Follow these steps to start a footwear business in Nigeria:
Your will need to create a name for your footwear business which stands as an identity to your business or product. You can use your name e.g Femi Shoes or any other name of your choice.
2. CARRY OUT MARKET RESEARCH
You will need to do some market research, this is so that you are able to identify your potential customers and target market. Also you need to note that your findings would also help you determine whether you want to have a shoe brand for only men, only women, and both, or children as well as other types of shoes. There are loads of books that can be found on this. One other way to get quickly informed about shoes is through the internet.
Write your business plan describing what types of shoes and handbags you will sell, your sales venue, how you will market your business, how you will fulfill orders and the legal form of your business, such as partnership, sole proprietorship or corporation. Include a list of costs of merchandise, projected revenues, marketing costs and operating costs. Take your business plan to banks and potential investors to gather enough funds to get your business started comfortably. You can also source for funds from family and friends.
Your brand has to stand for something that projects your vision and objectives as well as identifying with the customer’s as well. Your brand has to be consistent is communicating your own Unique Selling Point (USP).
Also, choose a competitive advantage. You can do this in three key areas, such as in quality, pricing and service. Ensure that in these three key areas, you have an edge over your competition. Another competitive strategy is to ensure that your customers stay excited by making every new feature or product you introduce innovative. This gives your customers something to talk about, whilst shutting out the competitors.
3. FIND A SHOE DESIGNER
If you can’t make shoes, this means that you may need to find a shoe designer and work with him or her at the factory or wherever, to design a line of shoes for your brand. Do bear in mind that the products you decide to churn out must have certain common features like; easy fit, trendy, and a high-fashion look, amongst others. These characteristics should become the standard operating features of your brand that will make it easily recognizable by buyers.
4. CREATE A LOGO
A logo identifies your footwear to your customers. You can easily design a logo using Canva or hire a graphics designer to create a logo for you.
You can manufacture your footwear in small quantities and sell them. Then, repeat the cycle again.
6. CHOOSE YOUR PRICES
Choose prices that resonate with your brand. Do you want to sell budget friendly or expensive shoes? Factor in the cost of production and advertising.
Create a Facebook, Twitter and Instagram account where you can post photos of your footwear and sell to customers.
Run paid ads on Instagram, Facebook and Twitter to promote your business to potential customers.
9. USE INFLUENCERS
Work with fashion bloggers, influencers and celebrities to promote your footwear, and see a spike in sales.
This will help drive sales because people will believe in the authenticity of your brand. Your customers will also talk about your business.
With ₦50,000 or more, you can start your own footwear business in Nigeria.