Mom's Advice on Starting a Clothing Business
Posted On Monday, September 1, 2008 at by Sun JunGoNegosyo Big Time!
Aquamundo: An interview with Ralph Espino, owner of Aquamundo, the first Philippine brand providing SCUBA gear and equipment.
Mom's advice to Chal, the show's host, on starting a clothing business:
- Make your brand, make your name, extend your line to include not just clothes but bags, shoes, and other accessories as well.
- Make your brand popular and people will buy your product.
- Don't just keep buying and selling other people's brand. Develop your own brand.
- When getting a partner, like your friend, consider the reasons for getting one. This could either be for capitalization, for manpower, for intelligence (source of ideas), or a combination of these factors.
- If no clear reason as to why you're getting a partner, it's better to do it alone.
- Advantages of doing it alone: Nobody will interrupt your decisions. If you fail, you will be the first one to learn. If you succeed, you will be the first one to get it.
- If you don't have money for capital, get a loan from the bank.
- Setting up a store is not required at the start. Mom prefers advertising in magazine first or actually creating your own fashion magazine to serve as advertisement and popularize the brand.
- Never be afraid to start a business.
- If you want to borrow capital from me, come up with a proposal first on how you are gonna pay me back. (^O^)/ (Her mom is just lovely.)
