Shoe Making Business Plan In Nigeria | Feasibility Study (PDF/Word)
Shoes are not built just to protect your feet. As a matter of fact, the first point of focus for most people are your shoes. Your wealth, class and style, can be deduced from just a look at your shoes. This goes a long way to underline the very fact of just how important shoes are to a person’s dressing. No matter how expensive or classy your attire is, the wrong shoe will definitely ruin the entire outfit.
How do I pick what shoe to wear on a particular outfit? One might ask. All shoes come in different colors, shapes, quality, sizes, design, texture, etc. To properly pair shoes with the right outfit, one has to understand the concept of color combination, comfort, styling and quality.
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I took time to portray the importance of shoes to our everyday life so you will understand just how essential and lucrative this business can be. Now let’s dive in properly into making this business a goldmine.
Now that we understand the value shoes, you would agree with me that manufacturing shoes to sell won’t be such a bad idea, don’t you think?
Having a shoe manufacturing company is a very good and profitable business, but the truth of the matter is the competition these days in the shoe making business is very high due to the fact that a lot of other people have also discovered the huge profitability in the business. However, there is little or nothing to worry about as we have taken into cognizance the risks and challenges of this business. Everything including the SWOT analysis, Marketing Strategy, Location etc. have been properly listed and explained so as to aid and guide your decision making in the business.
The input of hard work in any business is really not negotiable. However, the shoe making business is one that thrives on creativity. You have to be a able to come up with your own style/pattern and avoid duplicating products that are already in existence as people will always want something fresh with originality and authenticity. So you either have to possess a very high level of creative skill, or you team up with someone who does. Any which way, creativity is a trait that cannot be pushed aside when it comes to Shoe Making.
We are going to give you some helpful tips to enable you start your shoe manufacturing business and to be successful in it.
Though every form of information and statistics you can think off that will aid your steps positively in this business is available on the Shoe Making Business Plan and Feasibility study 2020. We will still In this article, share some helpful tips that will enable you kick-start your own shoe manufacturing business and achieve success with it.
First of all, your niche! Picking a particular niche is very important as it will help you focus on producing the best. You have to remember in this business as far as the reputation you want to build in your business; it is always Quality over Quantity. If you decide you want to produce shoes for all (Men, Women, teenagers, children etc), it will overwhelm you. I will rather you pick a category, as there are different types or categories for instance we have heels for the ladies, flats and slip-on(s) for both gender, cover shoes, boots, loafers, sandals, formal shoes and informal shoes. So there is an array of product for you to pick from. Select the one(s) you are good at or find more comfortable, get your materials and focus on it.
When you have decided on the particular area of shoe making you want to get into the next thing you have to do is to write a business plan. The business plan you will write is so that you can get acquainted with all the necessary areas of the business. It will help you take note of a lot of things which you might not have taken into cognizance ordinarily. A business plan also helps you to become very aware of your goal and you will have to write down all your plans and actions towards achieving your stated goal. This way you will see if it is something that can be achieved and if there are things you have to adjust in order to hit your target.
Once you have picked the niche for the shoe making business the next step is to draw up a standard business plan. Now you might ask, what is so special about getting a business plan that it’s always reiterated in every sentence.
“An idiot with a plan can always beat a genius without a plan” ~ Warren Buffett. For every person thinking of setting up a business a well structured or the other, Earlier, we threw little light on the need for a business plan. So now we are going to state fully its advantages. A well prepared business plan will help in attract investors to invest in your business. Also, with a well written business plan like ours, chances of getting grants and loans for those who don’t have startup capital are very high. A business plan like ours will help you organize your shoe making business properly.
An important craft of a business especially one as this shoe making business we are currently discussing is “standing out”. This is why we talked about originality, creativity, and authenticity earlier. You have to try as much as possible to distinguish your products and make them recognizable as yours in an instant. This is known as having a brand. It does not take something so elaborate to be distinguished, it could be in small details like the shape of your heels or the design of the straps. This makes your work unique and easily distinguished from the rest.
In line with the Nigerian constitution, you have to register your business name or company. You should not be worried about how much this will cost as it has been set at a very moderate price. To do this, get a lawyer and register with the Corporate Affairs Commission. This gives your business a legal backing.
The location of a business is a very important factor. When it comes to the shoe making business, you can decide to have two locations, one for production and the other for sales. If this seems too stressful you can decide to have both in one place. The location of your production site is not exactly of paramount importance, however your sales shop on the other end should be at a veery strategic place were people can locate you easily.
Every customer likes to be taken care of and made to feel important. This buttresses the role of a Customer care representative. Depending on how big and global you want the business to be, a customer care representative is Important but not mandatory. However, you should note that when customers are happy, they always come back and most times tend to do so with friends and co-workers alike. Hence, the mood of your customers should be a big deal for you. Now, you as the manufacturer will not always have the time to tend to all customers properly that is why we suggest you hire and train properly a customer care representative to assist with handling all customer concerns and making sure they are well taken care off.
In the manufacturing of shoes, a wide range of materials are used including leather, rubber, wool, rubber, etc. Some manufacturers even go as far as customizing certain shoes with expensive materials like diamonds and gold for their rich clients. Whichever material you decide to use for your production, you have to search for places were u can get them at cheap prices because in the long run, you are in this business to make profit. The costs of production materials will definitely define the price of product. Hence you have to make sure you get your materials at a place that sells authentic and original materials at a fair price, so you don’t end up making your shoes over-pricey which will scare customers away.
Lastly, you have to put in serious effort into brand promotion. No matter how good you are, if people do not know about you they simply can’t locate and patronize you. When I comes to promoting or advertising your brand, there are several methods available. They include,
In recent times, this has been deemed to be the most effective form of promotion for goods and services. With over 2 billion users on platforms like Facebook and Twitter, and over 800 million users on Instagram, with app like Pinterest also following closely behind. The number of people you can connect to and reach via social media is ridiculously outstanding. Hence social media is one of the most effective means to promote your brand or business.
This is actually another very effective means of promotion. However the cost of promotions on billboards is very high. You might want to try out other methods if you are just starting up, or are on a budget.
Radio & TV
This is another very effective form of advertising. All you need to do is visit the radio and TV broadcast Stations and align with them. This form of advertising is also very pricey so, you might need to do proper calculations and weigh your options before choosing this option.
Posters and Flyers
This is pretty much the most basic form of advertising. Print out papers with good designs and captions then share around your neighborhood, in offices,boutiques, market places etc.
When running promotions, you have to make sure you target the right audience (fashion) so you don’t end up wasting money.
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