A man is known by the shoes he wears… this old saying has been taken quite literally and the world is changing around the fashion and shoe industry. Shoes have not remained just an item intended to protect and comfort your feet but rather have become a piece of decoration and a status symbol. Shoes are being worn according to occasions now and people have different shoes for their different outfits. With the rise in social media culture and an increase in income of the middle class, people aren’t shy to shed a few bucks out of their pockets. As a result, there has a boom in the footwear business. The market is growing, there is a low risk of fault. Investors are being attracted to it for its ease and market demand.
Let’s take a look at how you can also start a footwear business:
Decide on size and type of business
The business has a lot of scopes to grow as the fashion and style keeps on changing but keeping in mind that your initial investment and capacity to arrange resources, decide the initial setup of your footwear business. Whether it is going to be a big fancy store or a small shop, in a small local market or high-end mall. Decide if you want to keep an offline store or are you ready to invest your time and money by introducing yourself in the e-commerce market. The growth will only follow if you thrive in the market and the footwear business needs investment and time. One should always be ready for bad days.
Have the right distributor
Make sure you have a distributor who can easily make you available with the supply whenever you demand them and have access to the latest styles and designs that are launched in the market and are trending. If you want to run a footwear business, you should have an array of designs and ranges. Along with buying what the customer had come to your shop in the first place, they should rather be tempted to buy more products that are showcased by you. You can also integrate with the local brands. Their products will be available to you at a lower cost and it will bring variety to your collection.
Location and storage space
You will have to rent/ buy a place where you can store your product and display them. Keep in mind that the location of your store matters a lot. A market place with high footfall is always in big demand. You can rent a place where there are other shoe shops. If you are going to have only ladies’ footwear, you can have a shop beside those shops that only sell shoes for men so that whenever customers visit the other shops, they are more likely to see your shop too. When you are renting a place, be aware of the competition around. Try to locate yourself when there are lesser shops that may sell the type of shoes that you sell.
Also, keep in mind the storage capacity of your store. The products should be placed attractively so that customers are more willing to buy them. Showcasing your best product in the front line and arranging them attractively is very important in the footwear business. So, keep that in mind when you are arranging your interior. Along with that, you most likely will be required to have a go-down once your business expands.
Opening any business demands for an initial monetary fund that helps you set up the business, buy/rent the shop, shop for products, and keep some amount aside for any emergency. Thus, arrange your finances keeping in mind the above aspects and be ready to spend first. If you put your best effort, the business will definitely thrive and grow.
Get the Manpower
It is difficult to manage the footwear business alone. You always need people in case there are many customers at your place at the same time. You cannot keep those customers unattended. If you want to have your footwear business on the e-commerce market, then you will have to have a few delivery personals. Arrange for them likewise. Have a trusted group of workforces with you and give them benefits so that they enjoy working with you. Build a team you can trust!
Social Media is used by almost everyone around the globe. It is almost certain that at least one person in your locality must be using any social media platform. Putting up pages on Facebook and Instagram, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your new automobile accessory business. Putting up ads with discounts and amazing offers are always a plus. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand our pamphlet whenever a customer arrives. Since you have an offline store and most customers will save your number for future reference, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one to one messaging which has become one of the best provisions of converting prospects to customers. You can take the help of influencers in the market as they have a huge fan base and they usually listen to those influencers. So pick a local influencer and ask them to market you.
All the business opportunities involve risks but there are few which are more likely to be profitable for you. The footwear business is one of those. It will require your full attention and dedication in the beginning but once you are set, you will enjoy its benefits. Enjoy your journey to success and all the best for your new venture!