How to Open a Hearing Aid Store
The hearing-aid industry has proven to be a recession-proof industry. While the world’s financial crisis was still lingering through 2009, hearing-aid manufacturers reported a 6.07 percent increase in annual sales. According to David H. Kirkwood (editor of the Hearing Journal), 2009 third-quarter industry earning results showed an astounding 8.75 percent increase over 2008 third-quarter earnings. This means that, despite hard times, people are still buying hearing aids. Experts at the Hearing Journal believe people now view hearing aids as a medical necessity rather than a luxury item. In addition, the elderly population continues to grow, hearing loss affects millions of people around the world, and hearing-aid technology continues to advance. All of these factors make a hearing-aid store an ideal business to open.Things You'll Need
- Business license
- Hearing-aid dealer license
- Office space
- Hearing testing equipment
- Office equipment
- Office supplies
- Hearing-aid manufacturer
- Business cards
- Manufacturer brochures
Instructions
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Franchised Hearing-Aid Store
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Decide if you want to be a franchisee. Hearing-aid stores are either part of a franchise, part of a corporation, or are privately owned. Franchise operations can be costly, entailing start-up fees, franchise fees, and a percentage of your profits going to the parent company. However, on the plus side, a franchised business offers name recognition, great support, and advertising.
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Include in your business plan the names of the localities, namely, the towns, cities, states, and countries, where you want to own a hearing-aid store. Franchises are limited to available territories and you may not be able to start the franchise you want in the area you want.
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Contact a hearing-aid company offering franchising opportunities and inquire about their costs, requirements, and available territories. Three well-known franchise hearing-aid chains are Miracle-ear, Beltone, and Sonus. Amplifon International owns several hearing-aid brands sold around the world. Amplifon offers franchise opportunities all over the world.
Self-owned Hearing-aid Store
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Decide on a location for your store. Demographics and location can make or break a hearing-aid store. Your target demographic is senior citizens; locations surrounded by active-retirement living communities or in more adult-centered parts of town are ideal. Most senior citizens don’t want to drive more than five miles for service, so make sure your closest competitor is at least 10 miles away.
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Choose an office space that’s easily accessible for both handicapped and non-handicapped individuals. Make sure there’s plenty of parking in the front of the premises and handicapped parking spaces. Ideally a hearing-aid store should be at least 600 to 800 square feet. You’ll need two clinician offices, a reception area, receptionist desk, waiting area, bathroom, and break room.
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Decide what products you want to carry in your hearing-aid store. Several major hearing-aid manufacturers offer wholesale hearing aids to privately owned clinics, including Oticon, Siemens, Starkey, GN ReSound, Unitron, and Sonic Innovations. These companies provide professionals with product software, support, and training. You can also sell hearing-aid batteries, assistive listening devices, and products for ear cleaning and protection. All of these additional products can be purchased from the hearing-aid manufacturer of your choice.
Hearing-aid Store Necessities
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Decide on a business name and business type. Take care of the legalities first. Even for franchises you must have your own company, tax identification number, and business name. Apply for a business license from your state or province. Apply for a sales tax license.
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Contact your state or provincial department of health or department of special licensing to apply for a hearing-aid dealer's license. If you will be physically fitting customers with hearing aids in your store rather than hiring a specialist, you must also have a license to dispense hearing aids.
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Obtain the necessary equipment to begin business. A hearing-aid store needs at least one computer, office with reception desks and chairs, one large filing cabinet, a sound-proof testing booth (unless you have built your office to be completely sound proof), one audiometer, a copy/fax machine, front office supplies, and clinician supplies.
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Talk to your hearing-aid manufacturer representative or your regional franchise manager about what programming, documentation, and software supplies they can provide. Most manufacturers will supply you with the tools needed to program their brand of hearing aids. You will need audiograms, purchase agreements, medical waivers, medical referrals, and whatever other documents your state or province requires for the sale of hearing aids.
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Market yourself or hire a marketing/public relations representative. Get brochures from the manufacturer, have business cards made, and run an add in the local newspaper. Get out into the community, visit retirement homes, and offer to do free educational presentations. Find out about local health or senior-living expos and be an exhibitor. Get the word out about your new hearing-aid store and advertise grand-opening specials, big sales, discounts, and freebies.
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