Footwear is one of the largest and most competitive industries worldwide, and the numbers show it. Globally, this market will reach a staggering $371.8 billion by 2020. If you’ve always wanted to launch your own shoe business, now is the best time to do it.
With the advent of technology, small business owners can reach a global audience and compete against popular brands. Whether you plan to sell online or in-store, you can leverage social media and other advertising channels to gain exposure.
Getting started is the hardest part. After all, nine out of 10 startups close their doors within five years. However, this shouldn’t stop you from taking the plunge; all you need is a solid business plan and some creativity.
Eager to find out more? Here’s how to start a shoe business the smart way!
Research the Market
Start by researching the market and your competitors. Check the latest trends in footwear to see what’s in right now. Read industry reports and success stories, keep an eye on your competition, and define your target audience.
If you plan to start a brick-and-mortar store, check out other similar businesses in your area. Identify their strengths and weaknesses, see how they promote themselves and try to come up with a better offer.
Create a Business Plan
Next, draft a business plan for your shoe store. Include a brief summary, set realistic goals, and estimate your profit and expenses for the first year.
Highlight your unique selling proposition and cover the key aspects of running this kind of business. Determine whether or not you need funding, what products you’ll sell, and how you’re going to market your products.
Also, make a list of footwear suppliers and distributors that align with your vision. Look for vendors that sell brand name footwear, such as Balenciaga Sneakers and running shoes. Athletic footwear is all the rage nowadays.
Write everything down. Think of your business plan as a roadmap for success. It will keep you organized, guide your actions, and make it easier to track your progress.
Achieve Legal Compliance
Take the steps needed to legalize your shoe business. Choose a name for it, decide on a business structure, and get your EIN (Employer Identification Number).
Depending on where you live, you may need certain licenses and permits in order to launch your shoe store. In addition to a general business license, most states require signage permits, zoning permits, seller’s permits, and more.
Things are a little bit easier for online retailers. If you sell footwear over the Internet, you’ll deal with less paperwork.
Promote Your Shoe Store
Once your business is up and running, get creative with your marketing efforts. and blog, set up your social media pages, and reach out to potential clients.
Share behind-the-scenes photos on Facebook and Instagram. Reward your fans and email subscribers with special offers. Launch contests with prizes and surprise your clients with thoughtful gifts, such as and birthday cards.
Team up with other businesses in your area for cross-promotion. For example, you can exchange brochures and flyers with local clothing stores and gym equipment stores. Consider sponsoring small local events to increase brand awareness.
Learn How to Start a Shoe Business the Smart Way
Now that you know how to start a shoe business, come up with a plan and bring your vision to life. Set SMART goals, allocate your resources wisely, and seek ways to stand out from the crowd.
For inspiration, check out . We’ll teach you everything you need to know about promoting your business, regardless of its size and industry.
