needs to consider, along with some tips on how to manage them effectively.
- Inventory and materials costsThese can take up a significant portion of your budget. You're dealing with materials like lenses, frames, and coatings, and prices can vary based on quality, supplier, and market conditions. To keep these costs in check, focus on bulk purchasing, negotiate better prices with suppliers, and minimize waste. It's easy to overspend by stocking too much inventory or opting for premium materials that don’t add enough value.
- Your staffYour team is your backbone, but paying for their wages, benefits, and training can be costly. This expense is always high because you need skilled opticians, sales associates, and customer service representatives to provide excellent service and keep operations running smoothly. You can optimize labor costs by scheduling efficiently, cross-training staff, and monitoring productivity. However, be careful not to underpay or overwork your staff, as this can lead to high turnover and poor service.
- Rent and utilities of your storePrime retail locations come with high rent, but they can attract more customers. Utilities like electricity, heating, and water are essential but can add up quickly. To optimize these costs, negotiate favorable lease terms and invest in energy-efficient lighting and appliances. Overspending often happens when you choose a location that's too large or too luxurious for your needs.
- MarketingYou need to get the word out about your eyewear brand, but advertising can be expensive, whether it's online ads, social media campaigns, or traditional media. Optimize this expense by focusing on cost-effective methods like the ones we provide in our guide. Overspending can occur if you invest in flashy campaigns without a clear return on investment.
- Store fixtures and maintenance costsThis includes everything from display cases to fitting room equipment. These are expensive because quality fixtures and regular maintenance are crucial for smooth operations and customer satisfaction. Optimize by investing in durable, energy-efficient fixtures and maintaining them regularly to avoid costly repairs. You can overspend by going for the latest high-tech gadgets you don’t really need.
How to spend less with your eyewear brand?
Here are practical tips to help you, as an eyewear brand owner, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Inventory Costs | Partner with reputable suppliers for bulk purchases and negotiate better rates for high-quality materials. |
| Labor Costs | Implement a scheduling software to optimize staff hours and reduce overtime. |
| Utilities | Install energy-efficient lighting and equipment in your store and office spaces. |
| Marketing | Run social media contests for your eyewear brand and collaborate with local influencers for free exposure. |
| Cleaning Supplies | Train staff on efficient use of cleaning supplies to reduce waste and maintain a pristine store environment. |
| Equipment Maintenance | Set up a maintenance log for regular checks and servicing of optical equipment. |
| Rent/Mortgage | Negotiate lease terms during renewal or consider moving to a less expensive location. |
| Insurance | Regularly review insurance policies to ensure they meet current needs and compare rates annually. |
| Packaging | Use cost-effective, eco-friendly packaging and offer discounts for customers bringing their own cases. |
| Display Fixtures | Invest in high-quality, durable display fixtures that can withstand frequent use and enhance product visibility. |
| POS System | Choose a POS system that offers essential features with low transaction fees and integrates with other systems. |
| Staff Training | Conduct regular in-house training sessions and use free online resources to keep staff updated on the latest trends and technologies. |
| Waste Management | Implement a waste tracking system to minimize waste and recycle materials whenever possible. |
| Technology | Invest in multi-functional optical equipment and utilize management software for inventory and customer orders. |
| Uniforms | Choose durable, easy-to-clean uniforms and offer staff a stipend for maintenance instead of using an external service. |
| Advertising | Utilize digital advertising platforms and local community boards to reach a wider audience at a lower cost. |
| Licensing and Permits | Stay up-to-date with local regulations to avoid fines and costly renewals. |
| Transportation | Plan delivery routes to maximize efficiency and reduce fuel costs. |
| Office Supplies | Purchase supplies in bulk and go paperless where possible with digital order systems. |
| Inventory Management | Use inventory management software to track stock levels and reduce overstocking or understocking. |
| Pest Control | Schedule monthly pest control services and maintain cleanliness standards to prevent infestations. |
| Customer Experience | Use a streaming service for background music and offer personalized consultations to enhance the shopping experience. |
Copy the tactics of the best eyewear brands in the world!
There are eyewear brands that make way more money than you do. We have studied their tactics. Get them now!
Expenses that are just useless for an eyewear brand
Yes, some expenses for your eyewear brand are just unnecessary. They don't contribute to increasing revenue or enhancing customer satisfaction.
| Eyewear Brand Expense | Reason It's Useless |
|---|---|
| Luxurious Store Interiors | Overly extravagant store designs don't necessarily attract more customers and can be a financial burden. |
| High-End Packaging | Unless you are a premium brand, most customers are satisfied with simple, eco-friendly packaging. |
| Extensive Product Range | A large inventory increases storage costs and can lead to unsold stock. |
| Top-Tier Display Units | Expensive display units are not always necessary and can be cost-prohibitive. |
| Print Advertising | Traditional print ads often have a lower return on investment. Don’t include them in the marketing strategy of your eyewear brand. |
| Multiple Store Uniforms | Having various uniform styles increases costs without adding significant value to the customer experience. |
| Overstaffing | Having more staff than necessary leads to higher labor costs without necessarily improving service quality. |
| Premium Subscription Services | Expensive subscriptions for music or magazines often go unnoticed by customers. |
| Exclusive Frame Materials | Using rare materials can inflate costs and complicate supply chains. |
| Costly Furniture | High-end furniture is not always appreciated by customers and can be a significant expense. |
| Custom Printed Bags | Personalized shopping bags are a minor detail that most customers overlook, and they can be expensive. |
| Unnecessary Software | Paying for software with features you don’t use is a waste of resources. |
| Premium Lens Cleaners | Most customers are content with standard lens cleaners, making expensive options unnecessary. |
| Extra Delivery Vehicles | Maintaining a larger fleet than needed increases operational costs. |
| Excessive Membership Fees | Paying for multiple industry memberships often yields little benefit. |
| Frequent Store Renovations | Constantly updating store decor and layout can be costly and disrupt operations. |
| Expensive Store Displays | Elaborate displays are often ignored by customers and add to the cost. |
| High-End Display Cases | Luxury display cases are prone to damage and expensive to replace, often going unnoticed by customers. |
| Excessive Staff Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Marketing Materials | Frequently redesigning marketing materials is costly and often unnecessary. |
| Unused Promotional Items | Ordering more promotional items than needed leads to waste and unnecessary expense. Get our marketing budget planner template. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Optical Equipment | Specialized optical equipment is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your eyewear brand!
Managing a budget for an eyewear brand when funds are tight can feel overwhelming. It's like being trapped in a cycle where any unexpected expense can set you back significantly.
This constant pressure makes it nearly impossible to invest in growth initiatives, leaving you perpetually focused on just covering costs. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, scraping together resources and barely making ends meet. But there's another part of the equation you might be overlooking. Instead of just trying to cut costs, you can focus on growing your revenue. More income means more breathing room and more money to invest in your brand.
And no, you don't necessarily have to spend money to grow. There are plenty of zero-cost initiatives and strategies that can help you increase your revenue by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of eyewear brands just like yours. Get them now!
Make your eyewear brand more profitable
We have studied the strategies of the best eyewear brands in the world. All their tactics are explained in our pack!
