The Optometric Minute

Keys to Negotiating for Additional Office Space

July 18, 2018

Secure expansion opportunities by including in your lease a first right of refusal for adjacent office space, should it become available. The opportunity may present itself even before you need more space, so be prepared with an action plan and savings to equip additional exam lanes and optimize revenues from your retail space.

Be Prepared for Expansion Opportunities
Work the Numbers When Expanding

ASK FOR FIRST RIGHT OF REFUSAL. Include in your lease a first right of refusal on adjacent office space as it becomes available.

ENLARGE OPTICAL. A larger retail space allows you to display merchandise more effectively. You can increase sales without even increasing inventory.

CREATE AN OPEN FEELING. A larger space and wider front window create an open and comfortable feeling in the office.

 

CALCULATE ROI. Crunch the numbers to determine how more patients per day you will need to make the additional space cost-neutral, and then how many more to make a profit.

ADD A DOCTOR AND LANES. Extra space can allow you to add another doctor, so that two doctors can see patients at the same time, extend hours and increase volume and revenues.

ADD AN OPTICIAN. Increasing optical revenues justifies adding another optician.

Kristin O’Brien, OD, is the owner of Vision Source of GVR in Denver, Colo. To contact her: drobrien@icareadvisorsllc.com

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