As the saying goes: “Business is a battlefield”, when you step into the business field, always be cautious in your every action. However, for each business, there are different directions for development. Without a clear and thorough plan before you step forward, sooner or later you will fall into a position of confusion and loss. When there is no way out, you will have to close your business. The shoe business is no exception.
Nowadays, the footwear sector is having a huge competition in the market, both online and traditional. Without the right direction, failure will be natural. The question is: “What have you been doing to make your business better and achieve your goals?”
1.What is the goal in your shoe business?
Is your business goal what you will achieve when doing the business? You need to set clear goals. The more specific the easier to implement and the more effective the evaluation. You can quantify in terms of time, money and experience.
Then, you need to give an effective assessment method such as revenue, monthly profit, number of orders per day, how many employees, how much market share, after how much time the market share will reach how much, … These goals need to be specific, achievable, measurable, realistic and clearly defined. Ideally, you should set measurable goals, because only measurable goals can help the evaluation be accurate and highly effective.
2. What makes a difference? What is your advantage?
Business is like a fierce battle. The business world is very large, and startups are growing like mushrooms after the rain, but not every unit can survive and succeed. In the same target market, there are dozens and hundreds of firms with similar products to yours. There are also businesses with more established reputation, better locations and services that are more invested and already highly appreciated. So, what difference do you have to compete with them? In other words, what is your competitive advantage? If you do not want to fade away and die prematurely, you should consider this.
First, you need to equip yourself with “weapons” before the battle, which is the knowledge and understanding of the main competitors in your market. This will take you time and effort to do research. Focus on what your competitors have been doing, how they run their businesses, how they market, sell and take care of customers.
You also need to experience their services and products, communicate with old customers and search on the Internet to understand the strengths and weaknesses of your competitors. The more information you have on your competitors, the more chances you’ll find yourself different. Sometimes, when it’s hard for you to race to your opponent’s strengths, your strengths can be built on their weaknesses. For example, on the price of the shoes, you are just a small store so it is difficult to compete on price. The competition on the warranty and care service will help you score more in the eyes of customers.
3. Who is your target customer?
If you do not answer this question, do not trade anymore. Just like writing an article, you have to target the reader. So does your business. You need to define who you sell shoes to and who will be your main target customer.
The audience will match the type of footwear you choose to do business. If you target the wrong audience, it will be as if you are advertising meat for vegans.
4. Consider your financial capability
How much capital do you have to start a business? Where does that capital come from? With each respective capital, you will have different ways to allocate financial resources. You should consider how much you should invest on importing goods and materials, opening a store, marketing, overhead costs and so on. But what if you only have a very small amount of money? You can still start your dream of having a shoe store for yourself by selling online.
You need to list the budgets fully and specifically. Ensure that there will be a certain amount to maintain the operation of the shop for a certain period, enough for it to feed itself and then become profitable.
5. What is your sales plan?
Assuming everything has gone well, your job now is just to start selling. But how will you sell? How will you find customers? How can you reach them? How will they immediately buy your products and come back in the next purchase?
The more sales channels you can develop, the better. That will increase your sales opportunities. But you also need to investigate and validate the right channels to avoid putting resources into inefficient channels.