HOW TO START A SHOE MAKING BUSINESS IN NIGERIA
The fashion industry needs no introduction. It is one of the very popular industries in not only the country but around the world. It is really large and filled with different opportunities. Fashion encompasses different things from clothing to bags to jewelry to make up to shoes and several others. Entrepreneurs can definitely look at this industry in a bid to get a lucrative business idea to start with. The shoe making business is another yet interesting opportunity from the fashion industry and it involves production of shoes or other foot wears from scratch. It is a really popular business in the country even though it is not as practiced as in the past. The business is lucrative and definitely a good option for entrepreneurs looking to start a business.
The shoe making business, just like the name implies, involves all the processes involved in the production of footwears for customers willing to buy them. Shoes and footwear generally are another important fashion feature and they are worn by a lot of people everyday for different reasons. If you’re not wearing a shoe, then you’re definitely wearing slides or pams or slippers. There is definitely something for everyone. Some people don’t really like shoes and look to other kind of footwears which are also very available from the business. It is a lucrative venture and one that can bring in good income for individuals who start it.
As it is for most other businesses, this business is also available in small scale and large scale forms. The small scale aspect usually accommodates entrepreneurs who want to start a business but are without the sufficient capital involved in starting a much bigger version of the business. This aspect, like I’ve mentioned, requires little amount of capital as compared with the large scale aspect. The shoes, pams and other footwears are produced from scratch in small quantities or even as orders are made. This is because individuals have different taste and sizes are also different for most people. Samples can be made for common sizes and displayed for advertising the business. Getting a shop is not compulsory but you can also get a small place where you can display your products and have customers come in to take their measurements. The large scale aspect, on the other hand, involves production in large quantities. Machines and equipments that will also make things faster and more efficient can be afforded.
One thing to consider in starting a business is the demand for the products involved in the business. The demand for the products are quite high and that makes it a reasonable option for individuals willing to start the business. Footwears are very fashionable products and they come in different forms for individuals depending on what they like. It is also widely worn by people in the country on a daily basis and even after some time, it is usually replaced for a new one or in case there is another one better than the previous one. Shoes and other footwear are important for our daily activities, even just walking and you would hardly find someone not wearing any footwear at all. This explains the high demand. The demand for a product like this translates to high number of customers which eventually results in high profits.
Another thing is that the practice of the business is not as popular as it used to be so you won’t have to worry about too many competitors in the business. Also, there is prospect of expanding and having an even larger footwear company.
Starting the business is not really a difficult thing to do. Even though this is a business option that will mostly be associated with shoe makers or cobblers, it is also something that can be practiced by almost anyone either by learning the shoe making aspect or just staying on the sidelines and having someone do the production part while you work on branding and marketing for the business. You don’t necessarily need any professional experience or educational qualifications to be able to adequately operate the business. It is not difficult to start and capital can either be large or small depending on the size of the business.
In the next sub heads, I’ll be discussing the steps involved in starting a shoe making business in Nigeria and some of the important things that might prove useful under each step to ensure you’re successful and doing the right thing as well as making good amount of income from the business.
No matter what you’ve heard someone saying about a business and how well success is assured or how lucrative it would turn out, always try to do your own research. The research will not cost anything except your time and that time will prove to be well spent when the business starts and the successes starts coming in. It is important to do a thorough investigation about the business since you’re going to be investing your money into it and you’ve never been involved in the business. Some hours of research won’t hurt.
The research is always meant to give you an idea of what to expect and the challenges ahead to be faced. It teaches future entrepreneur how the business works and what success means. It shows the risks involved and the ways to tackle them. It also gives ideas on how to sustain the business and work towards more success. Imagine missing out on any of the mentioned points, it’s more like being less equipped about something especially something you plan to spend money on.
There are experts in the business, of course, so also look to advise from these individuals as they are most likely the best bet for reliable information on the business. Take note of even the smallest things during the research period and pay close attention to how to stay and survive in the business. The research is as important as anything in the business.
2. WRITE A BUSINESS PLAN
A business plan needs no introduction. It is equally as important as some of the other processes or things involved in the business. After a comprehensive and thorough research has been conducted, entrepreneurs must now put all their ideas into paper after, of course, deciding to start the business. The business plan will cover things like the way you plan to operate, the cost of several things, how you plan to market your business, future projections and also contingency plans.
The business plan serves a number of purposes. In cases where individuals might need to get investors or even get a loan, it will prove useful as it will contain all that needs to be known concerning the business. It is also going to serve as a point of reference for the proposed business.
3. CAPITAL AND LOCATION
The need for capital in starting a business cannot be overemphasized. The capital needed for this business is usually small though it still depends on the capacity you intend to start with. Location is not important if you’re starting small scale though you can get it if you feel the need for it. If you won’t be getting a location, the cost of getting the materials will be the main thing the capital will be used for.
4. GETTING THE PRODUCTS
At this stage the business is about the start. You’ll need to visit markets where these products are sold and get them at reasonable prices. You can also get more than one place so you can always alternate when you want or when there’s an issue with one of the suppliers. The basic materials need for the business includes the leather, sole, gum, sole presser, scissors, hammer, mallet and filing machine. If you’ll be getting someone to deal with the shoe making, then this is the time to get one. You can also get a dispatch rider to help with delivery.
5. MARKETING AND SALES
Social media is a pretty effective method for advertising the business regardless of if you are getting a shop or working from home. You can also make use of a website where prospective clients can go on to check out what you have and make orders. Word of mouth and referrals also play a huge role in getting customers.