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Writing a Business Plan for Your Shoe Line

There is hardly any business that does not require a business plan. Any serious entrepreneur who intends to make profit from his or her business, then ensuring that a proper business plan is prepared is vital before investing hard earned money and time into the business. A business plan will guide you and give you a clear picture of what you intends achieving in starting the business.

Having a business plan is not just for the sake of having a business document in place; but will help in drafting strategies that will help the entrepreneur effectively administer and manage the shoe line business. The business plan should cover strategies on how start-up capital will be generated, clients attracted and how the scope of the business will be expanded. These key components must not be missing from the business plan.

Other key components that should be included in the business plan are as follows;

Executive summary which clearly states what your shoe line business will be all about, the company’s corporate culture, sales and marketing strategies, marketing goals, target market and perhaps what stands you out from your competitors, It is also expected that you state your company’s vision statement, mission statement and the areas where you would likely want to cover.

Lastly, other key components such as products or service offering, SWOT analysis, marketing and sales analysis / strategies, pricing, costing and financial projection, publicity and advertising strategy, budget and start – up capital generation should be made available in the document.

Not everyone can write a detailed business plan themselves, and so you would need to employ an expert, or download an online template to be used as a guide.

Economic Analysis.

Before starting up a shoe line business, you must carry out a thorough research of the industry, and be certain of several factors such as the location you intend to send your shoes to, or sell from yourself. Recently, there has been a downturn in the economy, and this has had an adverse effect on the demand for shoes; with only specialty shoes like that for athletes, and teenagers, not being affected.

This means that the demand for shoes is dependent on the per capita disposable income, and more growth will be expected as the economy picks off again. The growth of the economy will not only boost demand, but commercial expansion as well, allowing more shoe entrepreneurs entering into the market, to carve out a niche for themselves.

It is necessary to note that even if shoes are essential, people will not buy more if they are not disposed to doing so, especially as most people own more one pair of shoes. An average person owns at least two pairs of footwear, while others might own more than ten. A bad economy will just have people owning less than they usually do.

The overhead cost for an entrepreneur seeking to start a small scale shoe line might have less difference than a medium or large scale business, especially for those that want to manufacture themselves.

Is the Shoe Line Business worth Starting from Scratch or is buying a Franchise Better?

Investing in any business either a startup or franchise is risky, as nothing is a guarantee. Also, while it might seem like this business works better with franchising, entrepreneurs who want to start on their own can do so as well. Footwear franchising is flexible and versatile for those that are willing to buy into the franchise opportunity. It affords the entrepreneur the opportunity to be in different types of stores, and locations.

Those who wish to start up on their own without going into a franchise can get their own share of the market by focusing on a proven shoe category generally or more specifically on the niche of high performance sports shoes, and sell in a section of a shoe retail outlet. Starting on your own might mean making mistakes, but they will guarantee you a better experience.

Possible Threats and Challenges You Will Face When Starting a Shoe Line

Every business faces threats and risks, and it is how they handle it that determines if they will survive. When starting your shoe line, you are likely to be faced with product risk which means your product must solve a problem to get an investment. The shoes would need to address the market and the right opportunity within the market at the right time. Knowing the buying trend of your customer is another challenge that needs to be assesses before you think of starting your shoe line.

Would the client buy your shoes even if there is an economic recession? There is also the threat of facing a competitor in the same line whether on a small, medium or huge scale. The threats cannot be avoided, but proactive planning can limit the challenges your business will face, or help your business absorb the shocks.

The Level of Competition in the Shoe Line Industry.

The shoe line industry is not for the faint hearted. It is not so easy to start this kind of business, as it needs one who has pure determination and zeal. First off the amount required to start for someone on a small scale cannot be compared to most other types of business, and many important details will have to be thought out or taken into consideration, like the target market, shoe brand, materials needed, and any other feature the shoe might need, and then designing, and finding a footwear sourcing agent or shoe factory.

Truthfully, it is better to start off on a medium or large scale, as this would bring operating costs down as opposed to starting up on a small scale. Competition in this industry is stiff, and entrepreneurs that want to go into this industry, must go into specialty type of shoes, if they ever hope to be able to compete.

 List Of Well – Known Brands in the Footwear Industry

The brand leaders are those who have done so well in the industry and have been operating for a defined period of time. Not every business can stand the test of time, and retain customers, so those who can be called well-known brands are those who have succeeded in merging so many factors so as to be perceived successful. They are retaining more customers, and are keeping their bottom line healthy.

Here’s a list of well-known brands in any specialization of the shoe industry:

    Payless ShoeSource Inc

    Nike

    Wolverine World Wide

    Prada

    VF Corp

    Adidas

    Stride Rite

    Footstar

    Meldisco

    Flip Flop Shops

    BioPed Footraces Centers

    Foot Solutions

    Good Feet

    Kiddie Kobbler Ltd

    Panda Franchises Ltd

    Shoebox New York

    Sportsco

    The Athlete’s Foot

    The Brown Shoe Company