The Palace of Shoes: A Guide to Buying the Right Pair

Shoe business is a very lucrative business even for the new entrepreneurs.

The business generates  revenue to the owner, the government, and function well to the public.

First of all, let us discuss what is a shoe business provides making, repairing, cleaning and shining services of the shoes.

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Capital Intensity of  Shoe palace 

The Shoe Repair industry has a low level of capital intensity. The industry is composed of companies that repair footwear and other leather-like goods. In the past five years, rising employment levels and a growing niche market for price-premium shoes have translated to rebounding revenue growth. Basically, this type of business caters a niche audience. Hence, it helps to start and operate the business as low investment model.

Investment & Cost for Starting a Shoe palace

Basically, starting this type of business demands a premium retail location. However, you can start with a small space like 50 Sq Ft also. So, acquiring a retail space attracts cash investment. If you don’t have a space of your own, start with a rented one.

Additionally, you will need to have a shoe mending tools like hooks, yarn of colours, consumables like cream, shiner etc. And finally, you have to pay some utilities like electricity etc. Also, you have to calculate the manpower cost and other operational expenses.

Shoe palace

Business Plan

Regardless the size of your business, you must craft a business plan. First of all, study the local market. You must try to analyze the shoe purchasing habits of the local population. Generally, people come to this type of shops for polishing their leather shoes.

Retail Location

Selecting a right location is the most important aspect of this business. Moreover, you have to find out a location where you can expect high footfalls of shoe wearing population. Basically, a location nearby offices, malls, airport, business center, colleges and the university is the perfect one. Generally, people look for this type of service in the way of their professional destinations.

Procurement of Equipment & Tools

Procure the shoe mending and making first. It is the most important equipment of your store. Check the available machines in the market. If possible, get the feedback from the existing machine users. Procure the other consumables also. Buy a most comfortable chair for your customer. The chair must have a professional look and good quality. If you want to provide other services than you have to procure the tools depending upon the specific requirements.

Shoe palace

Store Setup

Basically, the kiosk setup is most appropriate for this type of business. Additionally, a shop-in-shop approach is also good for starting. Otherwise, you can also consider opening a stand within the mall, schools, college or university premises.

Basically, you must design the shop according to the services you want to offer. Apart from the tools and the  machine, determine the specific space for storage, billing and for keeping the cash.

Fix the different pricing according to the different services. The list of services may include the making new ones,repairs, regular shine, cream shine, suede renew and strip and shine service etc.

Shoe palace

Resources

In starting the business, you must have atleast one employee. Try to hire an experienced one. Also, you can arrange an on-site training for machinery operation. You can ask the machine supplying company for arranging a training session for your staff. Use a right POS software for billing and stock maintenance.

Marketing & Promotion