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You only need $7,500 to open a Men's Wear Store in NYC? - Page 2

post #16 of 30
8/16/11 at 11:09am
Quote:
Originally Posted by WestIndianArchie View Post


As a West Indian, I find this highly amusing.

From a cultural standpoint or do you think I was trying to say "people in the Caribbean have no money?" Which I was not. Just curious.
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post #17 of 30
8/16/11 at 11:18am
The guy on the front of the website doesn't even have cuffs? I mean, how do they expect us to take them seriously if their product doesn't match the name??? I'm so confused. I'm laying down.
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post #18 of 30
8/16/11 at 11:29am
Quote:
Originally Posted by WestIndianArchie View Post


So you're saying they already have 100K (or some amount close to that) and just need 7 more?
The whole thing sounds confusing.

There are many good reasons for opening yourself up to microloans and this sort of fundraising... it also equates to marketing.
I've no idea what their realities are... hey may have a side of the budget that is "must have" and they may have a nice-to-have... maybe this is on that side.
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post #19 of 30
8/16/11 at 12:09pm
He's an aspiring member of the Three Stooges Fan Club and all the other Stooge Club members are giving him a handout to help build him up.
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post #20 of 30
8/16/11 at 12:29pm
Quote:
Originally Posted by Cary Grant View Post


There are many good reasons for opening yourself up to microloans and this sort of fundraising... it also equates to marketing.
I've no idea what their realities are... hey may have a side of the budget that is "must have" and they may have a nice-to-have... maybe this is on that side.

Agreed that the whole micro financing trend can do some amazing things. There's a guy raising lettuce in box cars on an empty lot near my home - all of his start up money came from microloans. And he has recently received a fairly serious investment which is going to allow him to expand greatly. This also means he's leaving my neighborhood - YEAH!

Definitely the micro loan model can work.

Just not sure these guys have a solid business model in place.
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post #21 of 30
8/16/11 at 12:31pm
I think the concern is that this is not microloans or microfinancing in the traditional sense. There's no equity or expectation of repayment.
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post #22 of 30
8/16/11 at 12:51pm
Quote:
Originally Posted by YoungAmerican View Post

I think the concern is that this is not microloans or microfinancing in the traditional sense. There's no equity or expectation of repayment.

Oh! Guess that's so inconceivable to me that I didn't realize that part.

So it's just send us money because we're cool and we deserve it?!??? nod[1].gif

The crazy thing is they only need 1500 $5 donations to reach their goal. I guess it's conceivable this could happen - there are a lot of people out there with $5 to waste.

Though they won't be seeing any green from me. fistbump.gif
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post #23 of 30
8/16/11 at 3:10pm

i imagine rent in NYC would cost at least $2,000 a month if they are planning on setting up in a "cool" area... less than that and they will be miles away from their customer base.

 

not that it's any comparison but i set up my website for FREE!! to get a bricks and mortar store and then to buy the stock i imagine would be closer to $13/15 K

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post #24 of 30
8/17/11 at 10:50am
Quote:
Originally Posted by davesmith View Post

i imagine rent in NYC would cost at least $2,000 a month


I've looked up a few places downtown that were over $7,000/month for 80 sqf on a non prime block.
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post #25 of 30
8/17/11 at 11:26am
^^ to open up 200 sq at a few places here in the Twin Cities was $2000-$4000 the last time I was pricing.
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post #26 of 30
8/17/11 at 11:31am

Quote:

Originally Posted by CharlesAlexander View Post

I've looked up a few places downtown that were over $7,000/month for 80 sqf on a non prime block.


that makes me wanna cry... how is it possible to pay that rent every month?

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post #27 of 30
8/17/11 at 12:34pm
Seems to make more sense developing their e-commerce first; get a customer base there, and then move to brick and mortar when they've got more capital to work with. Storage space for inventory is much more affordable than an actual store front and all the money that goes into one.
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post #28 of 30
8/17/11 at 12:36pm
Quote:
Originally Posted by CousinDonuts View Post

The guy on the front of the website doesn't even have cuffs? I mean, how do they expect us to take them seriously if their product doesn't match the name??? I'm so confused. I'm laying down.

LOL. I was going to post that too. satisfied.gif
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post #29 of 30
8/17/11 at 4:39pm
Quote:
Originally Posted by Wes Bourne View Post

I'm curious: why would anyone donate money to a bunch of strangers online so they can open their shop/e-shop? Wasn't the blogosphere also buzzing about some guys trying to raise funds to launch a print magazine?

Although I assume 7K is only a fraction of their total startup cost, it's surprising that they can't come up with that between the 5 of them. If you can't get a business loan or operating loc, don't you usually turn to friends and family or have they already exhausted that avenue?

Check out kickstarter
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post #30 of 30
8/18/11 at 7:38am
Quote:
Originally Posted by davesmith View Post

Quote:


that makes me wanna cry... how is it possible to pay that rent every month?


It's not, that is why a bunch of them go out of business.
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