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SME Guide

How to Start a Profitable Optical Retail Store in Nigeria

The eyecare industry in Nigeria is rapidly growing driven by increasing awareness of eye health and rising demand for prescription eyeglasses, contact lenses and sunglasses. This presents a promising opportunity for entrepreneurs looking to start optical retail businesses.

This comprehensive guide covers all the steps and best practices for establishing a successful optical store in Nigeria.

Overview of the Eyecare Industry in Nigeria

The optical retail sector in Nigeria comprises stores selling prescription eyewear, contact lenses, sunglasses and accessories.

Key highlights:

  • Market size over ₦15 billion and projected to reach ₦21 billion by 2025
  • Approximately 15 million Nigerians wear eyeglasses
  • Over 1,200 optical retail outlets, mostly in cities
  • High growth potential is driven by low penetration currently
  • Independent optometrists dominate with over 70% market share

Vision problems are growing amid increased digital device usage, poor diet and limited awareness. Affordability is improving with demand from the emerging middle class. These trends make optical retail attractive for entrepreneurs.

Steps to Starting an Optical Store in Nigeria

Follow these crucial steps to establish your optical business:

  1. Gain the Requisite Qualifications

To own and manage an optical store in Nigeria, you need:

  • Bachelor’s degree in Optometry (B.Optom) – 6 years
  • License from the Optometrists and Dispensing Opticians Registration Board of Nigeria (ODORBN)
  • Membership in the Nigerian Optometric Association (NOA)
  1. Obtain Operational Licenses

Register your optical business with the state and local government agencies:

  • Corporate Affairs Commission (CAC)
  • State Ministry of Health
  • Local Government approval
  • ODORBN license to practice optometry

Renew licenses promptly annually/biennially as required.

  1. Choose a Strategic Location

Pick a spot with strong foot traffic, ease of access and visibility. Near hospitals, clinics and malls are ideal. Ensure sufficient space for retail plus eye exams and waiting area.

  1. Design and Set Up Your Optical Store

Work with architects and vendors to design and outfit your optical store. Key elements:

  • Spacious retail floor area to display eyewear collections
  • Fitting rooms with mirrors for customers to try on glasses
  • Eye exam room equipped with phoropter, auto-refractor, eye charts
  • Optical lab for making lenses (or outsourced)
  • Reception and billing counter
  • Attractive, illuminated window displays
  • Chic and modern interior decor

Allocate sufficient budget for quality store design and fixtures.

  1. Procure Optical Products and Equipment

Stock your store with diverse inventory:

  • Trendy eyeglass frames for men, women and kids
  • Lenses – single vision, bifocals, progressive etc.
  • Contact lenses – disposable, monthly, hybrid etc.
  • Sunglasses – designer, polarized, prescription
  • Solutions and cleaners for lenses
  • Eye exam equipment – phoropter, retinoscope, autorefractor etc.
  • Optical lab machines – lens edgers, coaters etc. or outsource
  • Retail management software – for inventory, billing, CRM

Invest at least ₦5 million – ₦10 million on initial inventory and equipment.

  1. Hire Professional Staff
  • Optometrists – To conduct eye exams and prescribe eyewear
  • Opticians – To dispense eyeglasses and contact lenses
  • Store manager – To oversee overall operations and sales
  • Sales assistants – To aid customers and process payments
  • Customer care staff – To handle after-sales support
  • Lab technicians – If producing lenses in-house
  1. Offer Eye Exams and Custom Fittings

Provide comprehensive optometry services:

  • Eye health exams to test vision acuity, prescribe lenses
  • Digital eye screening and retinal imaging
  • Custom fitting of eyeglasses based on facial measurements and style preferences
  • Contact lens consultations for fit, care and teaching insertion/removal
  • Minor procedures like foreign object removal, Lacrimal syringing

Quality professional services build credibility and loyalty.

  1. Market Your Optical Store
  • Print flyers, brochures, and business cards and distribute them locally
  • Run radio, newspaper, online ads targeted by location and demographics
  • Leverage social media and SEO to drive web traffic
  • Offer promotions like eye exam packages, discounts on select brands etc.
  • Network with local doctors and referral partners
  • Sponsor relevant community events to gain visibility
  1. Price Products and Services Strategically

Benchmark your pricing against competitors while keeping profitability in mind:

  • Eye exams – ₦5,000 – ₦10,000
  • Single vision lenses – ₦8,000 – ₦20,000
  • Multi-focal lenses- ₦10,000 – ₦25,000
  • Frames – ₦5,000 – ₦50,000
  • Contact lenses – ₦6,000 per box (6 lenses)
  • Sunglasses – ₦3,000 – ₦25,000

Offer packages, warranties, and financing options to boost affordability.

