Optical Shop Project Report

The optical shop project report contains all the information for you if you are planning to start an optical shop in India. The optical shop business is one of the most profitable business start-ups in India. You need to know some basic things before starting this business. Everything is included in our project report that you can download and explore. Thus you need to know much about this business regarding how to open it and then how to carry it to meet the market scenario.

These days the eyewear segment is the fastest-growing sector which is near to the stagnant market. Around 80% market is for spectacles while the remaining 20% is for sunglasses. This segment has a prestige growth across both developing and developed economies.

The rapid growth rate of eyewear modernizes living standards, but the market is known for product innovations, exports, and increasing yield. These days global eyewear market is experiencing changes like consumer tendency towards round-style glasses, cat-eye frames, and asymmetrically structured sunglasses. Besides, this also acts as a tool for the protection of your eyes and continuously new styles and trends coming up in sunglasses.

You can start an Optical Business in three types.

1. Online eyewear business
2. Retail optical business
3. Selling frames and lenses in an eye camp.

This is not only just a business, but it also involves healthcare. Like other businesses, you need an optical shop project report for this in which you include patient care services.

Optical Shop Project Report

You can explore useful information about setting up your optical shop here. If you are determined to start this venture then you can buy an optical shop project report from us. You can get personalized project reports for every business from our website. Our well-qualified experts prepare these project reports and include every useful information in them. You will get the optical shop project report after making the payment.

Optical Shop Project Report contains information like the product attraction, financial details, investment of Funds, location, set up cost, target market information, scope, marketing strategies, etc. The information is all enough for you to have a good idea about this business. If you want to seriously open an optical shop and avail financial help from investors or bank loans, you require a professionally written project report. Our well-qualified professionals can make personalized project reports on your demand. You can make the payment and get the project report online. This will be of good help for you to avail of government subsidy schemes, Mudra Loan, PMEGP loan schemes etc. It will solve all your purpose.

The purpose of the optical store project report is will guide you and provide you with every important information about this startup. It will assist all entrepreneurs who wish to start this venture and chartered accountants, students, and whoever is interested in knowing about this business. You can use the project report of the optical shop for a bank loan.

What is an Optical Shop?

An optical shop is a store that provides high-quality eye protection glasses to customers and a friendly environment. If you want to set up a store, go for the optical shop as it is a risk-free business and the market is established well.

You can provide good options in sunglasses along with trending frames. The professional first examines the eyes of the customers and then the optical shop owner will provide you with glasses that are spectacles or contact lenses with the help of your training dispensing staff.

You can assist the customers in choosing the right style of frames that suits their needs and faces. It may be a good choice for their lifestyle, appearance and needs.

Need for Project Report Optical Shop MSME

Be it eyeglasses or fashionable sunglasses, an optical shop is needed to set up a market to help the common people get variety in their town and they can buy good quality eyewear. People these days want to buy fashionable glasses rather than purchasing eyeglasses or spectacles. Thus they look for optical shops that are there in the market and look for variety.

They also have the option to buy eyewear from online stores where they can choose from much more options than the ones at your shop but they want to see and buy from an optical shop. They can select one from the products you have made available.

The optical store business is steadily growing and this growing awareness of people needs to be taken care of. As the demand is increasing for fashionable glasses, your optical shop needs to find ways to keep the variety according to the demand of customers.

The optical brands are rising because of this increasing demand only. Thus optical shops play a crucial role in the market in fulfilling the need of customers for fashionable glasses and spectacles. You need a project report optical shop MSME to avail bank loan to set up this venture.

How can I start an Optical Shop in India?

Firstly, decide basic things like location, budget, and place from where you have to sell your product. As well as proper planning of quality and quantity of products means both expensive and non-expensive but both with good quality. Now, if you are planning for only selling business then refraction equipment like Auto refractometer, Slit lamp, Keratometer, vision chart, etc. is not required, you can sell sunglasses and medical frames for outside glasses recommendation.

If you are not an Optometrist or Ophthalmologist, then you need it on a temporary or permanent basis for practising at your shop, and a refraction unit is also required. For growing your business on a large scale, keeping refraction units is important and so many owners make an agreement with a practitioner and hire him on a commission basis.

