This blog post is going to be about my own story about how I got started on the ukay-ukay (thrifting) business here in the Philippines and ways to, too! It all just requires a little determination and hustle. I had been a devoted fan of thrifting since I used to be ever..
I was sort of a kikay kid when I was young and my mom had to maintain with my pink and frivolous flavor. She bought me thrifted stuff since I was just a growing child and clothes that were bought on ukay ukay tend to be a lot cheaper and incredibly durable.
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I grew up but I didn’t grew out of my ukay stage. Shifting, I met my partner (now fiancee) and both of us share our love for thrift shopping. With that, we decided to open our own ukay-ukay store. So trust me when I say that it’s really easy to start your own ukay-ukay business within the Philippines.
1. Unlike other businesses, ukay-ukay doesn’t require a lot of capital to get started. We began our ukay-ukay store with only 8,000 php in capital. We bought a cheap bale of mixed pants and made a decision to buy pre-loved items from folks who are close to us. We rummaged our own closets for used, but still presentable tee shirts and trousers and added them to the pile. Just ask. You would be amazed at how ready people are to assist you on your business and become able to eliminate their old stuff. For a few, we even wanted to buy their clothing at a cheap price and we simply resold it at twice or thrice that price.
2. You can start, anywhere. A lot of the ukay-ukays that we love are in marketplaces. In the province Here, each municipality has its market day. Day On this market, sellers would be displaying their items all over the street and on the general public market. Prices in these stalls are significantly cheaper than those traditional thrift stores that have a physical shop given that they don’t have regular monthly rental expenses to pay. But in my case, I stayed with having my own physical store since my family is in the real property business and we had an available commercial space close to the town center.
3. You don’t need to be so concerned about competition. Sure, there could be other retailers aside from you, but none of them would have the exact same item you are offering. Clothes are challenging and thrifting is trickier,for buyers especially. The upside is that what you have to offer is something that only you can provide.
4. The profit percentage is great. Just between us, the real average product cost of each item of clothing ranges from 10-45 pesos usually. Most sellers sell them for twice, thrice, or even four times their real price and make a respectable amount of money at such a brief amount of time. What more, your inventory isn’t consumable. It generally does not degrade or change bad after some time. Clothes don’t possess expiry dates and they don’t cost much to store and screen unlike food and grocery items. 5. Operating an ukay-ukay store isn’t exhausting.
We have observed the destiny of Chara Ghotala and Stamp fraud. There is no doubt that whenever bank’s balance sheet is scrutinized in depth and bank’s assets are assessed in the framework of good carrying out assets, most of PSU SBI and banks will face negative net value, worse than Satyam.
The scams perpetuated by Satyam management and authenticated by Chartered Accountants for last so a long time not only exposes the truth of corporate and business governance but also the grade of Certification done by Chartered Accountants on whom Government believes blindly. Only within the last month, team of CA acquired clearly refused that they had given any report on value to his son’s company called as Maytas so when doubtful integrity of Satyam management was well established and emerged to light.
Prior to that World Bank acquired also debarred these businesses for eight year for alleged incorrect financial operation. Inspite of all, regulators like Institute and SEBI of CA’s continued to be silent spectator only because all are parrots of same feather. As a matter of known fact all regulators remains mostly in deep slumber and only when blast like Mumbai blast occurs these are awaken. They will again rest when the news headlines is neglected by general mass.