For a handful of ODs, their practice success is tied to the success of their location and corporate partner. When specific department stores started closing, many optometrists needed to find a way to stay in business without the safety of traffic from malls, grocery stores, and retail establishments.
It's highly recommended that any corporate optometry practices develop a plan B in the case of location closures, which could happen both gradually or suddenly. We want to explore some options for a backup plan in today's blog post.
Prepare Your Eyecare Practice for Corporate Optometry Changes
Go Solo
We know it's much easier said than done, but it's likely that your loyal patients will follow you if you open up your own practice nearby. Survey patients to make sure you have a good idea of which parts of your service they'd like you to preserve and what they might find more attractive. Then, contact a commercial realtor to find a retail space within 2-3 miles of your previous location. This gives you the opportunity to find a space that's better suited for your staff's needs and your patient preferences, too.
Join Forces
Cash in your favors. Your colleagues can not only provide you support, but they could partner with you to start a large practice. Especially if you have a large amount of patients, you could partner with other ODs whose corporate practices are forced to close. If you know of any retiring doctors, look into buying out their practice and negotiating a good deal with them.
Take No Chances
Many optometrists watch the commercial real estate market and wait to purchase a space to start their own practice when prices are lowest. Depending on where you practice, there might be a dip now that causes your corporate location to lose business. If there is still a need for an optometrist in the area, it's likely you'll be able to thrive in a mall or retail area that larger corporations like Walmart might not. Conduct surveys, talk to commercial real estate agents, and consider moving before you have to leave your current location.
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