By Joseph Mireault
Optical Retail Entrepreneur, Podcast Host, Certified Business Coach

In this episode of Revenue RX, we unpack the mindset and strategies necessary to not only keep up with change but to harness it as a tool for success.

Change is not just an option in optical retail—it’s a necessity. In the latest episode of Revenue Rx, we dive deep into the essence of change, exploring why it is the price we pay for survival in this dynamic industry. If you’re standing still, you’re not maintaining your position—you’re falling behind.

The Illusion of Standing Still

Let’s start with a hard truth: standing still doesn’t exist in business. If you’re not moving forward, you’re slipping backward. The world around you is constantly evolving, and if you’re clinging to the status quo, you’re at risk of being left behind. This episode is a wake-up call, an intervention of sorts, urging you to take action before it’s too late. You have a choice: become a maker of change or fall victim to it.

Success in optical retail—or any business for that matter—requires a willingness to embrace risk and do things differently. What got you here won’t get you where you want to go next. Complacency is the enemy of progress. The discomfort you feel when making changes is natural, but it’s also a sign that you’re on the right path. This episode introduces the concept of the Sigmoid Curve, a crucial principle in business that underscores the importance of reinvention at the height of success.

Understanding the Sigmoid Curve

The Sigmoid Curve represents the life cycle of businesses, products, and even personal growth. It has four key stages: start-up, growth, decline, and reinvestment. The latter two are where many businesses falter. As your business matures, growth slows, competition increases, and the market becomes saturated. It’s at this point that reinvestment and innovation are essential to avoid a downward spiral.

The episode highlights the downfall of once-great companies like Blockbuster, Kodak, and Sears—giants who fell because they didn’t adapt in time. The lesson here is clear: no one is immune to failure. Even if you’re riding high now, complacency can lead to a slow but inevitable decline.

The key takeaway? Anticipate the need for change before you hit the decline phase. Reinvestment, whether it’s in new ideas, technologies, or business models, is essential for sustained success. Transform your business to a new curve before the current one goes too far into decline.

The Psychology of Change

Change isn’t just about strategy—it’s deeply psychological. Making decisions, particularly those that involve significant changes, is stressful. It’s no surprise that many people resist change because of the fears associated with it. These fears range from fear of the unknown and fear of failure to fear of loss and even fear of success.

This episode delves into these common fears, encouraging you to confront them head-on. Recognizing these fears is the first step in overcoming them. The episode offers practical advice on how to build confidence and reduce anxiety by taking small, manageable steps toward change.

One powerful example is how we approach major life changes, like marriage or starting a family. We don’t let fear hold us back from these significant life events because we focus on the positive outcomes rather than the potential risks. The same mindset should apply to business. By focusing on the benefits of change rather than the discomfort it might cause, you can push through resistance and make the necessary adjustments to keep your business thriving.

Why Change is Critical in Optical Retail

The optical retail industry is no exception to the rule of change. Markets are constantly evolving, and if you don’t adapt, you risk becoming irrelevant. Whether it’s changing styles, new technologies, or shifting demographics, staying ahead of the curve is crucial.

Innovation is a driving force behind success. In this episode, I share examples from my own business journey, such as giving my stores a facelift every five years to keep the environment fresh and engaging for customers. Simple, thoughtful changes can make a big difference, whether it’s updating your store’s layout, introducing new product displays, or enhancing the customer experience with interactive elements.

But change isn’t just about aesthetics. It’s also about the practical aspects of running a business, like cost savings and resource management. Regularly reviewing your processes and making adjustments can lead to significant improvements in efficiency and profitability. In my case, I made a habit of reviewing balance sheets monthly and challenging suppliers to offer more competitive pricing.

The Bottom Line: Make the Commitment to Change

The path to success in optical retail—or any business—requires a commitment to change. Stagnation is the enemy, and the way out is through strategic reinvestment and continuous innovation. The decisions you make today will determine your future. So, start by setting aside resources for reinvestment, identify one key area of your business that can directly impact your bottom line, and focus on making meaningful changes there.

In the end, thoughtful change is not just about keeping up—it’s about getting ahead. It’s about making your business more resilient, more competitive, and more successful in the long run.

Call to Action

Don’t let complacency be your downfall. Listen to the full episode of  my podcast and learn how to embrace change as the key to thriving in the optical retail industry. Your business’s future depends on the decisions you make today—so make the commitment to change now.

