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Vision Source Franchise ProfileHealthcare & Senior Care > Medical Staffing |
What is the Initial Investment for a Vision Source Franchise?
To open a Vision Source franchise, you will need to consider a range of initial investment costs. The initial investment can vary significantly, with a low of $85,000 and a high of $333,300. This includes a franchise fee of $20,000. It's essential to prepare for additional costs, as the cash required to start ranges from $85,000 to $333,300. Having a solid financial foundation is crucial, as a net worth of $500,000 to $1,000,000 is required to qualify for a franchise.
What are the Revenue Potential and Financial Metrics for Vision Source?
Vision Source franchises have promising revenue potential. The average annual revenue per unit is approximately $300,000, with a median of $400,000. The highest annual revenue reported can reach $1,375,500, while the lowest is around $100,000. Franchisees can expect a breakeven time of about 12 months, making it a potentially lucrative investment if managed effectively. Understanding these financial metrics can help you evaluate the viability of this franchise opportunity.
What are the Ongoing Fees Associated with a Vision Source Franchise?
Franchisees of Vision Source should be prepared for ongoing fees that contribute to the overall operational costs. These include a royalty fee of 2.50% on gross sales and a marketing fee of 2%. These fees are essential for maintaining brand standards and ensuring effective marketing strategies are in place to attract customers. Being aware of these ongoing financial commitments is crucial for budgeting and long-term planning.
How Many Vision Source Units are Currently Operating?
As of the latest data, Vision Source has seen a slight decline in the number of franchised units over the past few years. In 2020, there were 3,143 franchised units, which decreased to 3,139 in 2021 and further to 2,992 in 2022. Notably, there are no corporate-owned units, indicating that the brand relies entirely on franchisees for its operations. Understanding the growth trends and unit counts can provide insights into the stability and market presence of the Vision Source franchise.
Vision Source Franchise Financial Requirements
Below, you’ll find an overview of the initial investment needed to launch the business, along with the ongoing fees required by the franchisor to maintain operations over time.
The minimum total assets (minus liabilities) you must possess.
Net Worth Required:
The estimated period to recoup your total investment.
Investment Payback:
The initial fee paid to join the franchise system.
Franchise Fee:
Ongoing percentage of revenue paid to the franchisor.
Royalty Fee:
Regular contribution toward the franchise’s advertising fund.
Marketing Fee:
The estimated timeframe to recover your initial costs.
Breakeven Time:
The total amount required to launch the franchise.
Initial Investment:
The minimum liquid capital you must have on hand.
Cash Required:
The typical yearly revenue generated per franchise location.
Average Revenue:
The middle value of yearly revenue among franchise locations.
Median Revenue:
The largest reported annual revenue among franchisees.
Highest Revenue:
The smallest reported annual revenue among franchisees.
Lowest Revenue:
A broad sector defining similar types of franchise businesses.
Industry:
A more specific division within the broader industry.
Category:
The key individuals guiding the franchise’s strategy and growth.
Leadership:
The official business address of the franchisor’s headquarters.
Corporate Address:
Available financing options to help start the franchise.
Funding Year:
The main organization that owns the franchise brand.
Parent Company:
Vision Source Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes.
Total Units
Franchised Units
Corporate Units
| Units | 2020 | 2021 | 2022 |
|---|---|---|---|
| Total Units | 3,143 | 3,139 | 2,992 |
| Net Change YoY | -4 | -147 | |
| Franchised Units | 3,143 | 3,139 | 2,992 |
| Net Change YoY | -4 | -147 | |
| Corporate Units | 0 | 0 | 0 |
| Net Change YoY | 0 | 0 |
Company Background
Vision Source is a leading franchise chain in the eye care industry, dedicated to providing high-quality vision services and products. Established with a commitment to patient care, Vision Source has grown significantly, boasting over 3,000 locations across North America. The brand focuses on personalized service, offering a range of eye care solutions including comprehensive eye exams, eyewear, and contact lenses, all while prioritizing the health and satisfaction of their patients.
Franchise Opportunity
Investing in a Vision Source franchise presents a unique opportunity for aspiring entrepreneurs in the healthcare sector. With a low initial investment ranging from $85,000 to $333,300, and a proven business model, franchisees can benefit from a strong support system. The average annual revenue per unit is approximately $300,000, making it an attractive option for those looking to enter the lucrative eye care market.
Financial Requirements
To become a Vision Source franchisee, candidates must meet specific financial criteria. A minimum cash requirement of $85,000 to $333,300 is necessary, along with a net worth of $500,000 to $1,000,000. The franchise fee is set at $20,000, and ongoing royalty and marketing fees are 2.5% and 2%, respectively. These financial commitments are designed to ensure that franchisees are well-prepared for the investment ahead.
Performance Metrics
Vision Source franchisees enjoy a relatively quick return on investment, with a breakeven time of approximately 12 months. The highest annual revenue recorded per unit is $1,375,500, showcasing the potential for profitability within the franchise. With a median annual revenue of $400,000, franchisees can expect a solid financial performance, supported by the brand's extensive resources and training programs.
Operational Support
Franchisees of Vision Source benefit from comprehensive operational support, including training programs and ongoing assistance in areas such as marketing, management, and customer service. With no corporate-owned units, the franchise model emphasizes a collaborative network where franchisees can share best practices and strategies to enhance their business operations. This support is crucial for maintaining high standards of patient care and business performance.
Brand Values
At Vision Source, the core values revolve around integrity, excellence, and community involvement. The brand is committed to providing exceptional eye care services while fostering a supportive environment for both franchisees and patients. Vision Source believes in empowering local practices to thrive, ensuring that each franchise operates with a focus on quality care and a dedication to improving the vision health of their communities.
Frequently Asked Questions
The initial investment for a Vision Source franchise ranges from $85,000 to $333,300, which includes the franchise fee of $20,000 and other startup costs.