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LAURA KIM: When Fernando and I launched Monse in 2015,
we quickly realized we had a lot to learn.
We had the designing a collection part of the business
down, but we had to figure out the nuts and bolts of how
to make a company a financial and commercial success.
When we started Monse, I planned for it for three years.
So I personally saved quite a bit of money
to fund the business.
And my parents and Fernando's parents
were very kind to give us some money to start.
But six months in, we're running out.
And then I realized we have to get a job.
So we were doing part-time jobs to fund it a little bit more.
The minute our CEO came on board, I just told her,
this is how much money we have.
Let's plan for us to not have anything coming in
until another 12 months.
You just have to be very clear about what you have
and what you can support.
But have a partner or advisor tell you
how you can execute that.
I think to launch a business you have
to make sure you have a fund to go on without profit
for good year and a half.
I mean, in fashion they say 10 years.
But luckily, Monse was profitable in its second year.
And also make sure there is a lot of buzz around the brand.
Because that's when you actually have
to spend a little more to create the buzz,
get people's attention, get your name out there.
And I'm someone who don't like to spend money
on PR and marketing.
And Fernando does.
But I do see the need for it.
And he did an excellent job when we started Monse.
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I definitely think it's a good thing
to work for someone before you start your own business.
So it's just like, you know where to buy fabric.
You know where to buy garment bags.
You know who to call for help.
And you know people who knows people.
Honestly, our first show, if we didn't have the connections,
I don't think we could have pulled it off,
not even a quarter of what we did.
The fabrics were all through the same vendors.
It was manufactured in the same factory
that Oscar makes their clothes.
All the magazine editors who came in,
they were friends of ours from Oscar.
I mean, it's endless.
Like, model agency, makeup artist,
music producers, everything, even my own staff.
If you were to start your own business,
I think you should really understand
who you are as a person.
Like, what are you good at?
What can you do for this brand?
And find someone who can do stuff that you can't do.
It's not about hiring CEO, CFO, head of marketing.
Because maybe you could cover those things.
But maybe you're really bad at, like, accounting.
So it's about really knowing and being honest with yourself.
Realizing what you really need first, like, six to 12 months,
and find the right person to support you.
Because I'm a planner, I wish I can
say you should plan for your company to be something
at a certain point.
But if you do it with love, and you do it with passion,
it becomes bigger than what you actually
thought could ever happen.
And that's, like, a biggest surprise.
And it's the most happiness that I got from having Monse.
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When we started Monse, we were asked to make a business plan.
So we hired a consultant to do it for us,
like, a real business plan.
And he planned out about two years,
like cash flow and things we were
going to spend money on and, like,
all the details, like, giant Excel sheet.
But that changed within, like, a month.
Like, everything he planned and we thought we were going to do,
it changed.
Because I think fashion is about being reactive.
And you just can't plan for it.
We even had a person to plan out marketing,
who we should target, where we should sit.
But it all changed even before our first collection
was finished.
So I would advise--
because they're very expensive, the consultants.
I would advise, just have someone you trust
to run the business with you.
For me, it was my CEO.
And sometimes things better than what you expected could happen,
and that plan doesn't work for you anymore.
So you have to be flexible, be open to change,
be open to replan every day.
Really look into your business and see what's moving
and what's not selling.
And check why it's not selling.
Maybe it's not the product.
Maybe the fit is not right.
But it does take time to really understand what's
going on with your business.
And I do spend a lot of time with my CEO,
my salespeople, merchandising, to understand
where we're standing.
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