Lenskart franchise is a lucrative business opportunity for aspiring entrepreneurs. This blog post will guide you through the essential details, including the investment required, profit potential, and the application process. We’ll also cover the history of Lenskart, the different formats available, and the challenges you might face. By the end of this post, you’ll have a comprehensive understanding of what it takes to become a Lenskart franchisee.
History of Lenskart
Lenskart was founded in 2010 by Peyush Bansal, an ex-Microsoft employee with a vision to revolutionize the eyewear industry. Along with his co-founders, Amit Chaudhary and Sumeet Kapahi, Peyush established VALYOO Technologies with the aim of providing high-quality eyewear directly to consumers by eliminating middlemen. This approach not only reduced costs but also ensured superior quality through in-house robotic lens manufacturing and assembly.
Lenskart has grown rapidly, reaching over 100,000 customers monthly through a unique blend of online sales and physical stores. The company is known for its innovative use of robotic technology, which ensures precision in lens manufacturing. Lenskart offers a wide variety of eyewear, including over 5000 styles, and caters to men, women, and children. The brand is committed to providing value for money, with prices lower than local opticians by cutting out middlemen and passing the savings directly to customers.
Investment Required for Lenskart
Starting a Lenskart franchise requires a substantial investment. Here is a breakdown of the costs involved:
Capex (Capital Expenditure)
| Details | Total (₹) |
|---|---|
| Software Licence & Franchise Fee | 2,36,000 |
| Interiors (Furniture, tiles, A/C, Displays, Storage, Music System) | 10,00,000 |
| Branding (Signage, VM, other branding) | 2,70,000 |
| LCD Screen, Tablet, Laptop | 2,50,000 |
| Staff Training Expense | 2,00,000 |
| Ophthal Equipment (Eye testing machine, other tools) | 5,00,000 |
| Total Capex | 24,56,000 |
Opex (Operating Expenses)
| Operating Expenses | Per Month (₹) | Per Year (₹) |
|---|---|---|
| Rent (Inclusive of Taxes) | 50,000 | 6,00,000 |
| Salaries | ||
| Store Manager | 30,000 | 3,60,000 |
| Optometrist (2 Nos) | 40,000 | 4,80,000 |
| Sales Executive | 15,000 | 1,80,000 |
| Total Salaries | 85,000 | 10,20,000 |
| Electricity | 8,000 | 96,000 |
| Telephone | 1,000 | 12,000 |
| Internet | 2,000 | 24,000 |
| Stationery & Miscellaneous | 1,000 | 12,000 |
| Cleaning Staff | 1,500 | 18,000 |
| Repair & Maintenance | 1,500 | 18,000 |
| Card Payment Charges | 3,375 | 40,500 |
| Marketing Cost | 2,500 | 30,000 |
| Total Other Expenses | 20,875 | 2,50,500 |
| Total Operating Expenses | 1,55,875 | 18,70,500 |
Sales
| Details | Avg Sales Qty | ASP (₹) | Retailer Margin | Commission on Sale (₹) | Sale Value (₹) |
|---|---|---|---|---|---|
| Prescription Frames | 250 | 3,000 | 25% | 1,87,500 | 7,50,000 |
| Sunglasses | 60 | 2,000 | 25% | 30,000 | 1,20,000 |
| Contact Lens | 30 | 1,000 | 13% | 3,900 | 30,000 |
| Total | 340 | 2,21,400 | 9,00,000 |
Store ROI Summary
| Summary | Amount (₹) |
|---|---|
| Capex | 24,56,000 |
| Opex | 18,70,500 |
| Inventory | 11,00,000 |
| Sales Commission | 30% |
| ROI on Capex | 33% |
| Yearly Earning Potential | 8,50,000 |
Profit Margin and Profitability Analysis
Lenskart offers attractive returns for its franchise partners, with an estimated profit margin of 25-30%. This high margin, combined with a quick breakeven period, makes it a lucrative business opportunity.
Why Partner with Lenskart?
Business Vision:
- Lenskart aims to disrupt the eyewear industry by offering high-quality, trendy eyewear at affordable prices.
- The brand boasts over 5000 styles of eyewear, ensuring a wide variety for customers.
- Free eye tests are provided to increase footfall.
- Lenses are manufactured with zero error using robotic technology in a world-class facility, ensuring competitive pricing.
- Stores offer a global standard experience.
Setting Up a Lenskart Store:
- Site Selection: Lenskart assists in selecting and finalizing the store location through its network.
- Store Setup: The layout, design, and fabrication of the store are managed by professional Lenskart-authorized vendors.
- Staffing: Lenskart handles staff hiring, support, and training.
- Ease of Setup: Franchisees only need to apply, and Lenskart takes care of the rest.
Excellent Support:
- Customer Support: 24×7 customer support and central grievance management.
- Logistics: End-to-end logistics management for orders and delivery.
- Consistent Margins: No change in margins during promotions and discounts; commission and payouts are done within 7 days of order.
- Inventory Management: No dead stock, as products are always in rotation.
- Price Parity: Consistent pricing across online and offline channels.
- Marketing Support: Comprehensive marketing support, including TV, radio, and hyper-local marketing.
Lenskart Formats
Lenskart offers various formats to suit different business needs. These include standalone stores and kiosks. Each format has its unique features and benefits, catering to different customer bases and locations.
Requirements for Lenskart
To open a Lenskart franchise, you need to meet certain requirements:
- Financial Requirements: Minimum net worth of ₹[30 – 40 Lakhs]
- Personal Qualities: Strong business acumen, customer service skills
- Legal Compliance: Necessary licenses and permits
- Location Criteria: High footfall areas, preferably in commercial zones
Challenges Involved in Lenskart
Starting a Lenskart franchise comes with its challenges. These include competition from other brands, managing operational costs, and maintaining product quality. Understanding these challenges can help you prepare better and develop effective strategies.
How to Apply for Lenskart
Here’s a step-by-step guide to applying for a Lenskart franchise:
- Initial Research: Gather information about the franchise.
- Contact Lenskart: Reach out via their official website or contact details.
- Application Process: Fill out the franchise application form.
- Agreement: Review and sign the franchise agreement.
- Training: Attend the training programs provided by Lenskart.
- Site Selection: Choose a suitable location for your outlet.
- Ongoing Support: Utilize the support provided by Lenskart for smooth operations.
Conclusion
Starting a Lenskart franchise can be a rewarding venture. With the right investment, dedication, and support from Lenskart, you can build a successful business. If you’re passionate about the eyewear industry, consider this opportunity and take the first step towards becoming a Lenskart franchisee.
Contact Details:
- Address: Vatika Mindscapes Building,7th Floor, Sector 27d, Faridabad-121001.
- Email: beafranchise@lenskart.in
- Phone: 8447897857
- Website– https://partners.lenskart.com/
Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute professional advice. The author and publisher make no representations or warranties regarding the accuracy, completeness, or reliability of the content. Business decisions should be made after conducting thorough research and consulting with qualified professionals. Mention of specific companies, products, or services does not imply endorsement. Financial estimates are based on available data and are subject to change. The author and publisher are not responsible for any actions taken based on the content of this blog. Readers are encouraged to independently verify information before making any business or financial decisions.
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