Business Ownership 101: A Beginner’s Guide for Women Optometrists

Owning a profitable business is one of the most effective ways to build wealth, create financial independence, and establish a legacy. As a woman optometrist, you have a unique opportunity to not only change lives through patient care; and achieve financial freedom by operating your own practice or investing in an existing, profitable business.

Many professionals hesitate to take the leap into entrepreneurship due to fear of financial risk, uncertainty, or lack of business knowledge. That’s where the CEO of YOU® Success Philosophy—developed by Dr. Lauretta Justin—comes in. This philosophy emphasizes the Winning Mindset, Winning Strategy, and Winning Team needed for success in business ownership.

In this guide, we’ll explore why business ownership is a powerful tool for wealth creation, the benefits, and risks; and how to decide whether to start your own practice or buy into an existing profitable business. You’ll also learn how cash flow vs. growth strategies can help you scale your business effectively.

If you’ve ever dreamed of taking control of your financial future, this guide is for you!

“Owning a business isn’t just about making money—it’s about creating freedom, impact, and a lasting legacy.” – Dr. Lauretta Justin

1. The Purpose of Business Ownership: Why Invest in Yourself?

Before diving into the details of running a business, it’s important to define why business ownership is a powerful financial and personal investment.

Key Reasons to Own a Business:

✅ Build Long-Term Wealth – Business ownership provides unlimited income potential, unlike a fixed salary.
✅ Financial Security & Independence – You control your financial future instead of relying on an employer.
✅ Freedom & Flexibility – You set your schedule, choose your services, and make strategic decisions.
✅ Tax Benefits – Business owners can take advantage of tax deductions that employees cannot.
✅ Create a Legacy – Build a business that can be passed down to future generations.

Example:
Dr. Olivia Carter worked for years as an associate but always dreamed of running her own practice. She eventually opened her own clinic, and within five years, she had not only surpassed her previous salary but had also built an asset that would continue generating revenue even if she stepped away from patient care.

2. The CEO of YOU® Success Philosophy for Business Ownership

Dr. Lauretta Justin’s CEO of YOU® Success Philosophy is built on three essential pillars:

Winning Mindset – Think Like a CEO

• Transition from employee thinking to ownership thinking.
• Embrace challenges as opportunities rather than obstacles.
• Develop confidence in making financial and leadership decisions.

“Your mindset is your most valuable asset. Train it to see opportunities where others see limitations.” – Dr. Lauretta Justin

Winning Strategy – Plan for Success-Prepare for Setbacks

• Define your vision, mission, and goals for your business.
• Choose between starting from scratch or buying an existing business (more on this below).
• Develop a business model that aligns with cash flow and growth strategies.

Winning Team – Surround Yourself with Experts to Help You Achieve Extraordinary Results

• Build a strong team of financial advisors, mentors, and business coaches.
• Invest in leadership and staff development.
• Partner with organizations like Optometry Divas to learn from successful business owners.

“Success is never a solo journey. A great team makes all the difference.” – Dr. Lauretta Justin

3. Business Ownership: Start from Scratch or Buy an Existing Business?

If you’re ready to become a business owner, you have two main options:

1. Start Your Own Business from Scratch

✅ Pros:

• Full control over branding, services, and business structure.
• Unlimited growth potential.
• Ability to build a business aligned with your personal vision.

❌ Cons:

• Requires more time, effort, and capital to establish.
• Higher risk, especially in the first few years.
• May take longer to become profitable.

Example:
Dr. Monica Green always wanted a boutique-style optometry practice. She launched her own practice, focusing on high-end eyewear and concierge services. Though it took two years to become profitable, she now earns significantly more than she did as an associate.

2. Buy an Existing, Profitable Business

✅ Pros:

• Immediate cash flow and existing patient base.
• Easier financing opportunities since lenders prefer established businesses.
• Lower startup risk compared to a new business.

❌ Cons:

• Higher upfront cost.
• May need to rebrand or restructure to align with your vision.
• Could inherit operational issues from previous ownership.

Example:
Dr. Sophia Tran bought a well-established practice from a retiring optometrist. Since the practice already had a loyal patient base, she was profitable from day one and quickly expanded services to increase revenue.

4. Benefits and Risks of Business Ownership

Benefits of Owning a Business:

✔ Unlimited Income Potential – Unlike a fixed salary, business profits can grow indefinitely.
✔ Equity & Wealth Building – Your business is an asset that increases in value over time.
✔ Control Over Your Destiny – You set the vision and priorities.

Risks to Consider:

⚠ Financial Risk – Starting a business requires initial capital and ongoing expenses.
⚠ Market Fluctuations – Economic downturns can impact profitability.
⚠ Time Commitment – Business ownership demands dedication and strong leadership skills.

“Successful entrepreneurs don’t avoid risks—they learn how to manage them.” – Robert Kiyosaki

5. Cash Flow vs. Growth Strategy in Business Ownership

Cash Flow Strategy (Immediate Income Focus):

• Focuses on generating consistent, predictable revenue.
• Ideal for those who want a steady paycheck from their business.
• Example: Dr. Lisa Bennett set up a high-volume insurance-based clinic to maximize cash flow quickly.

Growth Strategy (Long-Term Expansion Focus):

• Focuses on scaling the business for higher future profits.
• Requires reinvestment into marketing, technology, or additional locations.
• Example: Dr. Kevin James reinvested profits into a second practice, eventually selling both for a multi-million-dollar exit.

Which Strategy is Best?
Most successful business owners use a combination of both, ensuring immediate cash flow while planning for long-term growth.

Call to Action: Join the Optometry Divas Community!

Are you ready to take control of your financial future and become the CEO of YOU®? Join the Optometry Divas Community and sign up for our business coaching program!

✅ Gain exclusive resources on business & financial literacy.
✅ Connect with like-minded women optometrists on the path to entrepreneurship.
✅ Learn from successful business owners and mentors.

🔹 Join us today at OptometryDivas.com/join and start your journey toward business ownership!

Disclaimer

This blog post is for educational purposes only and does not constitute financial, legal, or accounting advice. Always consult a licensed financial advisor or business consultant before making investment decisions.