I make custom suits, shirts, pants, jackets. The measurements, fittings, and alterations are done here. The clothes are made in Hong Kong. I sell the finished product here.
Most of my clients are lawyers, stockbrokers, people in finance, and some doctors.
I have 10 employees including me and my wife. I learned about the clothing business from my father and my brother.
Business was good until 2007. But in 2008 when the stock market went down, my business lost 25%, 30%. Now it is coming back.
We have almost recovered, but we are selling suits much cheaper than we used to. So profit margins are lower. The average suit costs between $500 and $800.
I haven't fired anybody, but I didn't hire either. When it was slow, I kept the employees. You don't know when the business will pick up and you need good people to work for you.
The President? I don't know if he can make the cost of the goods cheaper. I don't know how he can do that.
I always will do some business because people want custom-made garments. If the economy gets better, I will be booming again, like 2007. If the stock market does well, my business will grow because people have more money.
When business gets better, then we can hire somebody. -- C.C.
Be polite and professional when giving an employee the boot. And if the person getting fired starts to lose it, duck.
