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- 2022 Franchise 500 Rank
#100 Ranked #95 last year
- Initial investment
$282K - $524K
- Units as of 2021
102 264.3% over 3 years
Here’s what you need to know if you’re interested in opening a My Eyelab franchise.
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.
About My Eyelab
- Franchising Since
- 2016 (6 years)
- # of employees at HQ
- Where seeking
This company is seeking new franchisees in the following US states: Alabama, Arizona, Colorado, Florida, Georgia, Iowa, Kentucky, Michigan, Mississippi, North Carolina, Nevada, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Utah, Virginia
- # of Units
- 102 (as of 2021)
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
Definition: The initial fee paid to a franchisor to join their system
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
- Initial Investment
- $282,377 - $523,927
Definition: The total amount necessary to begin operation of the franchise
What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high.
- Net Worth Requirement
Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company
What you need to know: Net worth is the value of a person's assets minus liabilities. Assets include cash, stocks, retirement accounts, and real estate. Liabilities include items like mortgages, car payments, and credit card debt.
- Cash Requirement
Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.
- Veteran Incentives
- 10% off franchise fee
Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.
- Royalty Fee
Definition: A ongoing fee paid to the franchisor on a regular basis.
What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.
- Ad Royalty Fee
Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts.
What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee.
- Term of Agreement
- 10 years
Definition: The length of time your franchise agreement will last.
What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.
- Is franchise term renewable?
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
- 131 hours
- Classroom Training
- 24.5 hours
- Ongoing Support
Purchasing Co-opsNewsletterMeetings & ConventionsToll-Free LineGrand OpeningOnline SupportSecurity & Safety ProceduresLease NegotiationField OperationsSite SelectionProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
Co-op AdvertisingAd TemplatesNational MediaRegional AdvertisingSocial MediaSEOWebsite DevelopmentEmail MarketingLoyalty Program/App
Additional details about running this franchise.
- Is absentee ownership allowed?
Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations.
- Can this franchise be run from home/mobile unit?
Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse.
- Can this franchise be run part time?
Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time.
- # of employees required to run
- Are exclusive territories available?
Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened.
What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD.
Interested in franchise ownership like My Eyelab? Request a free consultation with a Franchise Advisor now.
Franchise 500 Ranking History
Compare where My Eyelab landed on this year’s Franchise 500 Ranking versus previous years.
Curious to know where My Eyelab ranked on other franchise lists? Find out below.
Are you eager to see what else is out there? Browse more franchises that are similar to My Eyelab.
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Do your homework on the franchise that interests you. Then move forward with confidence.