How to Launch and Run Your Own Shoe Company
BY: MICHAEL SANDUSO ON TUESDAY, APRIL 24, 2018
With an eye for fashion and an unwavering passion for shoes, you can quickly start and run a thriving footwear company. Chances of striking it rich as a shoemaker would depend on what could be powering your dream. Maybe you could be trying to solve an existing, pressing problem through a technique that will differentiate you, or you will be creating an exceptional shoe off a current technology.
Whichever route your idea is pegged on, rest assured to meet a ton of challenges. Of course, it won’t be an endeavor suitable for the faint-hearted given the presence of such brands as Nike, Adidas, New Balance and the many other established brands. But they might not give you a reason to worry if your dream is to serve your immediate neighborhood and perhaps the nearby municipalities.
Did you know that in America, consumers spend over $20 billion in footwear every year?
Many do say the process of entering the shoemaking industry of today is a lot like hiking the Everest given the patents and proprietary technologies needed. But I would advise you to look at the bigger picture – your ready market as well as the burning desire to see off your dream. With that said, the following are the various steps involved in starting a profitable shoe company.
·First, earn a degree in fashion design by attending any important facility that offers courses in Art and Design. Without this degree, you might not survive the rigors of treading in the viciously competitive shoe industry.
·Come up with a business plan that contains every cost that would go into launching your shoe business. At this stage, you should investigate all the insurance, taxes and all the various legal ramifications that go into establishing a footwear company.
·Register the business and ensure to trademark it. Use a suitable name and ensure to have a legal attorney to help ease the whole process.
·Have a few patterns and samples to show your potential client base, vendors, and investors. Your customers, including those at the social media, will be eager to rate your new business, don’t let them down.
·Once it is an all systems go, start churning out those boots. Of course, you will need to name the shoes too. It is rational that you come up with an online store like Birkenstock Shoes where you will be able to showcase your products to the broader online shoppers conveniently.
·Finally, make sure to market your shoe company. With a professional website that will serve as an online shop, you will sell all over the world and grow. Small fashion magazines can help publicize your brand, similar to pitching it under the umbrella of large, well-established designers.
While still at this initial stage, be sure to study the market, identify the best-selling sizes and styles and whether you should deal with sports footwear or total footwear. There’s a lot of this whole move, and you will need to take your time before finally taking the plunge!
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