The United Kingdom is one of the most recommended countries in Europe for starting a shoe business. Not only people from here can afford to buy even the most expensive shoes, but many of them love being fashionable, which means that they change their shoes quite often. Therefore, if this is the business of your dreams, then you should confidently choose the UK for achieving your goal. For more information, here is how to actually start your own shoe business in the UK.
Decide What Type of Shoes You Want to Sell
There is no doubt that the shoe market is a very wide field. Therefore, you will need to define extremely well your niche. You can either focus on selling women’s formal wear, athletic shoes, or men’s shoes. It is also very important to keep up with the industry trends at all times, by becoming a member of shoe manufacturer & retailer associations. Keep in mind that this first step is essential before you actually start your business.
Put Foot to Paper
Once you have decided on a niche, it is now time to form a concrete strategy out of your idea. Take a close look into things that are important for your business, such as financial projections and all sort of strategies. By doing so, you will be able to more effectively source capital funding for your business. For example, Adidas and Nike decided to highly invest in talent, attention, as well as marketing. The SBA (Small Business Association) offers very useful advice and templates, so that you can easily and correctly write your business plan.
Get the Necessary License for Your Store
This is mandatory in the UK, as well as everywhere else. Choose a name that will identify it as your shoe store. Once you have chosen the name, you need to register it with the local county clerk’s office. Then, you must apply for Federal Business Tax ID. It is recommended to check with the city in order to make sure you are following all the proper ordinances so that you can obtain the license for your shoe store. Furthermore, in case you are looking to sell licensed shoes such as Adidas or Nike, then you must fill out the proper applications on the official website. If your application will be accepted, then you will be able to sell their shoes.
Secure Your Shoe Supply
In order to get your shoe inventory for your store, you will have to collaborate with wholesalers or distributors. If you are not a franchise, then you will actually compete against famous brands such as Payless ShoeSource. Have a look on the portals such as Globalsources or Alibaba, in order to find the necessary suppliers. It is highly recommended to buy directly from the manufacturer and not from the wholesaler. By doing so, you will get the shoes at a more affordable price, which is certainly a huge advantage, especially if you have just started your shoe business.
Hire People and Arrange the Shoe Display
Hire professional staff that will represent your shoe store brand and make sure you decorate the store in a way that will 100% represent your brand. Don’t forget to include adequate seating as well as mirrors, so that customers can easily and comfortable try on the shoes. The more relaxed they feel, the longer they will stay in your store and even buy more shoes.