How do I Start a Custom Shoe Business?

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Footwear is in constant demand and an entrepreneur that offers custom shoes builds and loyal and repeat customer base. Custom shoes offer the wearer improved posture and lessen pedestrian impact as well as being fit specifically to the wearer. If you wish to open your own custom shoe retail store, there are preparatory steps to take.

Contact supply vendors. Look through trade publications to find which companies offer custom shoe supplies or speak with local custom shoe retailers. Phone them and ask what their minimum opening orders require and to be sent a new retailer information packet if one is available.

Look for retail space. Your custom shoe business will need about 600 square feet or more to accommodate display racks and demonstration/fitting area. In most states, retail space is leased by the square foot and leases are generally "Triple Net" or "NNN" meaning the lessee pays per square foot and pays a portion of the building maintenance costs and contributes to the property taxes.

Obtain financing. Go to the Small Business Administration's website and click on the "Services" tab, then select "Financial Assistance", scroll down and click the "For Borrowers" link. This will lead to the financing portal on which the SBA lists approved business loan lenders and information about loan and venture capital programs, as well as the application process.

Register your custom shoe business. Use an online legal document writing service such as We The People or Legal Zoom to draft your Articles of Incorporation. These services will write your Articles of Incorporation and file them with the appropriate agency in your state. In addition, register your custom shoe businesses name with the county or state in which it is located. For instance in Texas, business names are filed with the county, while in Florida, business names are registered with the state.

Apply for an Employer Identification Number or EIN. The Internal Revenue Service allows business owners to apply for and receive an Employer Identification Number through its website. You will need to have registered your business with the state and filed your fictitious name or DBA to obtain an EIN. Once you are given your EIN, you may then open a business checking account with a bank of your choosing.

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