James Murray Wells
James Murray Wells revolutionised the spectacle-buying market by selling glasses online at little more than cost price, thereby saving the consumer substantial amounts of money. Here's the story behind Glasses Direct
What gave you the idea for Glasses Direct?
I got the idea after I bought a pair of glasses from one of the big high street chains, and I was shocked at how expensive they were! They cost £149.99 - more than half a month's rent for a student.
I felt that I could provide them at lower and more competitive prices, saving students - and everyone else - a great deal of money.
What were you doing when you had the idea?
I was studying for my finals at University of the West of England in Bristol, reading English. I confess that after that, I should have been revising in the library, but I was actually researching the optical market!
What was the first thing you did to try and make the idea happen?
I started with a lot of research and test orders. I spent quite a bit of time deliberating until I was absolutely confident the business model would succeed.
Who helped you, and how?
My old boss (the chairman of a PLC) gave me a lot of advice, and later invested and became a non-exec. I got advice and support from my father, an investment analyst, as well.
I employed my friends to help me cope with volume in the early days and my mother provided the staff canteen at lunch! I posted a job ad on the university notice board for fellow students to come on board and help me design the website.
Initially, financing came from a student loan, but then I did rounds of investment from friends and family.
When did the idea start looking viable?
The idea looked viable when I sent my prescription to a laboratory that I'd convinced to work with me. I got back a pair of glasses that fit perfectly and looked brilliant – for a fiver!!
The idea became even more viable when I walked downstairs one morning and the phone was ringing - and did not stop ringing all day. I could not write down and delete messages on the voicemail as fast as they were coming in!
When did the idea officially get up and running?
We officially opened for business on the 1st of July 2004. Since then, I've had over 1.5 million visitors to the website, and over 21,000 customers.
What obstacles did you encounter along the way?
Initially, I made hundreds of phone calls to investigate the manufacturing price of glasses, but all I found was a huge wall of resistance. No one was prepared to tell me the cost of manufacture. Then I found one man who took a lot of talking to, but eventually answered my questions.
I discovered it costs around £7 to make a pair of glasses and that it was the opticians who were trying to maintain their high street prices at an average of around twenty times the cost of manufacture.
We've had threats of legal action, formal complaints, hate-mail, and pressure on our suppliers from high street chains. The industry is in denial that the internet will ever have any bearing on it. Once, in fact, our chief frame supplier ceased trading with us due to pressure from the big high street chains.
Future plans for the idea?
We plan to consolidate the UK market then follow with an international roll-out.
Advice to anyone else who wants to make their idea happen?
Start small, grow big; start big, go bust. We started from my living room with £1,000. I learned it's best to minimise your risk while you test the concept in a 'cottage business'.
James supported Enterprising Britain 2007, a nationwide competition to find the most enterprising place in the UK - the city, town, place or area in the country that is best improving economic prospects and encouraging enterprise. Find out why James and other celebrity business figures supported the competition