October 2, 2006
Business vision | A chat with Bill Nadeau, founder of Affordable Eyes in Auburn.
By Erview By Kerry Elson
Founded: February 2006
Employees: Three
Startup costs: $20,000
Projected revenue, year one: $80,000
Projected revenue, year two: $120,000
Contact: 333-6927
229 Center St., Auburn 04210
Tell me about Affordable Eyes.
We make and service eyeglasses. People come in with their prescription, and what we do is we fill the order. If you need any repairs or adjustments, just come on in and we do them.
We order the lenses locally, so our turnaround time is not that long. It's within a week. We get the lenses from New Hampshire Optical, which is in Lewiston, and also out of McLeod Optical, which is in Bangor.
What led you to start the business?
I have been in the optical business for about 30 years. I had one month short of 21 years experience in an optical lab and six-and-a-half years of experience in retail at another optical store in Auburn called VIP Eyes.
I thought about purchasing the prior place where I worked, but it just didn't work out. I just couldn't get the financing together. So I went to [Androscoggin Valley Council of Governments] and AVCOG said, "For what you're looking at, you can start up your own [business]." And then from there it snowballed and then this is what happened.
My coworker at the other place [Bob Putnam] works here now. He was going into retirement, but I convinced him to come with me. We always had a good business relationship ˆ we used to call each other Butch and Cassidy. A lot of our customers from our old store come in to congratulate us because they're happy to see us back together again.
How did you finance the launch of the business?
My wife and I did a home equity line of credit on our house. That, too, was recommended by AVCOG.
How do you set yourself apart from your competition?
A lot of our competition is the optometrists ˆ they can write the prescription and make the glasses right there in the office. But our glasses are $50-$100 less than what the doctors can offer. And we seem to go on our customer service. We're more friendly and less clinical than an optometrist's office.
What is your price range?
The frame and lenses for single-vision glasses start at $59. And the second pair starts at $40. We don't sell name brand products, so you're not paying the big price of having the name on there. Having worked in a lab for almost 21 years, I've worked with all sorts of different frames. Whether they're more expensive or less expensive, they're all the same. If you're gonna have a problem with the frame, you're gonna have a problem whether you pay $50 or $200.
We do have a few higher priced frames, but they don't seem to sell as well as the less-expensive ones. Right now, we're selling the lower priced ones to keep our costs down.
How many pairs of glasses do you sell per week?
About 24. The business has grown since we've opened ˆ so far we've sold over 600 pairs of glasses.
What are the most popular types of frames?
Right now, it's that completely rimless style. People like those because of the lightness and the invisibility of them. And the thick, plastic lenses are trendy around the younger people.
How do you market your business?
I've been [advertising in] Twin City Times, Coffee News, and the Lewiston Sun Journal. We have done some radio advertising, but that just didn't seem to work as well as the print ads. And a lot of [our business comes] through word-of-mouth.
What are your plans for growth?
Hopefully to survive. I'm a little bit nervous, like everyone else. I just don't know what to expect. I'd like to be making more, but we'll just take it one day at a time.
What was your first day in business like?
I got a lot of flowers from friends and well-wishers and customers I had from the other store. I sold six or seven pairs that day.
Were you nervous?
Oh yeah. But my wife worked with me the first day. I was going into uncharted territory.
Interview by Kerry Elson
New Entrepreneurs profiles young businesses, 6-18 months old. Send your suggestions and contact information to kelson@mainebiz.biz.
Employees: Three
Startup costs: $20,000
Projected revenue, year one: $80,000
Projected revenue, year two: $120,000
Contact: 333-6927
229 Center St., Auburn 04210
Tell me about Affordable Eyes.
We make and service eyeglasses. People come in with their prescription, and what we do is we fill the order. If you need any repairs or adjustments, just come on in and we do them.
We order the lenses locally, so our turnaround time is not that long. It's within a week. We get the lenses from New Hampshire Optical, which is in Lewiston, and also out of McLeod Optical, which is in Bangor.
What led you to start the business?
I have been in the optical business for about 30 years. I had one month short of 21 years experience in an optical lab and six-and-a-half years of experience in retail at another optical store in Auburn called VIP Eyes.
I thought about purchasing the prior place where I worked, but it just didn't work out. I just couldn't get the financing together. So I went to [Androscoggin Valley Council of Governments] and AVCOG said, "For what you're looking at, you can start up your own [business]." And then from there it snowballed and then this is what happened.
My coworker at the other place [Bob Putnam] works here now. He was going into retirement, but I convinced him to come with me. We always had a good business relationship ˆ we used to call each other Butch and Cassidy. A lot of our customers from our old store come in to congratulate us because they're happy to see us back together again.
How did you finance the launch of the business?
My wife and I did a home equity line of credit on our house. That, too, was recommended by AVCOG.
How do you set yourself apart from your competition?
A lot of our competition is the optometrists ˆ they can write the prescription and make the glasses right there in the office. But our glasses are $50-$100 less than what the doctors can offer. And we seem to go on our customer service. We're more friendly and less clinical than an optometrist's office.
What is your price range?
The frame and lenses for single-vision glasses start at $59. And the second pair starts at $40. We don't sell name brand products, so you're not paying the big price of having the name on there. Having worked in a lab for almost 21 years, I've worked with all sorts of different frames. Whether they're more expensive or less expensive, they're all the same. If you're gonna have a problem with the frame, you're gonna have a problem whether you pay $50 or $200.
We do have a few higher priced frames, but they don't seem to sell as well as the less-expensive ones. Right now, we're selling the lower priced ones to keep our costs down.
How many pairs of glasses do you sell per week?
About 24. The business has grown since we've opened ˆ so far we've sold over 600 pairs of glasses.
What are the most popular types of frames?
Right now, it's that completely rimless style. People like those because of the lightness and the invisibility of them. And the thick, plastic lenses are trendy around the younger people.
How do you market your business?
I've been [advertising in] Twin City Times, Coffee News, and the Lewiston Sun Journal. We have done some radio advertising, but that just didn't seem to work as well as the print ads. And a lot of [our business comes] through word-of-mouth.
What are your plans for growth?
Hopefully to survive. I'm a little bit nervous, like everyone else. I just don't know what to expect. I'd like to be making more, but we'll just take it one day at a time.
What was your first day in business like?
I got a lot of flowers from friends and well-wishers and customers I had from the other store. I sold six or seven pairs that day.
Were you nervous?
Oh yeah. But my wife worked with me the first day. I was going into uncharted territory.
Interview by Kerry Elson
New Entrepreneurs profiles young businesses, 6-18 months old. Send your suggestions and contact information to kelson@mainebiz.biz.
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