SHOE RETAIL STORE BUSINESS PLAN SAMPLE
Can you as a person survive without shoes? Can you attend any function without using one? If these questions are answered honestly you will come to realize that no ‘’one’’ can do without shoes.
For every occasion, one gets to attend there seems to be a defined fitted shoe for the occasion.
In this article I will be discussing how to start a shoe store, the process involved, things needed and the steps to be taking to achieve your utmost goal which is making maximum profit.
Step 1: Get a Business Location
Starting a shoe store is an idea that will become dead on arrival if you don’t get a reasonable and conducive environment to locate your business. If people won’t be able to access your business based on the location you’ve cited it, or if they can’t even get to see your store when they are passing by, there is no way such ones will get to patronize you.
So, it is very important that you find the best location that will in itself inform others about your business without you saying a word, a location that will allow an intending customer to access your business easily and with that in place you’re sure to be on the way to starting a unique shoe store business.
Step 2: Define Your Market
It is important for you to define your target market when planning to start a shoe store. This is especially important if you won’t be producing the shoes yourself. To understand this better, if your store is located in an industry jammed environment, it would only be reasonable to get footwear’s that would suit people engaging in office work or shoes that fits official dresses.
Note this does not mean that you market must be target towards them alone, No! But you must at first put them into consideration while stocking your store. Thinking that you’ll get them what they want when next you hit the market is definitely a wrong idea.
Step 3: Devise a Good Marketing Strategy
A marketing strategy is not the bulky, gigantic streams of formula that will seem useless to a layman, No! A marketing strategy is one key to the success of your business. It could be as simple as using ordinary the popular social media or the nowadays so-called chatting application to inform people about your business.
You have more than enough resources at your disposal to achieve this goal, printing of business cards which might look little but have a record of doing wonders talking about your business is also a nice idea.
You can also get a little banner hanged around to tell others about your business. If others are not informed or under-informed about your business, trust me you so called quality materials will end up becoming useless.
Step 4: Get Quality Materials
You need to do the first check for goods you will be stocking in your store, please as much as possible don’t manage substandard products. One bad egg in a crate can spoil the other good ones. Your best to be customer upon taking the only fake or substandard product in your store might end up fleeing from you.
Conduct a quality test on every product coming into your store so as to be aware if mistakenly or intentionally you’re keeping a wrong product. If you do yourself the favor of stocking the best materials always, no matter how expensive they might be, people who value quality products will be motivated to patronize your store.
But if your products are well beyond standard you won’t even gain a single customer talk less of losing them.
Step 5: Get a Business Plan
The last point we will be discussing how to start a shoe store is the big, useful and important manual that defines the success of your business. A business plan is, in fact, the guide your business need to steer the business in the right direction.
A good business plan contains important information like your business name, location, startup fund, market analysis, the vision and mission of the business, the financial plans, active competitors and their advantage.
Without getting a unique plan, you might just be like a bricklayer building a duplex without a foundation. The business plan is the foundation and only when you get this right could you claim to really be starting a business.
Having explored the important things that you must put in place when contemplating or planning on how to start a shoe store, starting from getting a good business location, to defining who and what your target market comprises of and developing a superb and good marketing strategy to your choice of materials and to the most important of all your business plan.
You can be sure that applying these points will only help you build a good shoe store business that won’t close up after few weeks of starting.
SHOE RETAIL STORE BUSINESS PLAN EXAMPLE
Here is a sample business plan for starting a footwear retail business.
Business Name: Diply Shoe Stores
- Executive Summary
- Our Products and Services
- Vision Statement
- Mission Statement
- Business Structure
- Market Analysis
- Sales and Marketing Strategy
- Financial Plan
- Competitive Advantage
Diply Shoe Stores was founded in 1992; this was after the gulf war. Originally the parent company Me Apparels was involved in making shoes for the US soldiers during the war. And after the war Me Apparels decided to continue making shoes.
And also expand to making shoes for everyday activities. It became apparent that an outfit for getting these shoes to the public will be essential. The business Diply Shoe Stores was born. The first store was located in Malibu California, but we have spread out into other parts of the US and North America.
We are looking to expand into China, this expansion project will cost us $100 million. The company from its coffers has raised half of this sum. The other half is expected to be borrowed from banks.
Our Products and Services
Here at Diply Shoe Stores, we stock all manner of foot wears. Basically we stock shoes made by our parent company Me Apparels. So at our stores you’ll find shoes of all styles and uses. We sell business foot wears for both men and women.
We also sell informal shoes, and technical foot wears for firemen, soldiers and Engineers working on site. Apart from foot wears made by Me Apparels, we also sell other foot wears made by both known and unknown manufacturers. You can be assured that on entering any of our stores you’ll find something that suits your needs.
Our vision as a shoe store is to provide foot wears across many wear ranges at the most competitive prices available.
Our mission statement is to be largest and most profitable shoe store in the world. This we hope to achieve by having stores all across America and in the largest cities of the world.
We have a CEO who oversees the business and then store managers in every of our stores across the U.S. the store managers are in charge of maintaining the staff at all our stores. And also making sure there’s enough stock in the stores.
The CEO determines the direction in which the business goes. Staff members are also very important in the retail industry. So we provide routine trainings for our staff, so that they can respond to customers appropriately, no matter the situation.
We are in the fashion industry. So we have to be always aware of the latest shoe trends and stock with that in mind. Clothing is one of the basic human amenities. And no matter what happens in the world people will always have to put on foot wears.
Therefore this is a very profitable industry. With the American people always having disposable income and other nations always wanting what comes from the US, there’s a good market for us.
Another trend we hope to take advantage of in the market is that fact that many celebrities are having their own shoe lines. This has seen the sales of shoe in the US sky rocket.
Everyone wears shoes and Diply stocks shoes for everyone. So our market is virtually everyone. From the Fortune 500 company executive to the teenager playing basket Ball, there’s something for everyone.
Sales and Marketing Strategy
We will be making great use of the internet to advertise our shops all around the world.
We will also be taking advantage of the foot wears designed by celebrities. We shall be stocking a lot of those.
We will also be outfitting one or two college basketball teams. This will serve as a good advert for us.
Of course we shall be placing adverts in strategic locations.
And last but not the least, we shall be organising a soccer tournament for high school girls in the town.
We are looking to expand into the China, and the whole of Asia. We shall be starting with China first. We shall be needing $100 million to finance this expansion process into Asia. We have $50 million already and we are looking to raise the rest from the bank.
We stock everything, so this gives us a competitive advantage over others. As whenever a customer walks into any of our stores he/she will be able to get various styles of shoes.
We already have some Chinese investors in our parent company Me Apparel. These shareholders will help ease our coming into china.
This is a Business plan for a Diply Shoe Stores an American shoe store trying to get into the Asian market. The store is a subsidiary of Me Apparel a wears design company.