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 realize that no “one” can do without shoes.
For every occasion one attends, there seems to be a defined fitted shoe.
In this article, I will discuss how to start a shoe store, the process involved, the things needed, and the steps to be taken to achieve your ultimate goal, which is making maximum profit.
Step 1: Get a Business Location
Reselling shoes 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, you must find the best location that will inform others about your business without you saying a word.
This location will allow an intending customer to access your business quickly, 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
You must 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 in an industry-jammed environment, it would only be reasonable to get footwear that suits people engaging in office work or shoes that fit official dresses.
Note this does not mean that your market must be targeted towards them alone; no! But it would be best to consider them while stocking your store.
Thinking that you’ll get them what they want when next you hit the market is 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 layperson; no! A marketing strategy is one key to the success of your business.
It could be as simple as using ordinary popular social media or chatting applications to inform people about your business.
You have more than enough resources to achieve this goal; printing business cards that might look minor but have a record of doing wonders talking about your business is also an excellent idea.
You can also get a little banner hanging around to tell others about your business. If others are misinformed or under-informed about your business, your so-called quality materials will become useless.
Step 4: Get Quality Materials
You need to first check for goods you will be stocking in your store; please, as much as possible, don’t manage substandard products.
One rotten egg in a crate can spoil the other good ones. Your best to be a 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 in your store to be aware if you’re mistakenly or intentionally keeping a wrong product.
Suppose you do yourself the favor of stocking the best materials. In that case, 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 the 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 discuss on how to start a shoe store is the big, valuable, and essential manual that defines the success of your business.
A business plan is, in fact, the guide your business needs to steer the company in the right direction.
A good business plan contains essential information like your business name, location, startup fund, market analysis, the vision and mission of the business, financial goals, active competitors, and their advantages.
Without getting a unique plan, you might be like a bricklayer building a duplex without a foundation. The business plan is the foundation. Only when you get this right can you claim to be starting a business.
You have explored the essential 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 and developing a superb and good marketing strategy to your choice of materials and 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 a 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 after the Gulf War.
Initially, the parent company, Me Apparels, made shoes for the US soldiers during the war. 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 would be essential.
The business Diply Shoe Stores was born. The first store was in Malibu, California, but we have spread out into other parts of the US and North America.
We want to expand into China; this 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 footwear.
We reserve shoes made by our parent company, Me Apparels. So at our stores, you’ll find shoes of all styles and uses. We sell business footwear for both men and women.
We also sell informal shoes and technical footwear for firefighters, soldiers, and Engineers working on-site.
Apart from footwear made by Me Apparels, we also sell others made by known and unknown manufacturers.
Upon entering any of our stores, you can be assured that you’ll find something that suits your needs.
Our vision as a shoe store is to provide footwear across many wear ranges at the most competitive prices available.
Our mission statement is to be the world’s largest and most profitable shoe store. We hope to achieve this by having stores all across America and in the world’s largest cities.
We have a CEO who oversees the business and then store managers in all 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 vital in the retail industry. So we provide routine training for our staff to respond to customers appropriately, no matter the situation.
We are in the fashion industry. So we must be constantly 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, people will always have to wear footwear.
Therefore, this is a very profitable industry. With the American people always having disposable income and other nations 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 many celebrities have their own shoe lines. This has seen the sales of shoes in the US skyrocket.
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 basketball, there’s something for everyone.
Sales and Marketing Strategy
We will be making great use of the Internet to advertise our shops worldwide.
We will also be taking advantage of the footwear 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, we shall organize a soccer tournament for high school girls in the town.
We are looking to expand into China and the whole of Asia.
We shall be starting with China first. We need $100 million to finance this expansion process into Asia. We have $50 million already and are looking to raise the rest from the bank.
We stock everything, so this gives us a competitive advantage over others. Customers can get various shoe styles Whenever they walk into any of our stores.
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 Diply Shoe Stores, an American shoe store trying to enter the Asian market. The store is a subsidiary of Me Apparel, a wear design company.