Miracle-Ear vs My Eyelab Franchise Comparison

Below is an in-depth analysis and side-by-side comparison of Miracle-Ear vs My Eyelab including start-up costs and fees, business experience requirements, training & support and financing options.

Start-Up Costs and Fees
 
Miracle-Ear Franchise
My Eyelab Franchise
Investment $119,000 - $352,500$407,477 - $585,543
Franchise Fee $30,000$34,900
Royalty Fee $48.80/aid4%
Advertising Fee $75/aid8%
Year Founded 19482015
Year Franchised 19832015
Term Of Agreement 5 years-
Term Of Agreement 5 years-
Renewal Fee $2K-10K-


Business Experience Requirements
 
Miracle-Ear Franchise
My Eyelab Franchise
Experience
  • General business experience
  • Marketing skills
    		• -

    Financing Options
     
    Miracle-Ear Franchise
    My Eyelab Franchise
      In-House/3rd PartyIn-House/3rd Party
    Franchise Fees No/No-/-
    Start-up Costs No/No-/-
    Equipment No/No-/-
    Inventory No/No-/-
    Receivables No/No-/-
    Payroll No/No-/-

    Training & Support
     
    Miracle-Ear Franchise
    My Eyelab Franchise
    Training Ongoing training as neededMy Eyelab provides an initial training program that covers material aspects of the operation of the My Eyelab store. This training is conducted whenever a new franchise is projected to open. This initial training is in addition to the on-site opening assistance. My Eyelab will not require training or certifications in addition to the initial training. My Eyelab will, however, provide additional, optional training on occasion. Up to four employees may attend the initial training program as part of the initial franchise fee. Daniel Stanton will oversee the training program. Mr. Stanton has thirteen (13) years of experience in this business. The My Eyelab training program is not routinely scheduled, but will be provided as needed. The initial training will occur at the corporate office in Palm Springs, Florida, or at one of our other South Florida affiliate stores. The initial training program must be completed to My Eyelab satisfaction prior to store opening.
    Support Newsletter, Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations, Purchasing cooperatives-
    Marketing Co-op advertising, Ad slicks, National media, Regional advertising-
    Operations 80% of all franchisees own more than one unit

    Number of employees needed to run franchised unit: 3

    Absentee ownership of franchise is NOT allowed.

    		-

    Expansion Plans
     
    Miracle-Ear Franchise
    My Eyelab Franchise
    US Expansion YesYes
    Canada Expansion No-
    International Expansion No-

    Company Overviews

    About Miracle-Ear

    Kenneth Dahlberg started Dahlberg Electronics in 1948 and began manufacturing the first Miracle-Ear hearing aids. Today, Miracle-Ear is a subsidiary of Italian hearing aid distributor Amplifon, with U.S. headquarters in Plymouth, Minnesota. Miracle-Ear's retail locations offer free hearing tests and consultations and offer service, warranty and after-care packages with their hearing aids.

    Ken Dahlberg, a World War II aviator turned electronic inventor, created the pillow radio for hospital patients' private listening. Ken's employer rejected the idea, and this inspired the founding of Dahlberg, Inc., which became the foundation of Miracle-Ear. A few short years later, we were the first to offer an in-the-ear hearing aid. Since then, Miracle-Ear has continued to introduce innovative technology to remove the barriers of hearing loss. We've taken the size of hearing aids down to models that fit entirely in the ear canal. We've made technological improvements that allow us to customize a hearing solution to your individual hearing loss profile. And we've developed customer service practices to help ensure that you are completely satisfied with the products and support you receive from your Miracle-Ear representatives nationwide.

    The total investment necessary to begin operation of a Miracle-Ear® franchise is from $119,000 to $352,500. This includes from $35,000 to $45,000 that must be paid to the franchisor or an affiliate for an exclusive territory of up to 250,000 persons. This amount may be higher if the size (population) of your exclusive territory is larger.
    Veteran Incentives 
    10% off franchise fee

    "Entrepreneur

    #98 in Franchise 500 for 2020.
    #84 in Franchise 500 for 2021.




    About My Eyelab

    Founded in 2013, My Eyelab is one of the fastest growing full-service teleconsulting and retail optical centers in the nation. With the mission to provide quality eyeglasses and expert eye care services, My Eyelab has become a leader in the eye health industry by developing an accessible alternative to over-priced eye care services.
    My Eyelab utilizes teleconsulting to enhance efficiency for patients and optometrists. This technology eliminates the need for an on-site laboratory, thereby significantly reducing startup and operational costs for franchisees.
    My Eyelab has been consistently ranked by Vision Monday as along the largest retailers in the United States, most recently as the 18th largest optical retailer in the U.S. My Eyelab is one of the fastest growing full-service teleconsulting and retail optical centers in the nation. With the mission to provide quality eyeglasses and expert eye care services, My Eyelab has become a leader in the eye health industry by developing an accessible alternative to over-priced eye care services.

    The total investment necessary to begin operation of a single My Eyelab® franchise ranges from $407,477 to $585,543. This includes $221,027 - $271,393 that must be paid to the franchisor or their affiliates for an initial franchise fee and for signage, furniture, fixtures, and equipment.
    If you enter into an Area Development Agreement to develop multiple units, your initial investment will range from $407,477 to $585,543 for each franchise unit that you commit to opening.

            ""
    #343 in Franchise 500 for 2020.
    #95 in Franchise 500 for 2021.