Owning an optometry business is like mixing clinical know-how with a bit of entrepreneurial hustle. It's all about balancing patient care with running the show behind the scenes. In this blog post, we're so fortunate to speak with Thalia Lim, Optometry Director for Specsavers Mittagong, where she shares her journey on what it's like to own and operate a practice.
Tell us a bit about yourself and how you go into optometry.
I'm Thalia, a 2019 graduate of optometry from UNSW. Currently, I serve as the optometry director at a Specsavers store in a regional area and I’m a subcommittee member of Young Optometrists. My journey into optometry began unexpectedly when I started as a dispenser at an optometry practice. As I immersed myself in the profession, my interest grew, leading me to pursue optometry as a career.
What made you want to own your own practice and how did you go starting up?
Towards the end of my second year as a new graduate optometrist, I began contemplating my career trajectory. With a growing interest in business and finance, I saw the role of a business owner as an opportunity to expand my skills and diversify my responsibilities beyond eye testing. I enrolled in the Specsavers pathways program to strengthen my leadership and management abilities and build on my financial understanding. Subsequently, I seized the chance to become a franchisee and bought into an existing store.
Should I take over a business or start brand new?
Both options—starting anew or buying into an established business—come with their own challenges and rewards and is really up to the individual. Personally, purchasing an existing business provided the benefit of an established patient base and operational profitability. However, it also meant navigating a larger financial loan and adapting to existing management styles and team dynamics.
What are some points to consider when going from employee to employer?
The transition from employee to employer brings significant changes. It involves assuming additional roles and responsibilities, balancing work-life demands, undertaking financial risks, and mastering the art of managing staff and navigating challenging situations
How is your work life balance as a business owner?
Balancing work and personal life has become crucial since being a business owner, and I’m still in the process of trying to establish boundaries and manage my priorities in order to maintain a sustainable lifestyle. While managing the business demands has increased my workload, I have also tried to focus on protecting my mental health and fostering a supportive environment with my business partners.
What was the biggest obstacle you encountered during your journey, and how did you overcome it?
Effective people management as a new business owner has been a major hurdle for me. Trying to manage a diverse range of personalities within a sizable team while fostering a positive culture has posed as an ongoing challenge that I’m still working on. To manage this I’ve been working on finding effective ways to run team meetings and having one on one check ins with each team member to provide feedback and ensure they feel supported within the team.
As an optometrist, was it hard learning the financial/business side to owning a practice? Is there any resources that you would recommend that might have helped you with this (if any)
The Specsavers pathways program proved invaluable, equipping me with essential financial insights and business fundamentals—from profit and loss statements to team leadership.
Prior to business ownership, I actively sought knowledge from my employers and supplemented my learning with podcasts on business management in order to improve my financial literacy. Seeking guidance from experienced business owners was also helpful. Learning from their successes and mistakes provided invaluable lessons in navigating the complexities of business ownership.
What advice would you like to give to all the YOs that are interested in opening their own business?
If owning a business is something you’re thinking about, do your research, improve your financial understanding, talk to other business owners and make sure you are committed to the role. The journey to being a business owner has been a rewarding and enjoyable journey for me despite the challenges I’ve faced. It's a path that demands continuous growth, adaptability, and a commitment to learning but I’m glad I have made the decision to go down this path.
