The K-Factor podcast is produced monthly by CHYE – Crown Heights Young Entrepreneurs in partnership with community news website COLlive.com.
The K-Factor offers business wisdom that can help future business leaders to make the “Keli” (the Hebrew word for vessel) so they can grow their business aspirations.
Season 2 Episode #7:
Mordy Babayov’s entrepreneurial spirit emerged long before opening The Suit Depot. While still in high school, the New York-native obtained designer clothing from relatives, bought off the clearance rack of local discount stores and listed the apparel on eBay. He soon invested the small profit he made into his first wholesale merchandise purchase, which he sold within a month. Because of the demands of a quickly growing business, Babayov moved the company out of his bedroom and into his parent’s basement and then, eventually, to his first warehouse.
At a time when retailers are closing their brick-and-mortar storefronts and moving their businesses online, Marty Babayov is bucking the trend. The 24-year-old entrepreneur is taking his successful online business, The Suit Depot, to a storefront.
The Suit Depot has since become a $2-million-a-year enterprise with a strong e-commerce presence that offers designer name fashions by top designers including Calvin Klein, Hugo Boss, Alfani RED, Giorgio Armani, Elie Tahari and Ralph Lauren.
In this interview:
-To start a business look to fill a need
-Look to improve over the competition
-Transitioning from overstock to first quality merchandise
-From online to retail
-Selling on eBay vs Amazon vs Website
-Starting to manufacture your own product
-The survival of retail is being a specialty
-Take risks while you can
To recommend someone for an interview and to reach Rabbi Werde, email [email protected]