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How do i become successful entrepreneur.
I want to know how i can make my own shoe business, were do i start? #entrepreneur #entrepreneurship #start-ups #start-ups
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6 answers
Updated
Julie’s Answer
Hi Tyler,
That's so exciting that you want to start a Shoe business! First it would be helpful to determine what you're most interested in? Do you want to design shoes and then sell them (ie Christian Louboutin)? Or have a business that curates and sells shoes from other designers (ie GOAT )? Both are great options, and both would require you to articulate your vision for the brand clearly, have proof of concept and pitch to partners.
Clarity of Vision - Focus & Explain
Here I would suggest researching brands/people that have done what you want to do. Get curious about the steps they took to make it happen. Ask yourself if you need to take a class or hone a skill to help you articulate what you want to do. For example - can you practice fashion illustration daily to get better at designing shoes? Or can you take a web design or branding class to help you build your website? There are tons of free resources that can help you build skills that will build towards your goals.
Next, learn the language. Every industry has unique and specific terms. Learn the vocabulary that the people who make, sell, and wear shoes use, so that you can have a conversation about shoes confidently. Then, understand your niche and know your audience. What makes your idea different? How is this design different than other shoes? Or other shoe retailers? Knowing what makes your business unique is crucial. Get curious about who this is product/business is for. Your business won't be for everyone, so embrace your ideal audience and get to know what they like and don't like about your idea.
Proof of Concept - Test and iterate
Get a prototype made. This can be a website or a physical sample. Start with what you have around you to make a sample. It can be made of simple materials, foam core, a drawing or rendering, but you need something visual (physical /digital) to show your audience and get feedback. Remember that your parents or best friend may not be your ideal customer, so find your ideal audience (in person or virtual) and ask their opinion first. If you need resources/money to make a later prototype, research how much it will cost and start a crowd fund to make it happen. Remember that it took Thomas Edison over three thousand prototypes before coming up with the incandescent lightbulb. The goal here is to ship a prototype, gather feedback (about design, price etc.) and iterate quickly.
There are certainly more steps to building a brand, but I hope you find inspiration in these jumping off points. This is a season to get curious, learn and develop a clear point of view around your idea. Best of luck.
That's so exciting that you want to start a Shoe business! First it would be helpful to determine what you're most interested in? Do you want to design shoes and then sell them (ie Christian Louboutin)? Or have a business that curates and sells shoes from other designers (ie GOAT )? Both are great options, and both would require you to articulate your vision for the brand clearly, have proof of concept and pitch to partners.
Clarity of Vision - Focus & Explain
Here I would suggest researching brands/people that have done what you want to do. Get curious about the steps they took to make it happen. Ask yourself if you need to take a class or hone a skill to help you articulate what you want to do. For example - can you practice fashion illustration daily to get better at designing shoes? Or can you take a web design or branding class to help you build your website? There are tons of free resources that can help you build skills that will build towards your goals.
Next, learn the language. Every industry has unique and specific terms. Learn the vocabulary that the people who make, sell, and wear shoes use, so that you can have a conversation about shoes confidently. Then, understand your niche and know your audience. What makes your idea different? How is this design different than other shoes? Or other shoe retailers? Knowing what makes your business unique is crucial. Get curious about who this is product/business is for. Your business won't be for everyone, so embrace your ideal audience and get to know what they like and don't like about your idea.
Proof of Concept - Test and iterate
Get a prototype made. This can be a website or a physical sample. Start with what you have around you to make a sample. It can be made of simple materials, foam core, a drawing or rendering, but you need something visual (physical /digital) to show your audience and get feedback. Remember that your parents or best friend may not be your ideal customer, so find your ideal audience (in person or virtual) and ask their opinion first. If you need resources/money to make a later prototype, research how much it will cost and start a crowd fund to make it happen. Remember that it took Thomas Edison over three thousand prototypes before coming up with the incandescent lightbulb. The goal here is to ship a prototype, gather feedback (about design, price etc.) and iterate quickly.
There are certainly more steps to building a brand, but I hope you find inspiration in these jumping off points. This is a season to get curious, learn and develop a clear point of view around your idea. Best of luck.
Thank you very much Julie!
Tyler
Updated
Alan’s Answer
For creating a business in any industry, especially a crowded one like the shoe industry, I'd encourage you to start by thinking about the unique value proposition of your business. Your value proposition should be something that people really want and that your competitors aren't providing.
- What about your shoes are unique? What's going to set you apart? What do customers get by buying your shoe instead of any other shoe? A good example of this is Tom's Shoes: "Toms' business model is known as the 'one for one concept' model, which is referring to the company's promise to deliver a pair of free shoes to a child in need for every sale of their retail product".
Once you identify your unique value proposition, you need to test it to make sure you're on the right track. You can do this by creating a prototype and getting feedback on it from friends, family, and strangers. Take this feedback and iterate until you've created something exceptional.
Finally, creating a business can cost a lot of money and gets expensive fast. You may need a website, storefront, employees, materials, etc. With your prototype, you'll be able to approach investors who may be willing to cover the many of the initial expenses. Crowd funding is another good way of being able to cover the initial costs and I recommend you look into Kickstarter: https://www.kickstarter.com/
Good luck!