  1. Provide Excellent Customer Service
  • Patiently address all queries and concerns
  • Educate clients on lens options, wearing instructions etc.
  • Assist in selecting suitable frames based on fit, style and vision needs
  • Offer aftercare support for adjustments, cleanings etc.
  • Follow up on feedback and issues promptly
  • Train staff on etiquette and service standards

Smart Tips for Running an Optical Store

Here are some proven strategies and best practices for profitably operating your optical retail store:

Offer Value-Added Services

Expand beyond eye exams and eyewear sales to services like:

  • Contact lens fittings – enhance comfort and vision
  • Low vision care – for the elderly and visually impaired
  • Computer vision therapy – for digital eye strain
  • Sports vision training – for athletes and professionals
  • Orthokeratology – myopia control for kids
  • Dry eye therapy – treatments for irritated eyes
  • Store optical insurance – to cover eyecare costs

Join Vision Care Networks

Become a participating provider with leading vision insurers like VSP, EyeMed, Aetna, to enable customers to redeem policy benefits. This provides a regular patient base.

Foster Referral Relationships

Network regularly with clinics, hospitals and doctors to build referral partnerships. Offer them special discounts.

Adopt E-Commerce

Develop an online store and accept orders for delivery. Integrate with digital eye testing apps. Offer virtual consultations.

Engage on Social Media

Create accounts on Facebook, Instagram, Twitter etc. Post eye health tips, promote products and engage followers.

Analyse Sales Data

Use POS software to track daily sales and inventory. Identify top-selling products, seasonal demand, and customer purchase patterns to optimize operations.

Train Your Opticians

Invest in continuous education through workshops and courses to enhance opticians’ clinical skills and knowledge of new technologies.

Maintain a Robust Customer Database

Collect customer data including prescription details. Segment by purchase history and preferences. Use for targeted promotions via emails, SMS etc.

Monitor Financial Performance

Track sales, revenue, profitability, inventory turns, operating costs and other metrics. Benchmark against industry averages.

Important Optical Industry Trends in Nigeria

Keep up with the latest developments shaping Nigeria’s optical business:

Increasing Demand for Designer Brands

Consumers shifting towards high-end designer labels like Prada, Gucci, Armani etc. Stock luxury eyewear.

Rising Popularity of Contact Lenses

Growing demand, especially among the youth for coloured and disposable contact lenses. Expand contact lens inventory.

Digital Eye Strain Concerns

More eye issues from prolonged computer and phone use. Offer computer vision services.

Growth in Online Optical Purchases

Younger consumers moving towards online optical retailers. Develop e-commerce capabilities.

Advances in Lens Options

Innovations in materials and coatings for thinner, lighter, anti-reflective lenses. Stock the latest types.

Fashionable Frame Trends

Oversized frames, and translucent designs among eyewear fashion trends. Stock directional styles.

Emerging Vision Correction Options

New solutions like orthokeratology and CRT gaining adoption for myopia control in kids. Offer these services.

Stay updated on market shifts to tap into emerging opportunities.

Legal and Regulatory Considerations

Nigeria’s optical industry is regulated by the following agencies:

  • Optometrists and Dispensing Opticians Registration Board (ODORBN) – Registers and licenses optometry professionals and optical stores. Sets standards of training and practice.
  • Standards Organization of Nigeria (SON) – Formulates standards for optical products. Certifies imported eyewear and lenses meet quality benchmarks.
  • Nigerian Consumer Protection Council (CPC) – Protects consumer interests. Addresses complaints against optical retailers.
  • Corporate Affairs Commission (CAC) – Business registration and annual filing of returns.
  • State Ministry of Health – Provides oversight for healthcare facilities including optical stores.

Key areas to comply:

  • Licensed premises and qualified personnel
  • Standards for eyewear, lenses and equipment
  • Data privacy measures
  • Consumer rights and disclosure
  • Warranties and returns policy
  • Occupational safety

Consult professionals to ensure full compliance with all applicable regulations.

Conclusion

The growing demand for vision correction products and eye care services makes optical retail a promising small business opportunity in Nigeria. By obtaining professional qualifications, selecting a strategic location, stocking quality products, hiring skilled staff, implementing strong marketing tactics and maintaining high customer service standards, entrepreneurs can establish profitable optical stores. Keeping up with industry innovations and trends while meeting all legal requirements will position your eyecare business for enduring success.

 

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