Looking to learn how to start a shoe business or a footwear business ? Someone rightly said "A journey of a thousand miles begins with a fabulous pair of shoes." However, the question arises of how to start this journey. In the modern world, we have several paths to start with. For instance, we can take the first step online, offline or we can jump to both.
It takes from 7 to 21 days to complete setting up a shoe business. Here are the steps to start.
Firstly, write down the speciality of your business and what you aim to achieve in the next years. After that, make a clear plan that will help you to know the goals and make the needed improvements. That is to say here are a few points to keep in mind:
Decide what all you want to sell?
A shoe store can sell shoes, sandals, slippers, boots, heels and anything for those beautiful feet. You need to decide your niche. Examples of Shoe Business: -
If you are thinking of starting a shoe business from scratch or maybe buying a franchise, consequently, it is important to decide if this is the best choice for you. Moreover, there are numerous franchise opportunities available for shoe businesses to start with their already established identity.
You’ll require a set of registration and licenses to start your shoe company. You need to decide the type of organisation you want to setup.
The documents required for licenses are PAN, Aadhar Card, Address Proof etc.
Apply with the Corporate affairs ministry for the tax registration of your business. Above all, it is mandatory to have a GST number when starting a business in India.
You’ll need the following licenses to start a shoe business in India
Dont worry. We got you covered here. StartEazy has a team of CA’s and CS’s to help you with obtaining licenses. You can get your registrations hassle free with StartEazy.
Meanwhile, you will need to find shoe wholesalers and distributors who can give you the best goods. Ideally, you should buy from the manufacturer instead of a wholesaler. It may depend on the scale of your operations. You can find vendors through IndiaMart.
Open a Current Bank Account
Moreover, opening a current bank account separately from your account is necessary to keep the track of business profit. Besides, that protects your assets to be involved in business or be at risk. Further, it is easier to file tax and maintain accounts when you have a separate account for business purpose.
Set up Business Accounts
Keeping track of all of your expenses and sources of income is very important to ensure that your business is running smoothly. Therefore, hire a professional accountant.
Obtain Permits and License
Get all the required permissions and license before starting the business. However, failing to do so can result in heavy fines and may also result in closing down the business.
Just like having a license and permits, having the proper business insurance is also necessary to operate safely and legally. Moreover, it also helps in dealing with losses in case of any unfortunate incidents. Thus, business insurance acts as a protection shield.
Most importantly, picking the right location can help you grow your brand name faster. Moreover, your business will have higher opportunities for growth as it is convenient and noticeable by most customers.
Certainly, make sure that your store has an attractive design and layout to feel welcoming and satisfying for your customers. For instance, try to add enough sitting space, lights and mirrors so they can try the shoes with ease.
Above all, when hiring keep in mind your employees are your brand ambassadors. Therefore, they are the first people to who your customers will talk. Moreover, what impact they make on customers will be a factor in their buying decision. They should be able to provide helpful suggestions and answer their questions.
Last but not least, create a website or social page to promote your shoe business online. A website is a great way to advertise and sell shoes. Moreover, it helps your customers find what they are looking for and helps them shop for them online.
In the last, let your gathering know about your business. Choose an auspicious date to start your business. Have a wonderful inauguration party and try getting media coverage. And start the run in your shoe business and win.
How to increase your sales?
You can increase your sales by various means such as advertising, marketing, distributing coupons, increasing your inventory, improving your customer relations, etc.