Project report for Optical shop

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Introduction

The demand for optics is rising with growing population. A number of small shops are operating in almost every residential and commercial area. However, these shops seldom follow required quality standards; except for those few recently introduced in high income group residential areas. The proposed optics shop would supply medically processed, quality optics and glasses. The shop is proposed to be located in a commercial market of residential area belonging to middle or upper middle income group.The projected products available in the shop will include optics and glasses, supplied according to the customer’s requirement. This business involves purchase of frames and lens from a wholesale market. Contract procurement lens from reliable suppliers can be an economical alternative. In addition there would be eyesight testing service by an expert or eye specialist.Indian optical industry is a huge untapped market, 80% of the optical market is still unorganized.Nearly 50% of India’s population needs vision correction. So, there is a huge demand in the optical industry. Every year, India produces 30,000 optometrists and you will be astonished to know that for every 70 thousand people in India, there is only 1 optical store available.This industry has bloomed from being a fashion accessory to an important necessity.

 

Market potential & Strategy

The target market is primarily customers belonging to middle and upper middle income group, specifically health conscious individuals who are particular about purchasing quality products.Nearly 50% of India’s population needs vision correction. So, there is a huge demand in the optical industry, this shows the huge potential and demand of this business. Only  80% of the optical market is still unorganized. Imagine the scope of options you can explore in the industry and the availability of skilled labours in this industry are on a higher side. If you take the average profit margin on this business, it is on a higher side and the ROI will be high due to this. This makes the entrepreneur invst into this business and also to provide a good service to the peope around the service area. The main form of marketing will be through campaigns and local advertisments. Ads such as newspaper inserts, Local billboards and leaflets will be on high priority. Events such as small contests, lucky draws, discounts will also be in consideration to establish the brand.

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