Starting a Shoe Fashion Business
Shoes are a popular retail item. With numerous niches available, such as dress, work, athletic, bridal, luxury and trendy affordable footwear, there is plenty of room for growth in the shoe business. When starting your own business, you have the opportunity to provide consumers with a variety of styles and brands that you think are best. After all, if you've always loved wearing and collecting shoes, then opening a retail shoe store may lead to an enjoyable and profitable business venture.
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Instructions
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Decide whether you want to start a shoe business on the Internet or in a physical retail store. Although the money needed to start-up a shoe store online is relatively less than opening a physical store, keep in mind that you still need to rent storage space.
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Develop a thorough business plan before starting your shoe store. The essential factors of a business plan, according to Top7Business.com, include: a description of your business, mission statement, your short- and long-term goals, target market, competitive and financial analysis and proposed marketing strategies.
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Determine a particular niche to start off in (luxury or trendy, affordable brands, for example); if your business launches successfully, then consider branching into additional niches.
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Obtain a tax identification number, as well as a resale permit from your state in order to collect sales tax from your customers. Also, if you plan to hire employees, get an employer identification number (EIN) from the IRS.
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Register a domain name if you decide on starting a shoe business on the Internet, and purchase an Ecommerce solution, such as Shopify, Core Commerce or Pro Stores. Rent storage space in a warehouse as well if you're selling online. If it's a physical retail store, rent a space with adequate square footage to display your shoes and store your inventory.
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Determine which shoe distributors you want to buy from and register your wholesale accounts with each. Provide them with your business information and permit number. Be prepared to meet a minimum order amount when buying from distributors. These amounts typically range between $150 and $500 per order and do not include shipping costs.
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Distribute business cards and advertise your new shoe store locally by displaying ads in complimentary businesses, such as clothing and accessory stores as well as in beauty salons.
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Tips & Warnings
Keep up to date with the latest shoe trends and research the most profitable types of shoes on a regular basis.
Consider offering discounts and/or other special offers to promote your shoe business.
If selling on the Internet, start a fashion shoe blog to drive consumer interest.
As with every new business, it takes time and effort before it's profitable.
References
Resources
- Photo Credit shoes image by Tammy Mobley from Fotolia.com
