Running a successful optical practice

Dr Ian Moss examines the factors that must be considered when deciding on a pricing strategy and achieving a balance between charges for products and professional fees

In previous articles in this series we have discussed how to locate the practice, creating an IT infrastructure and considerations when buying stock. The next question to ask is, how much should I charge for my products or service?

Setting a price for your products and services can be a delicate balancing act: charge too much and you risk driving your customers to a competitor; charge too little and you end up diminishing your profits. The price should not be calculated by thinking of a number and doubling it, neither should you just pick a price out of the air. This critical decision should be based on a number of factors.

Pricing will principally depend on what you are going to stock and what services you are going to offer. The quality and quantity of stock will depend very much on the positioning of the practice and the location of your premises, the clientele you wish to attract and your surrounding competition, as discussed in Part 4 of this series.

The type of professional service you offer may depend on additional equipment you purchase; for example, digital photography, dyslexia and colorimetry assessment, and corneal topography, to name but a few. Your front-of-house customer service may include facilities such as SMS messaging to confirm appointments.