Shoe Making Business Plan in Nigeria is elaborately discussed in this article. This will give you a clue about what you are about to go into.
How to start a shoe making business
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Its objective is twofold: to be used as a basis for developing cooperation with a new business partner and to seek bank loans to finance investments planned within the foreseeable future.
The business specializes in the production and marketing of shoes with several materials transformed into various designs.
The Concept and Nature of the Business
Shoe business deals with shoes that can compete with other market domestic businesses.
There should be a reasonably good basis for being successful in the future, with favorable development to compete with market choices. This will lead to numerous achievements like promoting the demand for shoes in the global market with various designs.
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Business Strategy and Mission
This is to ensure the viability of the business and compete in the Global Market.
The vision is to become the largest supplier of high-quality Ankara Attire in global markets. The mission is that consumers benefit from buying extraordinary craft material at a reasonable price.
The Business idea value proposition
The location of the business should be suitable and conducive enough to aid a smooth business. The necessary utilities to accommodate the present and future expansion needs of the business must be available at the location like Electricity supply, etc.
The cost of the transportation of materials should also be reasonable because an increase in transportation costs could harm the competitiveness of the business.
The business operations should be carried out in an efficient and effective way. There should be appropriate production facilities, storage space, and office infrastructure.
In Promotion and advertising, the purpose of your promotion and advertising campaign is to communicate information about your materials to the market. Specific objectives are:
- Make your service known.
- Build up its image.
- Show benefits to users
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Considering selling methodology, in marketing, be concerned with:
- Assessing the demand for your product;
- Establishing ways of communicating its attractiveness to your buyers.
Your business should be outstandingly different from most of the competitors.
The business should respect important issues of social compliance that are related to the safety and well-being of its employees and the community as a whole.
The business should provide development and social benefits to the local community. Most importantly, no discrimination on the basis of gender, ethnic group, religion, etc. should be allowed around your business. Equal opportunities should be provided to all.
Development and social benefits
The business should contribute to the development of the region like:
- Creation of new jobs
- Transfer of technological and management know-how; training and skill development
- Value-added to local natural resources and products
- Local procurement and subcontracting contribute to the stimulation of the economy.
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Sustainability and Profitability Strategies
The business plan is based on a number of assumptions. No matter how carefully we have made these assumptions, the possibility of everything going exactly as planned here is under probability.
We need to consider possible responses to changes in the market; we can react more quickly than we have ever even thought of the consequences. Thus, whether things go better or worse than expected, you might have already identified the likely causes and impact and considered the responses of:
- Interest rates
- Currency fluctuation
- Inflation and Raw material prices, etc.
- Tariffs and quotas
- Government grants
- Increase in taxes
- New regulatory requirements
- Exchange rate controls
- Taste and fashion
- Ethical issues
- Production technology
A decrease in sales means difficulties in financing fixed costs such as wages, rent, and other overheads. Positive increases (more sales than) would require more working capital for inventory, accounts receivables, etc.
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Specifically, a SWOT will be of value in helping us to:
- Build on our strengths
- Our weaknesses
- Exploit opportunities
- Develop strategies to deal with threats
It is recommended that you conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis while you are planning your business. Structuring your thoughts, analyzing your risks, and setting up your strategy.
Considerable Amount for Business Execution
This Business will need about N1, 000, 000 to get started.
This is more like a mini-company for shoe production. The shoe production business has proven to be a very profitable business and those already into it have reaped immensely. We wish you success.