Introduction:
The daily use of shoes cannot be overemphasized, most times getting a new shoe is expensive and this makes the idea of used shoes a very good alternative. Used shoes will boost the idea of recycling as the government of Greece is encouraging the idea of making use of already-used products. Many countries especially in Africa venture into the business of using used shoes for many purposes this has many economic implications, it helps to reduce a lot of pollution in the environment hence these shoes if not properly used will constitute land pollution, also it makes the general consumer gets the shoes at a very affordable price. Opening a used shoe business is very a very lucrative venture but requires the following skills to pull through
- Patience: The person opening the business must be very willing to be patient and grow the business. It is not a get-rich-quick business as it requires a lot of patience to be able to break even in the first year.
- Hard work: Diligence is highly needed in such a business, it requires a lot of strength and tenacity to be able to pull through
- Capital: It requires a good sum of capital to start up in other to meet up at a large scale.
- Manpower: The person starting must know that it is not a business one can do alone, so the entrepreneur has to employ other people to help him pull through the rigor of the business.
- Site of the business: This is a very imperative factor to consider when starting such a business, this is because the site of the business determines the level o patronage one gets from his clients. If the business is sighted poorly it would lead to very poor sales and the business will collapse in a short while.
These above factors are needed by the entrepreneur who needs to start up a used shoe business. The overall used shoe business is very lucrative and it boosts the economic strength of a country if the owner of the business chooses to export it to other countries.
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Vintage footwear appeals to a fairly large segment of consumers. In recent years, vintage clothing sales have exploded. Vintage footwear is needed to complete the ensemble. Used shoe retailers also market high-end designer brands that most consumers can't afford to buy new. Designer marketing is especially effective for women's footwear with minimal wear and a must-have brand name on its label.
Families have several reasons for shopping at used shoe retailers. Kids and teens outgrow shoes quickly, so budget-minded families are more than willing to explore used footwear, as long as the shoes are in good condition. Likewise, sports footwear (e.g. soccer cleats) is a staple of used shoe retail stores because sports shoes are expensive and quickly outgrown.
Keys to Success
The key to success is consumers based as the business is focused on meeting the needs of consumers and giving them satisfaction at a very affordable rate. This will in turn make them bring referrals and boost the image of the business. Also due to our purpose-driven mechanism, it will compete favorably with other used shoe stores locally and internationally.
Objectives
The objectives for the first three years of operation include:
- To create a product-based retail store whose primary goal is to exceed customer's expectations and demands
- Increasing the number of clients served in this industry, will, in turn, increase customers satisfaction and good customer care
- To establish a business that can stand the taste of time, have the future in check, and improve the lives of the consumers.
Mission
“Walk Again Shoes” mission is to be the best-used shoe-producing company in Athens and Greece at large, this will be achieved by providing quality customer-based satisfaction and quality products in other to maintain a good pattern of durable men's and women's shoes over a long period of time. Also, we hope that in the next 5 years to create a strong sense of market base where people will prefer to use ‘Walk Again shoes to readymade shoes.
Company Summary
“Walk Again Shoes” is an upscale or quality used shoe store that will be located in Athens city Centre. Walk Again shoes will be able to offer a wide selection because they will typically only have all sizes available per style. We also upgrade our packaging in other the meet the trending and sophisticated fashion that exists in terms of footwear in Athens
Company Ownership
“Walk Again Shoes” is a sole proprietorship that will be owned by Egbon Michael. Micheal Egbon is a determined young and vibrant entrepreneur who has the passion to make sure any business he engages in meets the demand of time.
Start-up Summary
“Walk Again Shoes” will incur the following start-up costs:
- Rent
- Computer system with CD-RW, printer, Microsoft Office, QuickBooks Pro, and POS software.
- POS terminal/cash register.
- Back office desk and chair.
- Front of store counter.
- Shelving racks.
- Display racks.
- Chairs, mirrors.
- Assorted halogen track lighting.
