Have you been thinking of profitable footwear business ideas to start but don’t know how to go about it? If so, you have arrived at the right place.
This article has a short list of nine profitable footwear business ideas that you can do either as a side hustle or full-time business.
To know these business ideas, please read through this article.
Let’s begin with having an overview of the footwear industry.
Footwear Business Ideas; A Brief Overview Of The Footwear Industry
Before we begin, let us start with defining footwear.
Footwear is used for the outer covering of the feet.
It can be shoes, boots, and sandals.
The primary idea behind footwear is to protect the feet from the texture and temperature of the ground.
Footwear is made from different materials such as leather, fabric, rubber, and synthetic.
People who can wear shoes or footwear include men, women, and children, including babies.
Also, footwear serves different purposes and occasions.
That aside, the shoe or footwear industry involves producing and selling footwear, including other footwear-related products.
Furthermore, the industry is dominated by big corporations and as such, making it a struggle for small or local designers to find their way in the industry.
Fortunately, that shouldn’t bother you because there is a high demand for footwear in these present times.
Thus, there is a chance of survival for even local footwear designers.
People use footwear on different occasions/reasons, and they do it every day.
Due to the growing demand and desire to own footwear, the footwear industry will remain relevant.
Read on to know more.
Future Relevance Of The Footwear Industry
Like food, shoes are an inevitable need of humans and can be regarded as a part of clothing.
Look around you, and see how many people leave their house each day without a pair of shoes on their feet.
There is only a slim chance you will see anyone without footwear.
Averagely, a person can own more than four footwear, from indoor flip flops to party sneakers or stilettos shoes.
More so, they tend to replace old ones with new ones or occasionally add more to their collection.
This ever-growing need to have shoes either to follow a trend or comfortability makes the shoe business immune to the economic downturn.
And as such, the footwear business can be regarded as evergreen.
Evergreen businesses are immune to negative changes and are most likely to remain in business for an extended period.
Now let’s look at the figures.
Statistically, in 2020 the footwear market size was worth 365.5 billion dollars.
In estimation, this market size is forecasted to reach 530.3 billion dollars in 2027.
This indicates a growth rate of 5.5% CAGR between 2020 and 2027.
This shows that the footwear business or industry will serve as reliable means of income in the next few years and beyond.
Hence, here are some profitable footwear business ideas that can help you tap into this industry’s trend early on.
9 Footwear Business Ideas For You To Explore
Here are some profitable business ideas you can start either a full-time job or a side business.
While some of these businesses are more capital intensive than others, you could easily get a high return on investment within a short period.
1. Start A Shoe Blogging Business
One of the best ways to get into the footwear industry is by blogging about shoes.
This business is about writing or taking nice photographs of shoes and publishing them on your social media page or website.
The best part of this business is that you will be writing or doing a unique niche, and you can generate more traffic by publishing quality content on your page.
Traffic in this context is the number of people that constantly visit your page to get a piece of information.
In your blog, you have to be more specific on the topic you want to discuss.
Most importantly, avoid trending topics; instead, look for an evergreen niche.
Make sure you publish or post good content on your pages to gain followers and generate traffic.
Furthermore, the number of traffic you generate will measure the profit you can maximize from your blog.
As time goes on and your traffic increases, shoe brands may want you to advertise their products, and you can get a certain amount of commission.
That means more money.
To start a functioning blog, you do not necessarily need a website.
Although it is essential to have one, you can start with your social media page.
As easy as it seems, the shoe blogging business also has its downsides, as every other company does.
It takes hard work and patience to nurture your small business and grow eventually.
2. Kiddies Shoe Store Footwear Business Ideas
If you have a thing for children’s wear, you can open a shoe store with all the types of children’s shoes you can lay your hands on.
Interestingly, children’s shoes are one of the most profitable niches in the footwear industry.
Most parents like to see their kids wear beautiful, fashionable shoes on different occasions.
You can become a shoe entrepreneur and make money depending on the type and quality of children’s shoes you sell to your customers.
To grow in this business, you should set up your store in strategic locations where potential customers can easily access your store.
Additionally, stock your store with children’s shoes for different manufacturers so parents can choose from various options.
Again you should have good customer relations skills to approach your customers and ensure their satisfaction.
Keep in mind that only a satisfied customer can generate more customers by word of mouth referrals.
3. Manufacturing And Distributing Shoe Soles Footwear Business Ideas
Another footwear business you can start is manufacturing and distributing footwear soles.
Different parts form a shoe, and the sole is a part of it.
So, if you are skilled in making shoe soles, you can start to produce and supply shoe soles for replacing old or worn-out shoe soles.
Not only can you supply shoe soles to shoe repairers, but you can also deliver your products to major footwear manufacturers.
As mentioned above, you will need to have the skill to create quality shoe soles, rent a space in a good location and know how to interact or relate with your customer.
4. Open A Shoe Vocational School
Do you want to turn your knowledge about shoes into an income stream?.
Opening a shoe vocational school will be an excellent footwear business idea for you.
If you have a vast knowledge of shoes, you may want to train other people interested in becoming successful footwear manufacturers.
A shoe craft school is a school that trains people on how to make shoes.
Footwear production is an exciting craft to learn, and many people subscribe to it because of its benefits.
To succeed in this business, you should have in-depth knowledge of shoemaking and the equipment needed to train people.
Above all, you would need to be patient with your trainees because not everyone has the same level of learning.
5. Selling Used Shoes
If you are looking for a footwear business idea that can yield a significant profit, selling used shoes can be what you are looking for.
