Is shoe making business in Nigeria still PROFITABLE to do in 2023?
Every day, regardless of the event or age, we put on shoes. Whether attending a major event, a normal outing, or visiting friends nearby.
We wear shoes.
It is part of our lives, it is like food and water. It is an evergreen business.
Yes, It is a profitable business to do any year.
Whether it’s shoes, sandals, or palm slippers, there will always be a need for footwear. However, you need consider some factors before you can run a shoe business successfully.
You need to have a well-thought-out and viable shoe making business plan because it will help you from making mistakes that may cost you revenue and clear some assumptions that could lead nowhere.
Writing a good business plan will answer question like, “what you need to run a successful shoe making business”?
Continue reading, you will understand and have a clearer idea to start shoe making business in Nigeria.
Learn the skill and its business
This is true for all businesses. Even if you are an investor that you just want to sell shoes, you need to have at least the idea of the shoe business process, the leather quality, the type of footwear, the pricing, and trends. Understanding this process helps you start on the right track.
Selling shoes may be considered the easy side of footwear business, you only focus on the type and trends then buy in large quantities, rebrand and resell.
Learn about your customers
To start a footwear business in Nigeria, you have to understand your customers. Remember, business needs demand, and your demands are your customer. Who are the most likely customers for your shoe business? Where are they? What exactly do they like? Write down questions about your customers for your shoe business and it will create consistence demand for your products.
From the information you have gathered, you will understand what types of shoes you can make that people can wear to parties or work. Everyone can’t be your customer. This is why you need to narrow down the business model – niche.
Make a choice about the type of shoe you want
Now that you have gone out there to see what people like and want, it’s time to make your choice. The choice of shoe establishment may depends on your capital and clientele.
There are different styles and designs you could offer to sell if you make your own shoes. You can offer to sell only female leather slippers and sandals.
Selling to both males and females will also be a great idea. Just make sure you are clear on what you are offering. Some shoe making businesses in Nigeria offer strictly black school shoes for primary and secondary schools. It’s all up to what you really want.
You need to decide on the types of shoes you want to sell. You can go into the making and selling of children’s shoes, and then young mothers will know who to call or where exactly to go when they need shoes.
Sales of only female shoes are also a great business idea if you are considering what to offer in your shoe business.
Choose your business name
Your business name is very important. It’s understandable if you don’t want to register it yet since you are just starting out. Just make sure your business name is simple and catchy so it will be easy to remember. Don’t use names that will be difficult to pronounce or spell.
The challenge you may encounter is that if you don’t register your business name and the name becomes a brand, another person can take advantage.
Get your capital
It is fine if you do not have enough capital to start a brand. This is every entrepreneurs’ challenge. You don’t need to wait for “big money” to start your shoe business in Nigeria. The best thing to do is prepare a shoe making business plan, or you can pay an expert to do one for you.
It simply contains your budget: the cost of your store, the cost price, the selling price, and how to upscale with the profit. You could also take out a business loan if your capital is not enough.
Choose your platform
The truth is, shoe making (or footwear) business will only be lucrative when you choose a good platform. You can set up a nice physical store, but nothing beats getting your customers online too. There are different online platforms you can leverage to help you sell your shoes faster.
An online marketplace is similar to a physical marketplace. You get a store, set it up, and people who need your services will contact you. Examples of online marketplaces are Jiji and Jumia.
An influencer is a popular public figure that lots of people applaud and listen to. You can also pay an influencer to talk about your business or paste your advertisement on his or her wall. Viola, you can get lots of people sending messages to buy.
For your shoe business, the influencer could be a comedian, fashionista, and so on.
Setting up a social media account for your business is a great way to have a profitable shoe making business in Nigeria in 2023. Choose a social media platform you are comfortable with and know how to use.
Your personal account should be different from your business account.
On social media platforms like Facebook, you can use a page, and on WhatsApp, you can use your status.
Once you do all these, make sure you post about your shoes online frequently. Talk about the process of making them or getting them and why your shoes will make their lives better. You could also run ads on Facebook and YouTube. This will help you reach more people faster.
The shoe making (or footwear) business is definitely a profitable one to start in Nigeria.
However, you need to learn how the business works before starting out if you want to be successful. So if you have no knowledge about the shoe business in Nigeria, make sure you ask the right people the right questions.
I will like to hear your thoughts.
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