- What about your shoes are unique? What's going to set you apart? What do customers get by buying your shoe instead of any other shoe? A good example of this is Tom's Shoes: "Toms' business model is known as the 'one for one concept' model, which is referring to the company's promise to deliver a pair of free shoes to a child in need for every sale of their retail product".
Once you identify your unique value proposition, you need to test it to make sure you're on the right track. You can do this by creating a prototype and getting feedback on it from friends, family, and strangers. Take this feedback and iterate until you've created something exceptional.
Finally, creating a business can cost a lot of money and gets expensive fast. You may need a website, storefront, employees, materials, etc. With your prototype, you'll be able to approach investors who may be willing to cover the many of the initial expenses. Crowd funding is another good way of being able to cover the initial costs and I recommend you look into Kickstarter: https://www.kickstarter.com/
Good luck!
Updated
Sean’s Answer
There are some excellent responses here already, But I would ask question first before offering advice.
First, what interests you in the shoe business? I'm not a shoe connoisseur, but I know that shoes are a big deal in some circles. I saw the episode of "The World According to Jeff Goldblum", and was absolutely stunned by all of the interest in shoes.
I think you need to figure out a way to get around people who are in the shoe business. This means applying for jobs at shoe stores, having conversations with lots of people about their shoes, or your interest in shoes. You could start a blog or vlog about shoes where you present research and reviews about the latest shoes you think are cool, and why people should buy them. Go to trade shows, swap meets, conventions, etc. Shop for shoes continuously. Offer advice to shoe store managers about how they sell their shoes according to your research, or to people you meet. Find out about the best products for taking care of shoes (cleaning, repairing, etc). visit some shoe factories and shoe warehouses. Interview athletes about their experiences with their shoes, and try to find good solutions for them. Talk to old people about how they feel about their shoes, or church or business people. Ask women how they feel about their shoes. Everyone will have an opinion, and a certain group of people will have unment desires that you can try to solve.
By expanding your network of shoe knowledge, and people who have connections who know and respect you, an opportunity will present itself. Be prepared to take that opportunity, even if it isn't the one you were expecting, and you'll find that you'll learn things about the industry you never knew before, and see further opportunities that could lead to huge success!
First, what interests you in the shoe business? I'm not a shoe connoisseur, but I know that shoes are a big deal in some circles. I saw the episode of "The World According to Jeff Goldblum", and was absolutely stunned by all of the interest in shoes.
I think you need to figure out a way to get around people who are in the shoe business. This means applying for jobs at shoe stores, having conversations with lots of people about their shoes, or your interest in shoes. You could start a blog or vlog about shoes where you present research and reviews about the latest shoes you think are cool, and why people should buy them. Go to trade shows, swap meets, conventions, etc. Shop for shoes continuously. Offer advice to shoe store managers about how they sell their shoes according to your research, or to people you meet. Find out about the best products for taking care of shoes (cleaning, repairing, etc). visit some shoe factories and shoe warehouses. Interview athletes about their experiences with their shoes, and try to find good solutions for them. Talk to old people about how they feel about their shoes, or church or business people. Ask women how they feel about their shoes. Everyone will have an opinion, and a certain group of people will have unment desires that you can try to solve.
By expanding your network of shoe knowledge, and people who have connections who know and respect you, an opportunity will present itself. Be prepared to take that opportunity, even if it isn't the one you were expecting, and you'll find that you'll learn things about the industry you never knew before, and see further opportunities that could lead to huge success!
Thank you very much for the answer very helpful.
Tyler
Updated
Simeon’s Answer
You'll want to develop a detailed business plan. Understand your costs including insurance, leasing, taxes, employees costs, advertising, etc. There are business plan softwares that you can purchase that will guide you through this process. Do a market analysis to see what the demand is for the industry you're looking to get into and if you have a unique way of breaking into the market. Talk to people from the industry to see what challenges are unique to that industry.
Updated
Allan’s Answer
To open or create a business there has to be a need. Also ask yourself why would anyone buy my product or service. What makes you different from all other businesses or services that are being offered. Do you have enough capital to make sure that your business can survive, especially at the beginning. Come up with a business plan with projected sales that are needed to break even. Remember to include all expenses. Rent, taxes, initial investment, upfront costs, professional fees, employee's salaries including yours, any licenses and permits that are needed, utilities, material costs, insurance premiums, advertising and computer costs. There are more expenses I am sure that I am missing. The plan is to show you the numbers it takes so that your business can get started and survive the first couple of years. Most businesses do not make a profit right away. Do you have enough financial resources to live on until your business shows a profit? Starting a business also means taking a risk and believing in your product and services are needed and wanted by people who are willing to pay for it. Are you willing to work 7 days a week. How much time are you willing to devote for the success of your business. By forming a plan you will come up on what your service and product costs. Don't be discouraged by other peoples opinion. If you believe in your product or services and considered the need and what it takes to be a successful entrepreneur then what are you waiting for.
Best of luck!
Best of luck!
Updated
Geoffrey’s Answer
Find local shoe repair shops. Talk to the owners. Find out what the biggest complaints their customers have about their shoes.