Not everybody can afford a brand new show at a high cost; that is why some settle for the used ones because there are very affordable.
You can collect used shoes in large numbers and export them to countries where people will be willing to purchase used shoes for a lower price.
Or you can sell your used shows online.
Some people may be willing to buy the shoes.
Do not resell a used shoe that is supposed to be discarded; ensure that the shows you are reselling are still in good shape.
Before engaging in this business, ensure that you thoroughly research the regulations surrounding this business.
6. Flip-Flops Manufacturing Footwear Business Ideas
Still looking for a footwear business idea to launch?
Making beautiful and colorful flip-flops will be a good one.
Flip-flops slippers are easy-to-wear footwear that can be worn mostly indoors or sometimes outdoors.
Further, you can find flip-flops slippers in most homes across the globe.
This shows that you have a large market to bless your product, notwithstanding the number of companies involved.
So if you have the technical know-how of how flip-flops are produced, you can start your business today, knowing that you will make great returns.
Tell you what, the Flip flop manufacturing processes are straightforward, so you can start up from a small-scale unit.
Also, you can use some simple machinery and plain sheet for a start.
Above all, ensure you register your brand and gain a license to begin operation.
7. Selling Men’s Footwear
Don’t want to sell unisex footwear?
You can open a shoe store and dedicate all your product to men alone.
The demand for men’s footwear is ever-growing, and you starting a men’s footwear store can fetch you some money.
Furthermore, the business does not need any special skills.
However, prioritizing good customer service will set you up for success.
You can have a physical store and, at the same time, venture into E-commerce, where your store will be available to a vast share of customers.
Again make your product affordable for potential buyers to stand out from your competitors.
8. Design Shoes For Manufactures
Do you have a passion for art? Or do you like to sketch beautiful shoe designs?
Here is an opportunity for you to turn your hobby or passion into a profitable business in the footwear industry.
Shoe designers are in-demand by manufacturers that produce fashionable shoes for both men and women.
With your great design skill, you can sketch beautiful shoe designs and get well paid for them by companies.
If you are professional at what you do, you can get a contract from other shoe manufacturers who want your designs.
Also, you can start as a lone contractor or employ workers who also have creative minds like yours.
9. Selling Women’s Footwear
Love women’s shoes?
You can open a shoe store for the sake of women’s footwear.
This is among the most profitable footwear business ideas you can invest in today.
Arguably, most ladies spend money buying shoes, and they never get tired of it.
So, if you start this business, the chances are that you will make massive profits in no time.
Having a store dedicated to a particular end-user is better than a retail store for all and sundry.
When targeting a particular audience, you will have the opportunity to stock your store with different shoes from different brands.
When your customers visit your store, they will be given vast options.
You can extend your physical store into the digital space by creating a web or social media page.
Even more, you can use Google Maps, so people who search for your store online will get a direction to your physical store via the map.
That’s that, and we have the nine footwear business ideas listed out.
Do you intend to start a footwear business today?
Below are the steps you should take to start a successful footwear business.
Steps To Take When Starting A Small Footwear Business Store
If you intend to start any of the above footwear business ideas, here are four easy steps to start a retail shoe business.
Step 1: Pick A Niche
Before you take another step in starting your small shoe business, you have to target a market niche to sell shoes to.
Decide on which market to serve.
Target a demographic market; you have the men, women, children, and babies footwear to choose from.
Also, you can determine the types of shoes you want to sell, athletic or non-athletic.
You could decide to sell athletic shoes for men or women or fashion shoes for children or women.
After this, you should study the buying habits of your potential customers.
Know what they are most likely to purchase and stock your store with their needs.
The best part of having a niche in your business is that it will help you become an expert in that field.
And this will make customers trust you because of your credibility.
Step 2: Startup Capital Estimation
After you have identified a niche for your business, the next step is to know how much it will cost you to get the business going.
You have to include all the things you will need for the business, such as the cost of shoes, rental space, furniture, fittings, office equipment, research expense, marketing expense, etc.
Literally, starting a shoe store can be capital intensive because there will be a lot of bills to settle initially, and shoes are expensive.
You should estimate a startup budget of roughly $150 000 to start a small shoe store business.
Additionally, estimate the cost of running the business, such as the monthly rent, utilities, employees’ salaries, and other recurring expenses.
Step 3: Secure A Space
After picking a niche market to serve and summing the initial startup cost, th next step is to get a good location.
To get your desired customer, you have to lease a storefront in a location with enough foot traffic.
That is, a location where your store will be more accessible to people.
Locate your store where your target market can see you and patronize your business.
It is terrible to delay renting a shoe store until you have your goods delivered.
Where will you put them?
However, you can choose to start with an e-commerce shoe store by having a website to display your product and sell your products.
If you intend to have a physical store, you should make sure you have registered your business.
Also, ensure you have licenses to operate (depending on your area).
Step 4: Promote Your Business
Create an account on social media platforms for your business where you can post nice pictures of your footwear.
Alternatively, you can get a professional developer to design a website for your business; you can offer newsletters and give subscribers discount sales.
Overall, this will help you advertise and connect to a broader audience.
Conclusively, footwear is an indisposable physiological need of humans, and its value keeps growing by the day.
And with the ever-growing demand for footwear, whether for fashion, comfort, or work, the footwear business is reliable.
This article has listed nine lucrative footwear business ideas you can begin and make massive profits, all things being equal.
Keep in mind that all businesses are prone to failure
However, you can get it right if you put in hard work and positivity.