For anyone starting in retail, footwear is a promising sector. Whether you have a physical high street presence or an online retail space, the demand for shoes is always high. However, it is essential that when you first make plans, you cover all of the vital business aspects as these will ensure that your endeavours create a viable high-profit footwear boutique. Thus, you do not fall foul of the failure that can occur from poor planning.
So, check out these tips for starting a shoewear boutique:
A business plan
The most important document for any business is the business plan; you need to have detailed information within this document. This includes your marketing plan, branding analysis, an objective review of competition, your customer persona, budgeting (you should aim for the first three years on paper), and how you expect your profit projections to work out.
Of course, it is crucial to establish where you are going to get your stock from. There are lots of wholesalers who distribute shoes and would be delighted to work with you. So you need to establish relationships, and these wholesale heels from No Doubt Shoes will be the perfect addition to your store along with many others. You must find wholesalers that have the style and look you aim for and a good size range to ensure that you can supply everyone within your target market.
Find your store
You need to find premises that will accommodate your vision, whether you are renting a shop, selling at a market, or have other ideas. You will need to sign a lease and agree on a rental value unless you can purchase outright. Depending on the type of business you are looking to run, the location is vital; for example, discount children’s shoes would probably thrive better in a market situation, whereas high-end designer shoes are better placed on the high street.
Set up shop
The decor of your store should reflect your business planning ideas. For example, children’s shoes will need shoe measurement tools on hand and perhaps a toy and play area to entertain them while waiting for their parents to decide what to purchase. A high-end fashion boutique will more than likely have a bright, airy feel with lots of mirrors and bling.
If you are opening a brick and mortar store, you also need to think about an online presence. Even if you just opt for a one-page website to highlight your products and direct people to the shop – you need to ensure your business can be found in search engines! Once you’re established, try mixing online e-commerce into your business plan to reach a wider audience.
Promote, promote, promote
So, there you have it, your store is now ready to open. The final step is to ensure that you have a steady footfall of customers willing to purchase your goods. Social media has become one of the best ways to market anything. Still, you also need to consider newsletters, flyers in the local area, and perhaps money off coupons as an opening offer.