Starting your own shoe business can be overwhelming if you do not know where to start. Unfortunately, having passion for shoes is not enough to succeed in creating your own shoe business. This is because, you need an entrepreneurial role mindset if you want to find success in the shoe business. Beyond purchasing inventory and finding the right target audience or your shoe business, there are many things that are involved in creating and establishing your shoe business. Let’s have a look at several things that you need to keep in check before you launch your very first shoe business.
1.Determine your target market
In a shoe business, you can cater to a wide range of market but you have to narrow down your target market to decrease your expenses. Catering to a larger range of target audience will mean that you need to invest more in inventory. To start small, you can start from a selection of women's fashion, women’s athletic, men’s fashion, men’s athletic, children, seniors or you can also combine any of these selections. For example, if you are considering to carry the men’s fashion line then you can also carry the women’s fashion line because this will allow you to increase your customer base exponentially
2. Estimate your start up costs
Many business owners fail to check on the costs that it will need to start your shoe business. While they do make some initial plans on what they can invest in, it has to include a comprehensive list of at least one year worth of expenses to grow your shoe business. The of course will include but not limited to inventory, cost of domain hosting and cost of domain name. You should enquire on all of these cost before you start up your shoe business because you might find yourself in a complicated situation if you have not budgeted for these expenses before. This could lead to you not being able to sustain your shoe business if you do not budget well.
Another important cost to look up on is the shipping, both for local and international. This will allow you to ship out your products on time without any discrepancies in shipping expenses for your shoe business. You can also strategize for promotional strategies when you know all the costs in setting up your shoe business so that you will still profit even if you roll out a one-time offer or discount. In fact, your promotions or discounts you roll out for your shoe business should encourage future purchases rather than utilising it only to purchase for that one time purchase.
3. Get a supplier
Assuming that you are not doing drop shipping, you need to identify a supplier for your shoe business. This is where it is important for you to network with people who are already established in the shoe business and find out where you can find good shoe suppliers for your shoe business. Once you have done it, make sure that you get samples from your suppliers and this will require a minimal amount of investment but it will pay off in the long run because you will need to make sure that the quality of shoes you provide in your shoe business is acceptable and your consumers will feel satisfied when they are using it.
This process may take up about two or three weeks depending if your shoe supplier is an online supplier or a physical supplier. Therefore, if you have can scout for shoe suppliers in your city, it is advisable to do so because you can decrease the amount of time that you will take to decide on which supplier to go with and you can communicate with them better rather than using online suppliers. However, this does not limit your options to not go for online supplier is because there are many shoe businesses online that also use online suppliers to provide their inventory.
4. Advertise your shoe business
If you are not an expert in advertising, you can hire a company or an individual to do it for you. Investing in someone to streamline all of your advertising efforts will work well for your shoe business. However, this will require a considerable amount of investment because you are paying for their skills in marketing your shoe business.
Therefore, again, it is important for you to find out who can do this well. However, if you do want to advertise your shoe business online yourself, it will take some time for you to understand the complexities of advertising platform such as Facebook advertising, Instagram advertising or using platforms such as Pinterest. To find success in advertising and seeing results to sell online, it will take some investment in terms of time and cash but once you have found the right mix of advertising for your business, you can grow your shoe business exponentially.