Could An Independent LIFESTYLE Practice Be the Route to A Better Life for You?

As the saying goes, there is safety in numbers……

Which means that franchisees and joint venture partners working within the framework of the big corporate chains can rely on their head office support teams for assistance with most core business functions.

This is why - in an increasingly complex business landscape - so many would be owners choose to play the franchise or JV “numbers game.”

However - as well you know – when it comes to basic maths, there is always another side to the numbers in order to balance the equation….. a Ying to the Yang….

Which means that when it comes to business ownership in the optical sector, as well as the positives, there is inevitably also a significant downside to following the numbers and following the herd.

Let me explain……?

Throwing your lot in with the big boys – and by playing the safety in numbers game – inevitably comes with an ABSOLUTE focus on THE business numbers too.?In other words, a pressure to perform like a TESTING and DISPENSING machine. ??A pressure to keep the controlling franchisors happy and rich in their ivory towers…….

Don’t get me wrong! The team here at Myers La Roche have plenty of consultancy clients who are top performing operators within the independent sector; owners who are super savvy about their Key Performance Indicators and ferociously focused on their business finances; as a result, they make incredible annual profits - within a framework and practice of their own design…..?

The difference is that they have ABSOLUTE CHOICE in how hard they decide to work, what they charge their patients, what services they offer, what frames they stock and how many days their practice tests. ?

Beyond the top and mid-tiers of the independent sector (if practices are measured in terms of scale and profitability) there are a surprising number of smaller independent optical practice owners who are NOT fixated on the numbers – who operate their businesses based on a very different set of success metrics.

Whilst they still make a decent living, their focus does not revolve around maximising financial return.?Instead, their business is designed to be a vehicle to provide a fulfilling and enjoyable WORK ENVIRONMENT. Their practice is in part a form of self-expression – often with their name over the door. ????

This type of practice is UNIQUE to the independent sector and is classified as a LIFESTYLE PRACTICE. ?

Instead of pursuing high-profit margins and relentless growth, lifestyle businesses prioritize personal well-being, allowing owners to enjoy their work while maintaining a fulfilling life outside of business hours.?

This focus on balance ensures that individuals have the time and energy to pursue their passions, nurture personal relationships, and find overall fulfilment in their lives.

Lifestyle practices tend to operate from smaller, more secondary premises with a smaller team and generally lower overheads.

These types of practices frequently close for lunch, and only run a single clinic, 3 or 4 days a week.?

Opening on a Sunday is virtually never seen and testing on a Saturday is a rarity! Testing times tend to be longer too with eye examinations often lasting anywhere from 30 minutes to 1 hour.?It is not at all unusual for owner optometrists to do their own dispensing….

For clinicians who have done their pre-reg and spent their entire professional life working for one of the big national chains, this may sound: ?

-?????At best like some sort of dystopian fantasy

Or

-??????At worst like commercial suicide,

but if operated well, lifestyle practices can thrive on these kinds of operating hours.?It is just a very different approach and culture and a very different relationship between practitioner and patient. ?

Operating a lifestyle practice allows owners to forge deep and meaningful connections with their customers. By fostering personal relationships, owners can provide a more personalized and tailored service to their clientele. This level of attention and care enhances the customer experience and creates a loyal customer base that appreciates the genuine interactions and individualized approach of a lifestyle business. Building lasting connections with customers not only brings personal satisfaction but also contributes to long-term business success.

Time to express yourself? Do you dare to be different, or are you happy to be a drone?

Building a Strong Community Presence

Lifestyle businesses often play an integral role in their local communities. By focusing on quality service rather than mass-market appeal, owners can establish themselves as trusted experts and respected community members.

Active involvement in community events, collaborations with other local businesses, and supporting local causes help strengthen the business's reputation and foster a sense of belonging. This integration within the community brings a deeper sense of purpose and satisfaction to the business owner.

Work that Reflects Personal Values

A lifestyle business allows individuals to align their work with their personal values and beliefs. By choosing a business model that resonates with their passions and principles, owners can derive a sense of purpose and fulfilment from their work. Whether it involves sustainable practices, ethical sourcing, or community initiatives, the ability to make a positive impact through their business creates a deeper sense of satisfaction and pride.

Key takeaways and follow up actions.

While many optical practice owners (and prospective owners) are driven by the pursuit of high financial returns, lower yielding "lifestyle businesses" offer an attractive alternative that may afford a less pressured, more satisfying business ownership experience. ?

This alternative path emphasizes work-life balance, personal fulfilment, flexibility, establishing personal connections, building a strong community presence, and aligning work with personal values. By embracing the positives of a lifestyle business, many first-time buyers can find a sense of purpose and fulfilment that goes beyond monetary gains, creating a meaningful and rewarding career journey in the optical industry.

Is it time to consider a smaller lifestyle practice? To find out more give us a call on 0161 929 8389, or register your interest via www.myerslaroche.co.uk

?