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2024 Franchise 500 Rank
N/R Ranked #133 last year
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Initial investment
$300K - $601K
Units as of 2022
157 Increase 134.3% over 3 years

My Eyelab is an optical franchise specializing in accessible and affordable eye care services. They strive to use the latest automated technology to keep expenses low while maintaining a high level of care.

The first My Eyelab opened in 2006. One decade later, in 2016, they began franchising. Around this time, My Eyelab also introduced a specialty software that could provide eye care appointments via telehealth. However, customers can still book walk-in appointments for eye exams and frame fittings.

Optical stores may carry My Eyelab frame designs, designer brands, and unique styles. Each pair of lenses is cut to size in-store and goes through a quality assurance check before sending them home with the customer.

There are more than 50 My Eyelab franchises in the United States to go along with over 30 corporate-owned locations. My Eyelab is seeking to expand its reach even further.

Why You May Want to Start a My Eyelab Franchise

My Eyelab follows ICARE, a set of company ethics made up of integrity, collaboration, accountability, respect, and empowerment. My Eyelab is looking for franchisees who can effectively connect with customers.

Franchisees typically do not need a background in eyecare and can come from all walks of life. However, optometrists or healthcare industry workers looking to build a practice, investors looking to grow their portfolio, or passionate individuals with strong customer service skills may be the most well-suited to a My Eyelab franchise.

My Eyelab has been ranked in Entrepreneur's Franchise 500 several times in recent years. This ranking is based on an evaluation of more than 150 data points in the areas of costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability.

What Might Make a My Eyelab Franchise a Good Choice?

Between telehealth and same-day services, the company has not only become an affordable option for customers but a convenient one, too.

My Eyelab likes to emphasize its use of high-quality technology and eye exam services, which cover screenings for threats to the eye. As a franchisee, you should expect to perform these exams, assist customers with frames, and manage daily store operations. Though, the company usually allows absentee and multi-unit ownership.

To be part of the My Eyelab team, you should make sure you're financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should prepare yourself for ongoing fees that will include advertising, royalty, and potential renewal fees. Franchisees will also need to meet the company's set net worth and liquid capital requirements. 

How To Open a My Eyelab Franchise

My Eyelab tries to streamline the franchise process by providing training to franchisees. Corporate will teach you how to use the equipment, conduct eye exams, and stick to the company's business model.

As you decide if opening a My Eyelab franchise is the right move for you, make sure you take time to explore the opportunity. Research the brand and your local area to see if a My Eyelab franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.

After completing the initial steps of applying for a My Eyelab franchise, you should compile a set of questions as you move forward with an initial phone call and attend a company discovery day. 

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Company Overview

About My Eyelab

Industry Health & Wellness
Related Categories Eye Care, Miscellaneous Health Products
Founded 2006
Parent Company Now Optics
Leadership Daniel Stanton, CEO
Corporate Address 3801 S. Congress Ave.
Palm Springs, FL 33461
Social Facebook, Twitter, LinkedIn, Instagram

Business Overview

Franchising Since 2016 (8 years)
# of employees at HQ 40
Where seeking

This company is offering new franchises in the following US states: Alabama, Arkansas, Arizona, Colorado, Florida, Georgia, Iowa, Idaho, Illinois, Kentucky, Michigan, Mississippi, North Carolina, Nevada, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Utah, Virginia, Wisconsin, West Virginia

# of Units 157 (as of 2022)

Information for Franchisees

Here's what you need to know if you're interested in opening a My Eyelab franchise.

Financial Requirements & Ongoing Fees

Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.

Initial Franchise Fee Information Circle
$34,900
Initial Investment Information Circle
$299,858 - $601,197
Net Worth Requirement Information Circle
$500,000
Cash Requirement Information Circle
$200,000
Veteran Incentives Information Circle
10% off franchise fee
Royalty Fee Information Circle
4%
Ad Royalty Fee Information Circle
8%
Term of Agreement Information Circle
10 years
Is franchise term renewable? Yes
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Financing Options

Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.

Third Party Financing My Eyelab has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll

Training & Support Offered

Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.

On-The-Job Training 81.5 hours
Classroom Training 20.5 hours
Ongoing Support
Purchasing Co-ops
Newsletter
Meetings & Conventions
Toll-Free Line
Grand Opening
Online Support
Security & Safety Procedures
Lease Negotiation
Field Operations
Site Selection
Proprietary Software
Franchisee Intranet Platform
Marketing Support
Co-op Advertising
Ad Templates
National Media
Regional Advertising
Social Media
SEO
Website Development
Email Marketing
Loyalty Program/App

Operations

Additional details about running this franchise.

Is absentee ownership allowed? Yes
Can this franchise be run from home/mobile unit? Information Circle
No
Can this franchise be run part time? Information Circle
No
# of employees required to run 1
Are exclusive territories available? Information Circle
Yes
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Franchise 500 Ranking History

Compare where My Eyelab landed on this year's Franchise 500 Ranking versus previous years.

Additional Rankings

Curious to know where My Eyelab ranked on other franchise lists? Find out below.

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Disclaimer
The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. Our listings and rankings are solely research tools you can use to compare opportunities. Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise or business opportunity. That should include reviewing the company's legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees/licensees/dealers.
Updated: December 12th, 2022