How To Start Shoe Business With No Money

Looking to venture into retail? Think about starting a shoe store. You have various demographic markets to explore, and numerous vendors are available. The best part? Unlike opening a restaurant or a specialty store like a wine and cheese shop, a retail shoe store demands less initial investment. A Touch of Business.com suggests the average startup cost falls between $5,000 and $10,000.

Starting a shoe business without spending much is possible. For success, your brand needs something special or a unique market focus to compete with the big players. Also, you need a special name for your brand, a clear brand statement, and a unique logo.

The good news is that you can do all this without spending money. You can do it yourself or ask a friend with design skills to help. If you get the brand name, statement, and logo right, you're on the right track. Spend enough time perfecting them; your product should attract many people.

Steps To Start A Shoe Business With No Money

Find Your Audience

First of all, you will have to find your audience. As we know the shoe market is so big. Therefore, you can find much audience for your newly opened shoe store. We also suggest you create your online presence. Because there is a wide range of audiences available online that can become your potential customers.

Select Niche

Next, you have to select the niche for your shoe business. For example, you can make shoes for kids, young people, and old people. Moreover, you can also sell shoes to women of all ages. It is requested that start with a micro niche and when you get some experience you can expand your business.

Develop Your Brand

Branding is the main segment for the promotion of any brand. As you have seen there are big brands who are remembered by people due to their branding. Therefore, we suggest you pay attention to the following brand elements.

• Colors

• Logo

• Backstory 

• Voice

• Web design

Your brand will change over time, so don't worry about getting everything perfect at the start. Just focus on the basics for now and see how your brand develops with time.

Start-Up Costs

Calculate your starting costs. These include things like renting, setting up your space (if needed), getting inventory, and buying fixtures like shelves and tables. You'll also need a security system, a Point of Sale system, and extras like socks and shoelaces. Don't forget office supplies and equipment.

To figure out costs, check how much it is to rent a space in your area. For example, in Houston, it's between $17 and $24 per square foot, according to City Feet.com. Ask vendors about the smallest orders you can make. For fixtures, talk to a retail leasing agent. Find out prices for office stuff by looking online or going to an office supply store.

Furthermore, you will also have to spend some money on packaging. For this, you will need custom luxury shoe boxes so that your customers can get a memorable unboxing experience.

Raise The Needed Startup Capital If You Have No Money

Starting an online shoe store business can be affordable if you begin on a small scale, delivering to customers in your city and state. Setting up a basic warehouse, creating a reliable and easy-to-use online store with a secure payment system, and stocking various shoes from different brands will take up a significant part of your startup money.

However, if you opt for a large-scale business, shipping shoes nationwide and even worldwide, you'll need more funds. Starting a big online shoe store is expensive.

• To fund your online shoe store business, consider these options for startup capital:

• Use your savings or sell personal stocks and properties.

• Get money from investors or business partners.

• Sell shares to interested investors.

• Apply for a loan from your bank.

• Pitch your business idea and apply for business grants and seed funding from donor organizations and angel investors.

• Seek soft loans from family members and friends.

Business License

Check if your state or city needs a business or retailer's license. Call your state's Division of Corporations or Secretary of State's Office to ask if shoe retailers need a license. Do the same for your local area. Power Home Biz.com warns that not having a license could lead to hefty fines for a retailer.

Location

Find the right place for your store. It should be easy to get to and have lots of people passing by. Start-up Biz Hub suggests a spot with good parking, near clothing stores or boutiques. Make a list of possible places and call the leasing agent for details. Most retail spaces use an "NNN" or "Triple Net" contract. This means you pay per square foot and chip in for property maintenance and taxes.

Registration

Sign up your business with the state. Use a legal website like Legal Docs.com or Legal Zoom.com to make your Articles of Incorporation. Send these to your state. You also need to register your shoe store's made-up or DBA name with the state or county. When you send in your Articles of Incorporation, check if the state or counties manage business names.

Marketing Plan

Starting a successful shoe line is mainly about marketing. In the shoe business, you're up against small local shops and big global companies. Focus on a specific marketing area. Are your customers on Facebook or Instagram? Or do they notice traditional ads on the radio and billboards? Just like your business plan, your marketing plan needs clear goals and a budget.

Wrapping Up

Starting a shoe business with no money is not an easy job. Because money is very important to run a business successfully. Therefore, you should also get money to run your shoe business. For this, you can raise funding through various options like from investors, friends, family members, and through online fundraising websites.