A wide variety of shoe stores are available to consumers, from those made just for babies to shoe stores for brides and grooms. If you are into fashion and looking to start a retail operation, starting a shoe store may be the ideal business for you. A shoe store is versatile, in that it can be operated physically within your local community or online, where you can service customers worldwide.
Shoes hold a major fashion and practical purpose. If you are interested in shoes and have an entrepreneurial spirit, you might be interested in learning how to start your own shoe company. There are several aspects, from licensing to advertising, you need to take into consideration with a shoe company startup. Below are some things to consider when opening up your own retail shoe store.
Opening a shoe store requires planning and a good deal of preparation, but it can be a lucrative way to make money. Below are a few steps to help you start a shoe store business.
We can start shoes business in below easy steps:
- What Type of Shoes
What Type of Shoes
The shoe market is a wide field. You will need to start by defining your niche. For example, you can focus on selling men’s dress shoes, women’s formal wear, athletic shoes or kid’s shoes.
Putting Foot to Paper
A business plan will help you form a concrete strategy out of your idea. By taking a thorough look into things such as financial projections and business strategy, you will be able to more effectively source capital funding for your shoe business. For example, through market research, Nike and Adidas, decided to “over-proportionally invest in talent, attention and marketing spend” in key international trendsetting markets.
- Prepare a Business Plan
Write the business plan according to local market and its requirment.
The business plan should include a financial summary and an estimate of the costs of running the business including the expected revenue stream. Include a section on business strategy and marketing plans. The purse market has many big-name brands. Look for a niche you can fill.
- Obtain Permits and Licenses
Take the Licenses , register your company and make your trademark to sell in the markets.If you open a physical location, check with your local city government to get the proper business licenses and permits.Make sure to choose a business name that identifies it as your shoe store. As long as it is not your personal name, you will need to register the name of your business with your local county clerk’s office. You will also need to apply for a Federal Business Tax ID for tax purposes. Also, check with your local city to make sure you are following all the proper local ordinances for your store location in order to obtain your business license.
- Open Wholesale Accounts
Decide whether to sell your product wholesale or retail. By selling wholesale, you sell your purses and bags directly to retailers, which means you receive larger chunks of money at a time but a smaller profit per item. You also work directly with the manufacturers. By selling retail, you make a larger profit per item sold, but you hold on to your inventory for longer periods of time and you only sell a few items per customer.
- Where Your Shoes Will Take You
You will need to determine if you will start your shoe business from scratch or buy a franchise. While no business is guaranteed, starting as a franchise allows you to buy into an already proven brand and use their already established network and marketing to help grow your business. There are franchise opportunities through footwear companies such as The Athlete’s Foot or through franchise search portals such as Franchising.com. If you are more interested in starting a shoe business on your own, you might want to consider on focusing on a specific niche, such as performance basketball shoes.
- Secure Your Shoe Supply
You will need to work with wholesalers or distributors to get your shoe inventory for your store. If you are not a franchise, remember that you will be competing against big brands such as Addidas Rebook. You can search through portals such as Alibaba or globalsources to find your suppliers.
- Lease a Storefront
ease a storefront for your shoe store. Alternative selling venues include online auction sites, your own e-commerce store or a flea market stall. When choosing a selling venue, keep your target market in mind. For example, selling designer shoes at a flea market likely won’t work well, but selling discounted kid’s shoes at a flea market would be a better idea.
- Walkable Store Location
Choosing a good location for your store will help your chances for success. Make sure to properly research your chosen location. Ideally, you want to be in a location with a lot of foot traffic, such as a mall or large shopping centre.
- Decorate Your Store
Decorate your store in an attractive way, and logically organize your inventory of shoes. For instance, if you open a children’s shoe store, use vibrant decor, set up a children’s play area, place shoe measurement guides throughout the store and separate the toddler shoes from the shoes for older children.
- Shoe Store Staff
Hire staff that represent your shoe store brand, as they are the main brand ambassadors of your company to your customers. They should be knowledgeable about your shoes and be able to help and provide customers suggestions with their shoe choices. You will need to hire at least enough people to man the cash register and work the store floor.
- Arrange Your Shoe Display
Decorate your store in a way that represents your brand. You want to make sure that your customers don’t feel rushed or uncomfortable when they are in your store. Make sure to include adequate seating and mirrors so that they can easily try on shoes. The more relaxed your customers feel, the longer they will likely stay in your store and buy more shoes.
- Boot Up Your Website
A website is great advertising for your shoe business. It helps your customers easily browse your selection of shoes and buy them from the comfort of their home. If you don’t know how to make a website yourself, there exists easy to use eCommerce platforms such as Shopify and Quick2Host to help you.
- Promote Your Business
Promote your shoe store business. Open accounts on social networking sites to connect with potential customers, launch a website and offer a newsletter with exclusive discounts for subscribers or place flairs and coupons in complementary local businesses, such as beauty salons, clothing stores and jewellery shops.