![How to plan and track the budget of your eyewear optician store [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-5_8b728795-18e0-47c8-9272-ef1d462e0a7c.png?v=1715856352&width=1100)
If you don’t plan and track your eyewear and optician store budget properly, you're setting yourself up for failure.
When we developed our strategy pack for eyewear and optician store owners, we saw a lot of store owners 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 store's finances around and set you on the path to success!
Get the budget tracker tailored for eyewear stores
Most eyewear store owners don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for eyewear stores
Here is an example of a (very) detailed budget for an eyewear and optician store, to give you some inspiration
1. Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Rent | Lease for store space | $4,000 | $48,000 |
| Electricity | Power consumption for lighting and equipment | $600 | $7,200 |
| Water | Water usage | $100 | $1,200 |
| Internet & Phone | Internet service and business phone | $150 | $1,800 |
| 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 |
|---|---|---|---|---|
| Optometrist | 1 | $6,000 | $6,000 | $72,000 |
| Optician | 2 | $3,500 | $7,000 | $84,000 |
| Sales Associates | 3 | $2,500 | $7,500 | $90,000 |
| Receptionist | 1 | $2,000 | $2,000 | $24,000 |
| Manager | 1 | $4,000 | $4,000 | $48,000 |
3. Inventory Costs
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Frames Inventory | Various styles and brands of eyeglass frames | $8,000 | $96,000 |
| Lens Inventory | Prescription lenses, contact lenses, etc. | $5,000 | $60,000 |
| Cleaning Supplies | Lens cleaners, cloths, etc. | $200 | $2,400 |
| Office Supplies | Stationery, printer ink, etc. | $150 | $1,800 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $300 | $3,600 |
| Social Media Management | Managing social media accounts | $500 | $6,000 |
| Print Advertising | Flyers, posters, newspaper ads | $200 | $2,400 |
| Website Maintenance | Hosting, domain, updates | $100 | $1,200 |
| Email Marketing | Email campaigns and newsletters | $150 | $1,800 |
| Promotional Events | Special events and promotions | $200 | $2,400 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Equipment Maintenance | Regular maintenance of optical equipment | $300 | $3,600 |
| Uniforms | Staff uniforms | $100 | $1,200 |
| Licenses & Permits | Business licenses, health permits, etc. | $100 | $1,200 |
| POS System | Point of Sale software and hardware | $150 | $1,800 |
| Contingency Fund | Emergency repairs and unexpected costs | $500 | $6,000 |
| Staff Training | Training programs and materials | $200 | $2,400 |
Some eyewear stores make 5x more profit than you!
We have studied the strategies of the best eyewear stores in the world. Replicate them now!
What are the biggest expenses for an eyewear and optician store?
Be mindful of these critical expenses. Here are five major costs every eyewear and optician store owner needs to consider, along with some tips on how to manage them effectively.
- Inventory Costs Eyewear inventory, including frames, lenses, and accessories, can take up a significant portion of your budget. Prices can vary based on brand, quality, and supplier terms. To keep these costs in check, focus on maintaining a balanced inventory, negotiating better prices with suppliers, and minimizing overstock. It's easy to overspend by stocking too many high-end or trendy items that may not sell quickly.
- Staffing Expenses Your staff, including opticians, sales associates, and administrative personnel, are essential to your business. Paying for their wages, benefits, and ongoing training can be costly. Optimize labor costs by scheduling efficiently, cross-training employees, and monitoring productivity. However, be cautious not to underpay or overwork your staff, as this can lead to high turnover and poor customer service.
- Rent and Utilities Prime retail locations come with high rent, but they can attract more customers. Utilities like electricity, heating, and water are necessary but can add up quickly. To optimize these costs, negotiate favorable lease terms and invest in energy-efficient lighting and equipment. Overspending often occurs when you choose a location that's too large or too upscale for your needs.
- Marketing You need to promote your eyewear store, 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 recommend. Overspending can happen if you invest in flashy campaigns without a clear return on investment.
- Equipment and Maintenance Costs This includes everything from optical instruments to display furniture. These are expensive because quality equipment and regular maintenance are crucial for smooth operations and customer satisfaction. Optimize by investing in durable, energy-efficient equipment and maintaining it regularly to avoid costly breakdowns. You can overspend by going for the latest high-tech gadgets you don’t really need.
How to spend less with your eyewear optician store?
Here are practical tips to help you, as an eyewear and optician store owner, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Frame Inventory | Partner with local or independent frame manufacturers for unique designs at competitive prices. |
| Labor Costs | Implement a scheduling software to optimize staff hours and reduce overtime. |
| Utilities | Install LED lighting and energy-efficient equipment in your store and lab. |
| Marketing | Run social media contests for your eyewear store and collaborate with local influencers for free exposure. |
| Cleaning Supplies | Train staff on efficient use of cleaning supplies to reduce waste. |
| 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 for glasses and offer discounts for customers bringing their own cases. |
| Display Fixtures | Purchase high-quality, durable display fixtures that can withstand frequent use and reconfiguration. |
| 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 recycling program for old glasses and lenses to minimize waste. |
| Technology | Invest in multi-functional optical equipment and utilize management software for appointments and inventory tracking. |
| Uniforms | Choose durable, easy-to-clean uniforms and offer staff a stipend for maintenance instead of using an external service. |
| 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 for home deliveries or mobile services. |
| 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. |
| Music and Ambiance | Use a streaming service for background music to create a pleasant shopping experience. |
Copy the tactics of the best eyewear stores in the world!
There are eyewear stores that make way more money than you do. We have studied their tactics. Get them now!
Expenses that are just useless for an eyewear and optician store
Yes, some expenses for your eyewear and optician store are just unnecessary. They don't contribute to increasing revenue or improving customer experience.
| Store Expense | Reason It's Useless |
|---|---|
| Luxurious Store Decor | Overly lavish decor doesn't necessarily attract more customers and can be a drain on the budget. |
| High-End Frame Brands | Unless you cater to a luxury market, most customers are satisfied with mid-range options. |
| Excessive Frame Selection | A large inventory increases costs and can lead to unsold stock. |
| Top-Tier Equipment | High-end optometry equipment is not always necessary and can be cost-prohibitive. |
| Paper Advertising | Traditional paper ads often have a lower return on investment. Don’t include them in the marketing strategy of your store. |
| Multiple Uniform Styles | Having various uniform styles increases costs without adding significant value to the customer experience. |
| Excessive Staff | Overstaffing leads to higher labor costs without necessarily improving service quality. |
| Premium Subscription Services | Expensive subscriptions for magazines or music often go unnoticed by customers. |
| Exclusive Lens Options | Using rare lens 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 Cleaning Supplies | Most customers are content with standard cleaning practices, making expensive cleaning supplies 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. |
| Overly Frequent Renovations | Constantly updating decor and layout can be costly and disrupt operations. |
| Expensive Display Pieces | Elaborate display pieces 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 Materials | 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 Optometry Equipment | Specialized optometry equipment is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your eyewear optician store!
Managing a budget for an eyewear and optician store when funds are tight can feel overwhelming. It's like being trapped in a situation where any unexpected expense can throw you off balance.
This constant pressure makes it nearly impossible to invest in growth opportunities, leaving you always scrambling to cover costs. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, pinching pennies 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 resources to invest back into your business.
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 and optician stores just like yours. Get them now!
Make your eyewear optician store more profitable
We have studied the strategies of the best eyewear stores in the world. All their tactics are explained in our pack!