 

 

By Joseph Mireault
Optical Retail Entrepreneur, Podcast Host, Certified Business Coach

In the ever-evolving world of optical retail, success isn’t just about having the right products or an attractive storefront. It’s about mastering the one resource that’s more precious than anything else: time.

In this latest podcast episode, I delve into the transformative power of time management and share how it’s not just a tool, but the cornerstone of true wealth—wealth that goes beyond money and taps into the freedom to live life on your own terms.

The Ultimate Test: Can Your Business Thrive Without You?

Let me take you back to a pivotal moment in my career. It was 2010, and three years after purchasing my optical store, revenue had doubled, even amidst a recession. Our focus on four key areas—strategic planning, team building, best practices, and brand exposure—had paid off. But I needed to put our progress to the ultimate test.

An opportunity arose when I was invited to a wedding in Sri Lanka. My family and I decided to make it a month-long trip—an entire month away from the daily grind. This was the moment of truth. Could my business survive without me?

I boarded the plane, filled with a mixture of excitement and anxiety. Could I truly let go? Could I trust that the systems I’d put in place were strong enough to sustain the business without my daily input? As we took off, a sense of relief washed over me. For the first time, I felt the real wealth of discretionary time—time that I had earned through strategic management and trust in my team.

When I returned, I was astonished to find that the store had generated its highest monthly revenue since I had bought it. It was a moment of revelation. I realized that I had gained control over time and, in doing so, had achieved a level of wealth that went far beyond financial gain.

What Is Real Wealth?

This experience led me to a deeper understanding of what true wealth means, particularly in the context of optical retail. Is wealth measured by the money in your bank account, or is it about what that money can buy? For many, the ultimate luxury that money can buy is time—time to spend with family, to travel, to pursue passions, and to step back from the day-to-day operations of the business.

But this discretionary time doesn’t come easily. It’s what separates the truly successful from those who are merely getting by. It’s the difference between working in your business like an employee and working on your business as an entrepreneur. What is the key to unlocking this time? Mastering time management.

TIME is The Holy Grail

Time is non-renewable. Once it’s gone, it’s gone. You can save it, waste it, spend it, and even buy it, but you can’t create more of it. In optical retail, time is the nucleus around which everything else revolves. If you’re going to innovate, grow, or even just maintain your business, you must first find the time to do so.

The reality is that most of us are working at 110% capacity or more. Our days are packed, our to-do lists never-ending. But to move to the next level in your business, you must take control of your time. If you don’t, time will control you. The good news is that we all have 24 hours in a day. The bad news? We only have 24 hours in a day.

Practical Steps to Reclaim Your Tim

So, where do you start? The first step in reclaiming your time is to stop doing things that no longer serve you. Take a hard look at how you’re spending your time. Make a list of the tasks that consume your day. Are they worth your time, or could someone else handle them? Would you pay someone your salary to do what you’re doing right now? If the answer is no, delegate or eliminate those tasks.

As optical retail owners, we wear many hats. But to truly succeed, we need to shift our focus from the day-to-day tasks of a technician or manager to the strategic thinking of an entrepreneur. This means trusting your team, letting go of micromanagement, and freeing up your time to focus on what really matters.

Sometimes, you must spend money to gain time. Hiring the right people, investing in training, and delegating responsibilities can give you the freedom to think bigger and plan for the future. Remember, starting something new often means stopping something old. So, what will you stop doing today to reclaim your time?

The Relationship Between Money and Time

Money is a tool, a means to an end. But in the context of time, it takes on a new meaning. Money buys you time. Time to think, to plan, to innovate. The more control you have over your time, the more freedom to pursue what really matters.

In optical retail, this could mean the difference between just getting by and truly thriving. It’s not about making more money for its own sake. It’s about using that money to gain more discretionary time, to have more options, and ultimately, to live a life that is truly free.

Take Control of Your Time

If you want to survive and thrive in optical retail, you must take control of your time. “What got you here today won’t get you to where you want to go tomorrow.” It’s time to make a commitment to change. Start by reclaiming your time, focusing on what counts, and delegating the rest.

Listen to the full episode of our podcast for more insights on how to master time and build true wealth in your optical retail business. Your journey to success starts with the first step—understanding the value of time.

 

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.