Shoes are now widespread and no longer used solely for functional purposes. Shoes are now used as an accessory for both men and women. From weddings to sporting events to job interviews, there are countless occasions where shoes fit. As long as there is a shoe market, starting a shoe company makes sense.
Whether you are offering fashion or party shoes, decide whether your target market is men or women. If you want to sell formal shoes, choose your speciality. In this post, I will show you how to start a shoe company in India and what factors you should consider before starting.
Things to consider before opening a shoe retailer Whether you are online or offline in the footwear industry:
Use the Internet to Do Business: Starting an Internet company can save you rent, electricity and construction costs. / maintenance cost. To start an Internet company, all you need is a website. Your website should be easy to use and well thought out. Successful online shoe companies need effective social media marketing.
Offline business: A shoe company sells products in its stores. As a result, the first thing you need is a showcase to market and sell your merchandise. This store should be between 150 and 200 square feet. Decide what to reach with the message.
Defining your target market allows you to focus your efforts and resources. You can’t please everyone, so offer your product or service to people you think could benefit from. Then, as the owner of the company, you have to choose who will buy the product. Whether the shoe is intended for children, adults, middle-aged or the elderly, alternatively, you can subgroup your audience based on factors such as gender, wealth, or desired metrics. Keep your ideas short and healthy rather than spinning around.
Financing options include corporate loans, government grants, help from friends and family, and your funds. Decide where to start funding sources based on your financial situation.
Learn About Competitors: Conduct
Market research and analyze your competitors’ business models to verify your assumptions. Since the footwear industry is not new, there will be many domestic and international competitors. As a result, it is essential to decide who to compete with. Local merchants will be a direct competitor if they produce shoes that the general public, i.e. low-income people, can also afford.
Building a brand and selling products to high-income segments of society requires competing with several global and local companies.
The next step is to visit a competitor’s store and study their customers. Because customers are the people, you want to convey in your message. List your store’s assets and liabilities and find growth prospects and risks. Do a SWOT analysis of your business. Consider both your organization’s strengths and potential shortcomings when performing a SWOT analysis.
Location is the last item to consider after researching and working on the previously listed items. Location-based choices can increase or decrease your company’s chances of success, so think carefully. We recommend that you place your business near a supermarket or other popular location. Alternatively, you can set your business near an IT park or busy workspace where people can easily see it.
The next step is to develop a business plan and register your shoe company after receiving the necessary money. Let’s see how to write a retail company in India.
Shop ActLicense: 
This license allows you to sell your products, a mandatory legal requirement for starting a company. Gumasta License or Gumasta is another name for this license in India. By the store laws of the state in which the company will be established, the registration process for this license is complete by completing the Shopact form and providing the appropriate documentation.
Your State’s Municipal Corporation Intent.
Proof of identities such as passport or driver’s license and proof of residence such as utility bill and rental agreement is required.
- Power of Attorney of the Company.
- A is the form number.
- Taxpayer Identification Number (TIN)
All businesses, whether wholesalers or retailers, require a GST number. A store license is required to obtain a GST number. Contact a CPA who can help you get a GST number or visit www.gst.gov.in. To start the registration process, select “New Registration” from the menu bar. The form will open. Please fill out the form with the requested information. Don’t forget to add the state name in the location field.
A One Time Password (OTP) is sent to your mobile phone or email for authentication. Upon completing the procedure, we will create a temporary reference number (TRN) (don’t forget to copy the TRN to your clipboard). We must also write a newly generated RNN. Click the button and re-enter your one-time password to continue.
Finally, the dashboard is displayed. The dashboard shows information about your app, including submission and expiration dates. Fill out the application form, verify your signature and indicate the relevant information, and we can send it to you.
The company has a checking account to cover company expenses. A checking report serves the same purpose as a savings account. In other words, it encourages people to save and invest. If you want to use it for commerce, you can open it at any bank. Unlike a savings account, a checking account does not accrue interest, which is a significant difference to keep in mind.
A minimum balance is required to maintain a checking account (e.g. SBI’s minimum requirement is INR 10,000). Unlike savings accounts, which have a daily transaction limit, a checking account allows you to make unlimited daily payments by check or online payment, no matter how much is in your account. Online banking is also available, and overdraft with predetermined limits is also available.
Once the legal process is complete, and the company is ready to go, the next important step is marketing! Since footwear is not specific to any particular industry, it has to face a lot of competition in this field. As a result, footwear marketing is essential to the success of a company.
Digital Marketing is your best choice. Advertise your business by posting product images on social media platforms like Instagram, Facebook and Pinterest. Build Instagram awareness for your shoe company, hire a few micro-influencers to help with your branding, voila! Compared to more traditional forms of marketing, this type of advertising is less expensive.
Before starting any company, you need a well-planned strategy to develop services and products according to your target market and choose the right funding source. Starting a company is not difficult, but it takes a lot of hard work to expand and strengthen your reputation. The competition is fierce, and only those with a sound strategy and a solid plan can succeed.
Article Proofread and Edited by Shreedatri Banerjee
