Mike Hale: How does the Iolla joint venture partnership (JVP) model work?
Brian McGuire: The Iolla JVP model is designed for entrepreneurs looking to join our growing success and bring the Iolla brand to new areas of the UK. Essentially, it’s a partnership where Iolla and the local partner create an outlet for customers to purchase within a new region. Iolla will offer extensive support, including training, marketing, and operational guidance. Your role involves leading and managing the business locally, with Iolla backing you up every step of the way. Funding can come from personal investment, bank loans, or leasing.
This model is perfect for those with an entrepreneurial spirit and a passion for growing a business, but who also want the support of a well-established brand. This partnership allows you to leverage Iolla’s established reputation, whilst also bringing your own local knowledge and leadership to the table and grow your venture.
MH: What are the barriers to becoming a successful JVP and how can they be overcome?
BM: Funding is usually a key barrier to entering any JVP scheme or owning a practice, as securing the necessary capital through
personal investment, loans, or leasing can be daunting. Additionally, owning and managing a retail business requires a significant commitment of time and effort, as well as leadership skills. Local market knowledge and the ability to navigate the competitive retail landscape also play crucial roles in ensuring success. However, Iolla provides robust support to help partners overcome these challenges and is committed to making the partnerships a success. We can work with you to help you get the funding you need, and we’ll be with you every step of the way.
MH: Are professional qualifications preferred at Iolla or is retail experience more useful?
BM: At Iolla, while professional qualifications are valued, the focus is more on practical retail and business experience. The ideal partner is someone who has a strong entrepreneurial spirit and leadership capabilities. Experience in retail or customer-focused industries can be particularly beneficial. Iolla is seeking partners who are passionate about driving success and who have the hands-on skills to navigate the challenges of running a retail business. Iolla’s support system will help fill in any gaps, making business acumen more critical than formal qualifications.
MH: What steps can practitioners take to improve their business acumen?
BM: For optometrists or dispensing opticians aiming to build business acumen, several strategic steps can be beneficial. Gaining practical experience by working in management or administrative roles within retail or healthcare settings can help in understanding day-to-day business operations. It is also important to seek mentorship from experienced business leaders who can offer guidance and advice. Networking through industry groups or attending business seminars and workshops can further enhance your understanding of market dynamics, financial management and leadership.
Do not let lack of retail experience stop you from exploring this opportunity as Iolla offers full training and support and will act as a mentor throughout. Additionally, Leveraging Iolla’s support system can be an excellent way to bridge gaps in business knowledge and build your confidence and experience in the business side of optometry or retail.
