Nowadays, being a successful entrepreneur is harder than ever – not because people have no ideas or aren’t prepared to work hard, but because the competition is so harsh and there are so many people you have to outshine. All of this is visible in the fashion industry too, which is why perspective young professionals in the footwear sector are taking lots of time to prepare for their business ventures and creating strategies for how to be the best in their field. If you too are thinking about starting your own footwear company or joining an up-and-coming startup that handles shoes, here’s what you need to know in order to reach success.
How many people buy shoes?
The first thing about the footwear industry you need to learn is how popular it really is – everyone knows that all people need to wear shoes, sneakers and boots, but not everyone understands how much money is in this industry and how many pairs of shoes are sold around the world every day. These numbers are hard to calculate, but the truth is that big brand such as Nike manage to sell up to 25 pairs of sneakers literally every second of the day! This basically means they sell up to 1500 pairs every minute of every day, so think about that for a while.
More and more buyers
However huge, these numbers are projected to rise even more in the years to come, which is why the consumption in the footwear industry is going to rise by more than 60% by 2030. Now, while this seems like the worst news ever for the environment and global warming, it’s also an excellent opportunity for anyone trying to make a living in this business because the need for new products is clearly visible and all you have to do is define your company, identify your target audience and offer high-quality products, and you’ll start making big bucks sooner than you think!
Research the competition
If you’re thinking about starting your own footwear company after reading these projections, you should do some research first and determine whether this industry is right for you and your business desires. The thing about having success is defining your brand – this is where a reliable design studio can help you with a new visual identity – but also positioning it and learning as much as you can about your competition. More than half of new startups fail after two years, so you have to think long and hard what you want to accomplish and how to make your dreams come true. Learn about market size and appeal in your area, compose a viable business plan and organize your sales even before creating a single pair of shoes. These preparatory steps might bore you, but they’re necessary if you want to reach success in due time.
Learn from the best
One of the most effective ways to learn what you need to know about the footwear industry is closely examining the approach of big brands and finding out how they’re handling their business. We’ve mentioned before how many shoes Nike sells each minute, but have you ever thought about why that’s the case? This is one of the brands that pay the most attention to marketing and appealing to the widest audience possible – from professional athletes and gym lovers to your Regular Joes who just want to feel comfortable when they’re doing their weekly shopping. Of course, wearing a comfy Adidas sneaker also means you’re wearing something of excellence, so don’t forget that great quality and great marketing go hand in hand.
Concentrate on marketing
Not many people realize that creating a comfortable shoe isn’t hard anymore, but selling it is. Therefore, you need to concentrate on marketing, especially if you’re starting a new brand: this is where you have to make an impression on potential buyers and shift their attention from old brands and onto yours. Find what’s unique about your offer and accentuate it as much as possible – trust us, after a while, your shoes are going to start catching people’s attention and you’ll begin making money, even though being patient is sometimes harder than you think.
Getting a license
Another thing you have to take into consideration when starting your footwear brand is licensing your products and your store. You have to find a unique name that your buyers will identify with your brand and a whole lot of documents and licenses that are going to allow you to join the footwear game. After that, you can open your own store, decorate it, advertise your offer, hire some people to work for you and immediately start receiving visitors who are in a desperate need of quality shoes! Finally, don’t forget to make a website and equip it with amazing photos that are going to boost your sale – keep in mind that product shots are quite important when defining a new brand, so hire someone who can turn your offer into something that attracts people.
Unfortunately, success doesn’t come overnight, especially in the footwear industry, and you have to put in a ton of hard work into making your brand successful and lucrative. However, if you pay attention to making quality shoes and marketing them as such, you’ll start attracting customers right away, so find your own angle and don’t be afraid to emphasize all those things that separate you from your competition.
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