From Salaried Optometrist to Practice Owner: Taking the Leap into Independence

Date: March 2025
Written by: Myers La Roche

The Allure of Independence

As a practice owner, you gain autonomy and control, allowing you to make decisions about patient care, business operations, and the overall direction of your practice. This freedom enables you to implement your vision for patient care and create a practice that reflects your values. Owning a successful practice can offer significant financial rewards compared to a salaried position, with the potential to build equity and create a valuable asset. Building your own business can be incredibly rewarding, providing a sense of accomplishment and pride. The initial stages will require long hours, but owning your practice can eventually offer greater flexibility in your life and put you in control of your own time.

Navigating the Challenges

Purchasing a practice requires a significant financial investment, and there's always the risk of financial loss. As a practice owner, you are responsible for all aspects of the business, including staffing, marketing, and administration, which can be overwhelming, especially in the early stages. Managing the administrative tasks of a practice, including NHS paperwork and CQC (Care Quality Commission) compliance, is time-consuming and requires skills beyond clinical expertise. Practice owners often work long hours and face significant stress, as balancing clinical responsibilities with business management can be challenging. Moving from a team environment to being the sole decider can sometimes be isolating – although many practice owners thrive on this freedom.

Making the Transition

• Gain experience in various practice settings, including both multiple and independent practices, to develop your clinical and business skills. Consider working in a practice that offers opportunities to learn about business management and NHS contract management – the current owners may appreciate having your support as you learn.
• Create a comprehensive business plan that outlines your goals, financial projections, and marketing strategies, essential for securing financing from UK banks and guiding your business decisions, including plans for NHS and private revenue streams.
• Explore financing options, such as bank loans tailored for healthcare professionals, SBA loans (if applicable), and seller financing, working with a financial advisor familiar with the optical sector in the UK to determine the best financing strategy for your situation.
• Carefully evaluate potential practices, considering factors such as location, patient demographics, and financial performance, including the practice's NHS contract and patient base. At Myers La Roche, we have a deep understanding of the UK optometry market and can help you identify practices that align with your goals. Contact us for a confidential discussion.
• Don’t be closed minded when viewing potential practices. There are regional variations in competition causing variation in price and availability of practices. Being prepared to relocate can really help if your personal circumstances allow.
• Consult with accountants, solicitors, and business advisors who have experience in the optometry industry in the UK, as their expertise can help you navigate the complexities of practice ownership, including NHS regulations and employment law.
• Connect with other practice owners through professional bodies like the Association of Independent Optometrists and Dispensing Opticians (AIO) to share experiences and learn from their successes and challenges, as having a mentor can provide invaluable guidance and support.

The Rewards of Ownership

Practice ownership is not the right choice for everyone and the transition from salaried optometrist to practice owner presents challenges, but the rewards can be significant. By carefully planning and preparing, you can achieve your dream of independence and build a successful and fulfilling career.

If you're ready to take the next step towards practice ownership, Myers La Roche is here to guide you. Start by registering your details to view our current Practices for Sale. If you see something that takes your fancy then purchase a non-disclosure agreement (NDA) to protect confidentiality, request full details, and give us a call to get the ball rolling on your future!