Navigating the landscape of launching a business in the eyecare industry today looks a lot different than it did a couple of decades ago. In the past, breaking into any industry, let alone eyecare, necessitated not only a groundbreaking idea but also a significant financial commitment to turn that idea into a tangible product.
Today, the barriers to entry have drastically lowered, thanks to technological advances and the ubiquitous presence of digital platforms. The contemporary eyecare entrepreneur can think beyond traditional frames and lenses and venture into creative spaces like tele-optometry applications, advanced eye-tracking software, or cutting-edge wearable tech.
However, while building your product has become simpler, standing out and finding lasting success amidst the digital noise requires resilience, knowledge, strategic planning, and bold execution.
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How to Launch a Startup in the Ophthalmic Industry
Featuring 14 actionable steps for ophthalmic entrepreneurs, this eBook walks you through how to hone your idea, develop it into up into a startup, and become a leading eyecare business.
Why we wrote this eBook
Launched 10 years ago, Eyes On Eyecare is now the #1 provider of leading-edge clinical and career education for the next generation of optometrists and ophthalmologists. Based in San Diego, California, our all-in-one digital platform includes editorial content, industry news, events, continuing education (CE) and continuing medical education (CME), courses, clinical content, market research, and talent acquisition.
Our team boasts more than 75 years of clinical and agency experience supported by key ophthalmic opinion leaders. In this book, we share what we have learned over the past decade in order to help future eyecare entrepreneurs reach their dreams as well.
In its pages, you will find useful definitions, guidelines for best practices, and insightful instructions for starting on your own entrepreneurial journey. You will also be introduced to cutting-edge corporate concepts, such as idea meritocracy, radical transparency, looping, growth matrix, and the WHO method of hiring.
What’s covered in How to Launch a Startup in the Ophthalmic Industry:
- Determining your why, how, and what
- Capitalizing on your inherent talents and personality traits
- Finding funding
- Structuring your company for success
- Developing guiding principles for your company
- Implementing milestones and key performance initiatives
- Understanding pricing strategies, pitfalls, and principles
- Engaging in the best hiring and onboarding practices
- Scaling up for sustainable growth
- And much more!
The 14 steps to building a startup in the ophthalmic industry
You can expect to get a bird’s eye view of how to build a business broken down into 14 simple steps, with each then being expounded upon to offer a deeper understanding. For example, Step 12 deals with managing operations: Establish processes and systems for day-to-day operations, including production, distribution, customer support, and inventory management.
Throughout, I also share personal anecdotes and advice that has been seminal to our success, such as this quote on core values: “Core values should be unique to each individual or organization. They should reflect your innate character, desired path, and the way you wish to interact with the world.
Core values should be conceived from genuine introspection and understanding of oneself rather than being adopted from societal norms or popular trends. As an organization, your core values should encapsulate the essence of your mission, the work culture you aspire to foster, and the impact you hope to make.”
In addition, there are several suggested readings and a list of invaluable resources as well as graphs, like the one below, to help to illustrate and clarify the information.
Figure 1 is a line graph of a cash flow model that ophthalmic entrepreneurs can use to guide financial decisions and determine your investment power.
Figure 1: Courtesy of Eyes On Eyecare.
Find your guiding principles
There’s a quote from Napoleon Hill that has served as my North Star throughout my entire journey of entrepreneurship: “You have absolute control over but one thing, and that is your thoughts.”
We have the ability to reshape our thinking and, in turn, reshape our realities. In entrepreneurship, and especially in the world of ophthalmic innovation, these principles are invaluable.
Use the information in this book as the wind to help your entrepreneurial spirit soar into the vast skies of possibility. Go forth and create, innovate, and make your mark on the ophthalmic industry.
