Beginner’s Guide on Starting a Shoe Shop Business in the United Kingdom
The demand for more footwear in the United Kingdom has continued to increase sales in brick-and-mortar shops. Many other factors have led to that besides consumers having a better disposable income. Starting a shoe shop business in the United Kingdom has never been better than it is presently. The footwear industry is now a combination of different retailing activities that push their products to target customers.
Here’s a guide on starting a shoe shop business in the United Kingdom
Industry Practice
Today, most footwear retailers in the United Kingdom are concentrating on selling footwear via both brick-and-mortar stores and online portals. Online retailers and specialized sports footwear (ski boots) are not included in this industry in the United Kingdom. When planning on starting a shoe shop business in the United Kingdom, you must identify which area you prefer.
The Industry Products & Services
The industrial products and services include men’s footwear, children’s footwear, women’s footwear, accessories, and delivery services.
Much of the footwear retailing sector is dominated by sizable multiple-chain stores. Today, non-specialized retailers such as clothing retailers and big supermarkets are selling shoes. There’s increasing competition for single shoe shops with the combination of online retailers, superstores, and mail-order firms.
With that in mind, footwear fashions can drastically change, and therefore, it’s essential to keep tabs on the trends and developments. You can begin by joining a trade association to keep up with the sector. The Independent Footwear Retailers Association (IFRA) speaks for the interest of shoe retailers in the United Kingdom. The British Footwear Association (BFA) is the overall umbrella of the footwear industry. You can subscribe to a trade journal to stay up-to-date with developments within the industry.
The footwear sector in the United Kingdom is vast, and both small and large chain stores are working hard to influence the market positively. As an inspiring retailer, you must understand the game’s rules for you to succeed in this sector.
Business Registration Process
Before starting your shoe shop business, there are a couple of things you must consider.
Getting the Right Location
As you plan on starting a shoe shop business in the United Kingdom, you must know where to locate your outlet. Ensure you choose a location based on the type of shoes you want to sell and your target demographic. For instance, if you plan to sell children’s wear, look for a location with a high residential number of families and schools. The moment you get the space, figure out your daily operations and decide how you’ll make additions to the premises.
Decide on Your Niche
Focusing on a niche market is the beginning of seeing steady progress in your business. If you identify your target customer and demographic, it becomes easy to determine your niche market. Again, you have a different marketing strategy to put your wear known to people.
Research Your Target Market
Before rolling out your shoe shop, you must find out whether there is demand in your area. Begin by finding out about your competition. Get to know how many outlets are selling the type of shoes you’re planning to sell in your area. Get to know the number of large footwear chain stores and independent specialists within the same area. Find out what types of footwear your competitors are selling.
Register Your Business Entity
A lot of your clients will come to your business when they know that it is legally registered to operate. And for you to get it legal, register it with the relevant authorities. You can decide to go as a sole trader, register a limited partnership, or a company. If you plan to see progressive growth over time, registering a company can significantly benefit your business. Alternatively, you can go for franchising, where you must have some good liquid cash. For each of these business entities, you must have all the legal documents. You can always check a guide to company registration in the United Kingdom on the government website.
Promote Your Business
Making your business known is the first thing that should be at the top of your mind. When starting a shoe shop business in the United Kingdom, you can begin through word of mouth. Other ways may include advertising your business on TV, radio, in magazines, and in daily newspapers. Likewise, you can create social media platforms and share the kind of products and services you provide.
Develop a Good Website
If you want to grow your shoe business faster, you better think of creating a website. A website will build your online presence, and you’ll have loyal customers if you offer them the best quality footwear. Therefore, you must invest in the right content that resonates with your target customers. Get your clients’ feedback and build on them in providing even better products. Remember to provide your contacts where people can reach out. You can even run campaigns where people can win gifts, hampers, and other offers through your website. Ensure you link your website with your social media platforms.
Pricing Your Products
One crucial part of your business is setting your prices. When placing your prices, you have to consider several factors, including the competitor’s prices, demand, and the status of the people around you, among others. The price must be competitive and should be enough to cover your operating costs. Before you set the price, you must do a preliminary analysis of the prevailing market prices. Again, if you decide to offer discounts, ensure they run for a certain period to keep your clients coming.
Insurance your Business
By the time you’re registering, your business, getting an insurance policy for your outlets and stock should be part of your plan. You can get the best deals from various insurance companies in the United Kingdom. Businesses every day face risks that may come in different forms. For you to protect yourself from any unforeseen eventualities, you can cover your business. If you need any further guidance on this and others, you can look for a United Kingdom corporate service provider such as 3E Accounting.
Develop a Business Plan
Most businesses, especially startups, struggle to pick up even before their second anniversary. The ones that succeed always have a well-laid-out strategy to propel them there. They most often have a solid business plan that guides them through the journey. Therefore, start by creating a business plan before you start the process of company incorporation in the United Kingdom. Ensure you highlight the essential vital sections: financials, operational, and marketing in your business plan. If you get the business plan right from the start, then you’ll have an easier time building your shoe shop company.
Hire the Right Staff
Your staff will act as your ambassador when they take your business as part of them. And so, when you’re hiring staff, get the right fit that will move your business to the next level. Remember to comply with the rules relating to the Employment Act in the United Kingdom.
Licenses, Permits, and Regulations for Starting a Shoe Shop Business
The possibility of starting a shoe shop business in the United Kingdom is dependent on your determination and ability to understand the market, among others. While creating your business, you must know that your business will run under particular legislation.
There is no specific license that is associated with a shoe retailer. However, if you plan to play some background music in your outlet, you’ll have to get a music license from the licensing department.
Data Protection
If you install a CCTV system or keep reports of individuals’ details, you must register with the Information Commissioner’s Office (ICO). Some of the information may include records derived from e-commerce or mail-order businesses.
Labeling of Footwear
As a shoe retailer, it is your responsibility to ensure that you correctly label all your footwear so that customers know the type of material used, and the manufacturer, among others.
Online Selling
When you’ve decided that you’re going for an eCommerce platform to sell your items online, special legislation will apply to your business. Ensure that you give your customers well-detailed information about your products, delivery charges, and the rights for cancellation. Check out the Trading Standards Business Companion website on the legal obligations of a retailer to consumers regarding the requirements when selling online.
Retailing
As a retailer, consumers are protected by several legislations concerning retailing. For instance, you must describe your products correctly and have a clear price tag on them. Again, you’re responsible for ensuring that all goods are fit and have the right quality.
For further inquiries about starting a shoe shop business in the United Kingdom, contact 3E Accounting.