While still a student at West of England University, Jamie Murray Wells used his student loan to start Glasses Direct from a disused stable block on his father’s estate. He negotiated deals with the spectacle-frame manufacturers which allowed him to undercut the high-street chains in the UK, like SpecSavers, by a substantial amount.

James Murray Wells, 23, now runs a multi-million pound internet company, which sells a pair of specs every eight minutes. He has netted sales of over £2.5 million ($4.6m) in less than two years

Jamie says: “It’s an exciting time. There’s an army of people wearing my glasses every day, and that’s an incredible feeling.”

Until this young entrepreneur turned his gaze on the industry, the £2.5 billion market was dominated by four giants: SpecSavers, Vision Express, Boots and Dollond & Aitchison. Needing a new pair of glasses while revising for his English finals, he was shocked at the price.

“I couldn’t believe there was nothing cheaper than £150 ($276) for what was essentially a piece of wire and two pieces of glass.”

He began contacting glazing labs to try to get a cheaper pair direct. He was told that the cost would be around £7 and that the process was done automatically in under 20 minutes.

“The mistake of high-street opticiancs,” he says, “is that they subsidize eye tests in the hope of clawing back margins on dispensing glasses.”

He used the last £1000 ($1,840) instalment of his student loan to develop his idea.

But time doesn’t stand still in the rarified air of this entrepreneurial eagle. Looking ahead a few years he sees himself as a billionaire buying himself an island.

“I didn’t grow up dreaming of being an optician, so it’s not going to be long before I move on and attack other industries — knock the bottom out of the property industry or pharmaceuticals, or whatever.”

The type of premises any business will need depends on the kind of business it is. For example, if you run an internet business, your shopfront will be your websites. You can run it from a spare corner in your bedroom, if that’s what you prefer.

Similarly, if it’s mail order most of the physical work may be handled by a fulfilment house that takes orders, stores your goods, sends them out and does all the paperwork. Mind you, you’ll pay between 40 and 60pc of your turnover for that sort of service.

Adrian Gavigan went the hard way when he decided to do it all himself for his mail order firm supplying Irish dance shoes. He has now moved into an 1,800 sq ft warehouse in Wembley, London and is looking for even more space. It seems there’s a strong demand for Irish dance shoes.

So, what do you look for in new business premises?

* You’ll should determine exactly what you need beforehand: shopfront? facilities to hand, utilities available, access to the premises, parking, and planning permissions.

* You’ll need a budget: legal costs, alterations and decoration, rent and service charges, business rates/taxes, maintenance and insurance.

* Many online commercial property sites and trade papers will direct you to a choice of properties.

* When you’ve found somewhere suitable, find a surveyor to inspect the site, and a solicitor to close the deal.

* Contact the local town hall about rateable values and taxes.

* If you are taking serviced offices, find out all the costs involved.

Remember, the key to choosing the right property for your business is to consider how you expect it to be doing in five years time and picking accordingly.

We’re taking a few days off here at The Money Blog. We’ll be back on Monday 10 July.

Have a great week.