James Greenwell on financing the start-up phase...
“When I started the business in 2003, I was fortunate enough to have a father who was an entrepreneur, who asked me to write a business plan and brought in Barclay’s bank to analyse it.
“I eventually convinced my father that I should be able to borrow from him and, as any entrepreneur would, he charged me 2% above the base rate of the Bank of England as a loan repayment!
I eventually convinced my father that I should be able to borrow from him and, as any entrepreneur would, he charged me 2% above the base rate of the Bank of England as a loan repayment!
“I also got equity released on my house, took my credit cards up to full whack and ploughed as much personal money as I had into the business. I started the brand with an overdraft owing in excess of £100,000.”
On his first year in the beauty business...
“The first year was all about hard work. I didn’t have any of the tools, business support mechanisms, or brochures that my consultants get today. I started out with literally just an idea and one product.
“It was very much a case of developing the product range very quickly, for example, a hand scrub or moisturiser, and then literally going to show after show to try and sell.
“I actually spend 100 days of the year in cheap B&Bs touring the country and going to shows, just selling the products to the general public and trying to get the branding out there.”
On his transition from athlete to businessman...
“The transition was very difficult, because when you’re an athlete everything is very time-planned, everything is planned for you by your coach, you’re told what time you’re expected to be and where.
“When you go into the business world it’s all down to you. All of a sudden you’re the time manager, the coach and the mentor – you’re the man who makes the difference.
“I was an athlete for 16 years and I find that dedication, determination and drive come natural to me, which is one of the reasons why I think there are many successful post-athletes in business today.”
