By Joseph Mireault
Optical Retail Entrepreneur, Podcast Host, Certified Business Coach
It’s 2007, right at the cusp of a recession. I wear glasses but have never worked in retail, and I’m neither an optometrist nor an optician. Yet, here I am, buying an optical retail store. You might wonder, “What on earth am I doing?”
In this introductory episode of Revenue RX I will take you on a journey to explain where I came from, how I found myself in the optical business, and why you might want to listen to what I have to say.
My Journey to the Optical Retail Business
I’ve documented my 16-year journey in the optical industry, alongside years of diverse business experiences. This podcast is directed at supporting Eye Care Professionals (ECPs) with transferable actions addressing four key areas: time, team, money, and strategy. We’ll dive into topics like organic revenue growth, capture & conversion techniques, old-school marketing opportunities, and much more, all while keeping it simple (K.I.S.S.).
To quote Einstein, “If you can’t explain something simply, you don’t understand it well enough.” So, I intend to keep things simple and relatable, focusing on the bottom line. This podcast highlights practical applications for growing the business as well as philosophical approaches.
Discovering My “Why”
To understand why I’m doing this, you may have heard of Simon Sinek’s book, “Start With Why.” It’s based on the premise that people don’t buy what you do but why you do it. My “why” is to inspire and motivate change for retail optical owners to find real wealth, more discretionary time, freeing them from their job and sharing my knowledge in hopes that we all learn more.
Leveraging Diverse Experiences
Where did I come from? I’ll spare you the detailed rundown but suffice to say, it was a very eclectic number of ventures where each of these experiences gave me the tools to own and operate an optical store successfully.
Everything I did in my past was based on the premise that I could figure out what I needed to do. I wouldn’t second guess my ability to find a solution until proven otherwise. In my journey, I realized that coming into the optical business from the outside had its advantages. I was not subject to the saying, “you can’t see the forest for the trees.” I approached the business as a retail store, not as a dispensary of prescription eyewear, focusing on the product and how to sell more of them.
Embracing the Optical Opportunity
Back in 2007, I was looking for a sustainable small business where I could work for myself. Through my search, I came across an optical store for sale. It had no optometric services at the time and was strictly a retail store for eyewear. I saw the potential for recurring sales of the product and multiple revenue streams, realizing that eyewear is a product that satisfies both a need and a want.
As I stood outside the store, I noticed the competition. There were eight other optical stores within a four-block radius. This area, referred to as Optical Row, was a medical business district with ophthalmologist offices, an eye care center, and a major hospital. Understanding this profoundly affected my marketing strategy going forward.
Investing in Marketing During a Recession
It was time to buy the store. All the boxes checked, including the financials, which showed no line item for marketing. The store was operating on return business only and some walk-by traffic. From a marketing perspective, the opportunity to do more was obvious.
During a recession, most small businesses cut back on marketing to save money. This is the time to invest in marketing, as it opens the door for your brand to stand out. When things recover, your brand will be top-of-mind for consumers, capturing a higher percentage of the resurgent buyers.
Overcoming Constraints and Focusing on Success
As you proceed with this podcast, you will discover ways to challenge the constraints of commoditization. The podcast looks at some possible constraints and why you might want to listen to what I have to offer.
If you’re looking for more money, more time, better employee trust, effective strategies, higher conversion rates, or higher margins, you’ll find answers here.
What to Expect Next
In the next episode, we’ll delve deeper into understanding time and how to find more of this precious, non-renewable resource.
Join me on this journey to uncover wins for optical retail. Visit my podcast page and begin your search for answers in discovering the path to real wealth.
Joseph Mireault
Joseph was the owner and president at Tru-Valu Optical and EyeWorx for 16 years. During his tenure, he consistently generated a sustainable $500K in annual gross revenue from the dispensary.
He now focuses on the Optical industry, and as a serial entrepreneur brings extensive experience from a variety of different ventures.
Joseph is also a Certified FocalPoint Business Coach and looks to work directly with ECP’s in achieving their goals.
Through his current endeavour, the (Revenue RX, Optical Retail Wins podcast) he shares the challenges and solutions of running an Optical business.
