The landscape of healthcare is constantly shifting and changing, leading many recent graduates to wonder if they can or should still open their own optometry practice. While you need to take a look at the local area, including competing optometrists, and the demand for optometry specialists in your area first, a good optometry bookkeeping firm like Caro & Associates can help you every step of the way.

Business Planning

While you don't need extensive business knowledge to open your own practice, you should have a plan with specific, measurable goals that you can track over time. You can also take business classes at your local community college or online to help you gain some basic knowledge before you launch your practice.

The most important part of opening any business is ensuring that you're bringing more money in the door than you're paying out the door for expenses, including overhead, payroll, and equipment costs. An optometry accounting firm like Caro & Associates can help you keep track of your income and expenses.

Begin structuring your business plan by adding financial goals in 1-, 3-, and 5-year increments. Think about where you want your business to be in terms of growth, employees, and patients in those timeframes, and lay out specific steps you will take to begin achieving that growth. These steps can include advertising, expansion plans, and directing resources to pay down specific debts.

Things You Should Know

There are a few key factors you should know before you open your optometry practice.

1.) Learn the Basics of Accounting

Research and understand the different kinds of data that go into accounting statements. These include gross sales, including the amount of income you take in for sales and services, and expenses. Gross sales will differ from profits, as the profits are what will be leftover from the sales after the payment of expenses. Your profit and loss statements will cover these important items.

2.) Costs of Goods

The Costs of Goods (COGS) will have a severe impact on your bottom line and profits as you invest in your practice. This includes the cost of equipment, eyeglasses, contacts, and services. You must assess these costs and set your pricing appropriately so that you can bring in profits while building your customer base.

3.) Understand Your Debts

Many new graduates don't start practice right out of school because they are focused on paying down their student loans. However, they often don't take into account the fact that by becoming an associate in another practice or working in retail doesn't help promote their careers. Usually, they begin to accumulate consumer debt, which will make it harder to get a business loan later on.

Don't wait too long to open your practice or buy in to become a partner in an existing practice.

Contact Us

If you are considering opening your own practice, let us help you with your optometry accounting needs. We can provide you with advice on start-ups, help you develop a business structure, and even purchase a business. We can coach you on how to register your business, prepare a business plan, and monthly or quarterly cash flow forecasts and help you grow your business. Call Caro & Associates at 206-497-0671 for a free consultation.