What do I need to open an Optical Shop?

Optical Shop Business Plan

If you plan things well. You may not have to repent in the future. Every financial set-up needs deep analysis and planning before actually starting it. If you want to run your optical store successfully you need to plan the cost, marketing strategy, resources and competition.

Best Location For Optical Shop

Choosing the right locality is very important and therefore try to find a place where more crowd is available as there are high chances of increasing sale of frames and sunglasses. Also, for the customer, it is easy to access your shop. It all depends on your budget, like opening a shop in a VIP area will cost you more expenses and order value is also high but opening an optical store in a small town or village is inexpensive but you cannot cost higher order value due to less cost turnover is big and it gives you business success and If you are an ophthalmologist or Optometrist then it is best for you as you are good in practice and popular among people but if not then it takes time to rise in your business.

It is good for you to start a business near the government hospital where eye-care facility available as you do not need an ophthalmologist because without refraction also they can get more customers. Shopping malls are also a good option as you can sell easily fashionable eyewear. You can open your optical shop near any eye hospital. 

It all depends on the budget to purchase land or take a rented shop. To start your business on your land is good but more costly therefore big optical runs on lease. If someone is an optometrist or ophthalmologist and opens a shop where he or she already practices and patients are in good frequency then purchasing land is good otherwise go on a rent basis as it reduces the cost of a new setup.

Business Name

Selecting the right name for your optical shop is important. The name should be easy to pronounce. You will have to get your optical store name registered as it will remain unique and no one will be able to steal it and open his store with the name of your store.

How to Get a License for an Optical Shop?

Registration for any business is very important although no registration is needed from the health department to open a shop. Let’s say. An entrepreneur plans to open an optical shop. Then it is important to appoint an ophthalmologist in the shop. Other than this, register your business as per Shop Establishment Act 1. Also, inform the local municipality regarding the shop opening. Also, go for tax registration and other expenses to get the proper licensing facility. You can register your shop as a company, sole proprietor or partnership deed. A business license is also compulsory to run a shop. You also need to get a GST Registration. You can avail all the important licenses for an optical shop in India by contacting the local authorities.

How do I start an optical shop?

You can start an optical shop in India by arranging finance for investment and bearing all important expenses. You also need to avail the licenses that are mandatory for this set-up.

• To open an optical shop in India initially, you need to invest around 10 lakh Rupees.
• Types of equipment can cost you between Rs 3 to 4 Lakh.
• Premises that you set can range between Rs 1 to 2 Lakh.
• Renovation cost lies between Rs 3 to 4 Lakh.
• You will have to spend around Rs 1.5 Lakh on licensing and registration.
• Electricity and water expenses can be between Rs 30,000 to 40,000.
• Staff training and salary is around Rs 70,000 to 1 Lakh.

How do I advertise my optical shop?

Advertising your business is very important. It isn’t easy to run your business without marketing your products and advertising them. For advertisement purposes, you can adopt the following methods newspapers, radio, television, etc. and if you open a shop in a known place, then local people are a good option for advertisers.

Also, go for some opening ceremony if possible and invite some reputed personalities to grab the attention of the people and make some popularity in your area.

You need to do the market to grab more customers than your competitor. Marketing is required to help you sell your products in a better way. As the competition in today’s time is high, you need to make your customers believe your product is better and differentiate yourself from other businesses selling the same product.

• You need to provide high discounts as compared to the discount being offered in the market, your discount needs to be high.
• Ask the customers to give reviews on your service. Read all reviews carefully and try to fulfil the expectations of the customers.
• You need to build good relationships with the customers so that they return to your shop next time.
• You need to be an active user of social media handles and keep posting your day-to-day promotions and offers there.
• Use all mediums of advertisements and publicize your business like on newspaper, radio, TV Etc.
• You can even sponsor events to promote your business brand like events, seminars, or shows.
• You can even conduct free eye check-up camps in your area.
• Make use of banners and posters at the right place where more gathering is seen. You can publicize nearby gyms, hotels, schools, or hospitals.
• You can start an online business and mention your store name in the online directory as well.
• Write blogs.
• Try to promote your product using hashtags.

