How to start a shoe business

You need to determine your target shoe market, figure out your startup costs, and find out if you need a license. For details on each of these steps and others you can take to start a shoe business, use this guide:

• Determine your target shoe market. Shoe business comes in all shapes and sizes; some cater to a particular kind of shoe, while others have more broad product lines.

Here are just some of your options for a specific shoe market:

• Women's fashion shoes

• Women's athletic shoes

• Men's fashion shoes

• Men's athletic shoes

• Children's shoes

• Senior shoes

You can mix and match these options, depending on what you choose to go with. However, when starting out with a new shoe business, it is strongly recommended that you pick a niche unless you have the startup capital to produce and market a wide range of shoes.

• Figure out your startup costs. This is critical because you need to know if you have enough capital to start your business or if you need to seek investors or a small business loan.

Some costs you should consider include:

• Purchase or lease of commercial space ( average of $17 to $24 per square foot)

• Shoe inventory

• Fixtures like tables and display shelves

• Security system

• Point of Sale system

• Accessories for shoes like socks, shoe laces, etc.

• Office supplies and other equipment, like computers, printers, etc.

• Online operating costs

You should also contact your vendors to find out their minimum open orders.

• Find out if you need a license. Most brick-and-mortar shoe businesses require you to apply for a combination of licenses and permits from your state and federal government. This also applies to some purely online shoe businesses.

Requirements will vary from state to state, so it's important to do your own research into your specific state's requirements. Business insurance is necessary to protect your company from liabilities and other possible claims.

It is highly recommended that you seek the counsel of an experienced insurance agent to determine all the necessary insurance policies you should get for your business.

You should also contact your local city hall to find out about any regulations that may apply to your business and also for any insurance policies you must obtain to operate legally.

Once you have this determined, you'll also want to get a Federal Tax ID number. This helps you get a license to run your business. This is also referred to as an EIN or Employer Identification Number.

• Find the appropriate retail space. You can disregard this step if you are starting a purely online shoe business.

You should also look for commercial spaces that have plenty of parking on the street or in lots. Strip malls can be suitable venues for shoe stores, however, be sure to research who your closest competitor is.