Small Business Idea: A Complete Guide To Starting Footwear Business
Have you ever wanted to start your own business, but didn’t know where to start? Do you have a passion for fashion and design?
If so, then starting your own footwear business might be the perfect opportunity for you! In this complete guide, we’ll cover everything you need to know in order to get started, from coming up with a business plan to marketing your products.
The footwear industry in India
The footwear industry in India is a booming industry with immense potential. The market for footwear in India is expected to grow at a CAGR of 10.4%. The Indian footwear industry is classified into five categories viz. athletic footwear, non-athletic footwear, sandals & floaters, slippers and others.
Athletic footwear includes sports shoes, running shoes, training shoes, etc. Non-athletic footwear includes dress shoes, casual shoes, party shoes, etc.
Sandals & Floaters include flip-flops, floaters, sliders, etc. Slippers include mules, clogs, and slides. Others include boots and socks.
The domestic market for footwear in India is highly fragmented with the presence of numerous small and medium-sized manufacturers.
The organized players in the industry have a very small share in the overall market due to the large unorganized sector.
Some of the major players in the Indian footwear industry are Bata India Ltd., Liberty Shoes Ltd., Relaxo Footwears Ltd., woodland Worldwide Pvt. Ltd., Adidas India Marketing Pvt. Ltd., Reebok India Company Pvt. Ltd., Puma India Pvt. Ltd., etc.
The footwear industry in India is expected to grow at a rapid pace in the coming years owing to the increasing disposable incomes, changing lifestyles, and rising awareness about personal appearance and health.
The industry is also expected to benefit from the government’s initiatives such as ‘Make in India’, ‘Skill India’, etc.
The different types of footwear businesses
There are many different types of footwear businesses in India. The most common type is the mom-and-pop shop, which is typically a small family-run business.
These shops usually sell a limited selection of shoes and sandals, and they may or may not have a website.
Another type of footwear business in India is the online retailer. These businesses sell shoes and other footwear products online, and they often have a wider selection than mom-and-pop shops. Online retailers may also offer custom made shoes and other footwear products.
The last type of footwear business in India is the manufacturer. These businesses make shoes and other footwear products from scratch.
They typically have a large factory and employ a team of workers to create their products. Some manufacturers also sell their products online, but others only sell to wholesalers or retailers.
Pros and cons of starting your own footwear business
There are many pros and cons to starting your own footwear business. On the plus side, you will be your own boss and have complete control over your business.
You will also have the opportunity to be creative and innovative in your product line. On the downside, starting your own business can be a risky venture, and you may not have the financial resources or expertise to get it off the ground.
Before you decide to start your own footwear business, be sure to do your research and weigh all the pros and cons carefully.
How to start your own footwear business in India
Are you passionate about shoes and interested in starting your own footwear business? If so, you’re in luck! India is a great place to start a business in this industry. Here’s a complete guide to help you get started:
1) Firstly, research the footwear market in India and identify gaps that you could fill with your products.
Also consider what type of customer you would like to target – for example, women, men, children or all of the above.
2) Once you have a good understanding of the market, it’s time to start planning your business. This includes everything from choosing a company name and registering your business, to creating a business plan and sourcing suppliers.
3) Next, you’ll need to set up your manufacturing process. This involves finding a factory or workshop to produce your shoes, as well as selecting materials and designing your products.
4) Once your manufacturing process is up and running, it’s time to start marketing your products. This can be done online or offline, through channels such as social media, online stores, brick-and-mortar stores or even pop-up shops.
5) Finally, always remember to monitor your sales and budget carefully to ensure your business is profitable. It’s also important to continuously innovate and bring out new products or designs to keep your customers engaged.
What you need to know about the footwear industry
Whether you’re a sneakerhead, a diehard fashionista, or just someone who loves shoes, starting your own footwear business can be a great way to turn your passion into a profitable venture. But before you take the plunge, there are a few things you should know about the footwear industry.
The global footwear market is expected to reach $377.5 billion by 2025, according to a report by Grand View Research. The Americas is currently the largest market for shoes, followed by Europe and Asia Pacific.
The industry is highly competitive, with a large number of well-established brands such as Nike, Adidas, and Puma. To succeed, you’ll need to offer something unique that sets your products apart from the rest.
Footwear is seasonal, so you’ll need to plan ahead and have your products ready to go when demand is high. Spring and summer are typically the busiest seasons for shoe retailers.
There are a number of different channels you can sell through, including online, brick-and-mortar stores, and catalogs or direct mail order. You’ll need to decide which type of retailer is best for your products and target market.
Footwear is a timeless industry with a lot of opportunity for growth. If you have a passion for shoes and are considering starting your own footwear business, this guide is for you.
We’ve outlined all the steps you need to take to get started your footwear business, from research and development to marketing and sales.
With hard work and dedication, you can turn your dream into reality. So what are you waiting for? Get started your own footwear Business today!
- Manufacturing Business Ideas in India for People Looking to Start a Business
- Small business ideas in India that you can start from home with low investment
- 15 Home Business Ideas for Women Entrepreneurs in India | Most Profitable Businesses
- Most Profitable Businesses in India for entrepreneurs & Startups
- 30 Profitable Online Business Ideas for Beginners in India
|Are you an
Entrepreneur or Startup?
Do you have a Success Story to Share?
SugerMint would like to share your success story.
We cover entrepreneur Stories, Startup News, Women entrepreneur stories, and Startup stories