How to set up an optical shop?

In the time of today’s competition, one needs to have good leadership skills along with effective communication skills. If you don’t satisfy your customers you can do bad-mouthing about your brand and it will affect the reputation of your brand.

As an entrepreneur, you must try to arrange all important stuff on time to set up this business. Marketing and advertisement can help you achieve your long-term goals. You can use the information mentioned below to set up an optical shop in India.

Tools Selection

With a good tools selection technique, you can set up your new optical shop in India. Measuring tools are the most important part of an optical shop. Therefore, the shop must be well equipped with proper tools like a lensometer and others. If your showroom has an optician, then the following instruments are required:

1. Trial Frame
2. Trial Box
3. Auto refractometer
4. Slit-lamp
5. Keratometer
6. Projector Chart (Visual acuity chart for distance& near)

You can buy costly instruments on the EMI system also. Nowadays, computer eye testing is in fashion, this eye test is done by auto-refractometer. Although it is not 100% accurate, still people prefer this. Only, for this reason, you need to keep this instrument in your shop. Some more instruments that are important to buy like a 90D lens for retina checkups, a Tonometer for intraocular pressure checkups, Ishihara chart for color vision also kept in your shop, or sometimes ophthalmologists bring them with them.

Product and Brand Selection

A proper market survey is very important before setting up a business as this helps to understand the mentality of the customer. Area-wise product survey, gives you a better idea about people’s mentality like branded frames and sunglasses have more sales in metro cities but in the lower economic areas and rural areas people go for non-branded products. Now it’s up to you to decide the location of your shop.

You must know the type of styles and price range in a particular area like big optical shops purchase the bulk of products which reduces the purchasing cost. Still, new owners go for small numbers, sizes, and colours of materials to protect themself from any business loss. It is also recommended to purchase your stock from a reputed supplier as they can give a huge discount.

Choose Brands Wisely

This step requires good effort and energy. The brand-conscious customers may increase steadily. You need to choose brands wisely and keep high-quality brands for frames and glasses.

Look For Suppliers

It is the most important thing to do. Look for the best products that you have to display in your store as per the demand and choice of the customers. Look for suppliers who can supply you with these products in less time. If the supplier has a designer or branded frames in stock, you can choose him and steadily trust will be built.

You should choose the supplier who provides you with authentic products. Before finalizing your stock from a particular supplier, do not forget to take quotations from a few more suppliers. Choose the best product at a good price and bargain for the rates too.

Reliable Staff Is Important

You need to select your staff with wit. It is required to provide good service to your customers and offer them your product. They must have at least basic knowledge about lenses and frames. If you get someone with professional knowledge, it is a plus point. The staff should be able to communicate with the customers and show them the best frames or spectacles that suit their requirements.

Good Customer Care Service

You need to appoint a staff for customer care service as she can generate more leads for you.

Profit Margin of Optical Shop

The online optical store adds to more sales. The customers can also buy spectacles online because they want to save their time. When the customer is not interested in visiting a store, he explores only also when he wants more discounts for spectacles or frames online. Thus you can choose to sell your spectacles or frames online to make additional profits.

How much profit can I make from my optical shop business?

• Profits in an optical shop depend on the brand and vary from one brand to another. They also depend on the area of your shop and may change from time to time. There is variation in the price of lenses and spectacles. The charges vary for customers buying glasses for eyesight, brand and frame etc. You can charge Rs 1000 to Rs 10,000 for a spectacle or frame.
• The research says you can make around Rs 1 to 2 Lakh from the optical shop. To earn more profits you need to do the below mentioned.
• Provide your line of eyewear. You can provide designs that have more sales and which the customers want to buy from the manufacturer.
• You can accept the orders from your online panel and try to give delivery of the product on time.
• You must work hard to provide the best and the latest designs of eyewear. It will create your brand name and boost sales.
• Be polite to your customers and treat them as your God. Customers are king in the market.
• To increase the capital investment you can look for a partner to invest in your business.
• Offers or discounts that change from week to week can help increase sales.

Frequently Asked Questions on Optical Shop Project Report