Start-up funding
- Start-up Expenses to Fund $600
- Start-up Assets to Fund $29,400
- Total funding required $30,000
Assets
- Non-cash Assets from Start-up $14,368
- Cash Requirements from Start-up $20,032
- Additional Cash Raised $0
- Cash Balance on Starting Date $20,032
- Total assets $34,400
N: B These above figures might vary at the actual take-off point as they are only assumed figures.
Products
“Walk Again Shoes” will sell high-quality women's shoes, men's shoes, as well as kids' shoes.
The general categories of shoes that will be sold are:
- Sandals
- Stylish work shoes
- Loafers
- Dress shoes
- Casual shoes
- Sports shoes
- Canvas athletic/stylish shoes
“Walk Again Shoes” will strive to have one of the largest selections of used shoes in Athens to help it satisfy customer needs. “Walk Again Shoes” will accomplish this by having one per style on display as a demonstration model. “Walk Again Shoes” will then order the style in the needed size and it will arrive within the quickest possible time. We also have a futuristic plan to make sure that these shoes are distributed to many countries in the nearby future. This will be accomplished through a special relationship with the wholesaler who is able to send out the right size in the right style on demand. Often a wholesaler will be unwilling to ship out individual shoes, but “Walk Again Shoes” will try to secure an exclusive arrangement with its wholesaler to meet this need.
Market Analysis Summary
“Walk Again Shoes” will be targeting two distinct groups of fashion-conscious female shoppers--professional workers and housewives. While both groups are interested in dress shoes, the professionals will also be looking for fashionable shoes they are able to wear with their business attire. Housewives might be looking for fashionable but more casual shoes. This attempt if accomplished will help us satisfy the female clients more.
“Walk Again Shoes” will also carry out a deep selection of men's collections as well to meet the varying demands also for kids too.
Market Segmentation
“Walk Again Shoes” is targeting three (3) different population segments in the broad category of fashion-conscious males and females with disposable income.
- Men used shoe
- Women used shoes
- Kids used shoes
Target Market Segment Strategy
These markets will be targeted through an attractive, eye-catching storefront in a popular walk and drive past the street. Most people who are either going to or coming from work will be able to walk through and glance at our collections also people who are barely taking a walk with friends and family will also enjoy the gaze. By just having a visible storefront on a well-traveled street, “Walk Again Shoes” will receive walk-through customers.
Also, we intend to create social network pages and an advert system where people can see our collections and do ordering online or also come to pick up products in the outlets.
Industry Analysis
The used shoe retail industry is made up of several different types of companies:
- Shoe-only stores: As the name implies, these stores only sell shoes. Generally, the shoe-only stores will either sell athletic shoes for men and women or dress shoes for only one sex.
- Large department stores: these types of stores sell everything, including shoes.
- Small women's retail stores: these types of stores cater to women by only selling women's clothing and shoes.
Competition and Buying Patterns
“Walk Again Shoes” has only a few direct competitors in Athens:
Most second-hand businesses are mostly focused on second-hand clothing, while others tend to just pack things all up therefore offering everything mixed with clothing, shoes handbags, and school bags all second-hand and all in one small shop. Therefore, there are just a handful of direct competitors who specialized only in second-hand shoes. This is the driving force on which the desire to open up such a business is based and also it was built on the passion to make people have durable foot wears at an affordable rate.
There are a few shops in town which tend to offer these same services some of which are listed below but names shall not be mentioned though.
- (name omitted). This is located on Patissia Street, This is a shoe store. They have a nice selection but never seem to have enough stocks. The shoe styles are not cutting edge. The price point for the shoes is 20-110 euros
- (name omitted). this is located around Plattea Kaningos. This is a large, complete, department store. The store, however, suffers from cluttered displays and a general sense of disorganization. The shoes here are 25-100 euros.
An indirect competitor is a shoe smith that will dye shoes and repair shoes, and sometimes people don’t feel the need to get a used shoe since they can bring their old ones back to life. The shoes are typically dyed to match a specific dress. Not all colors can be dyed, and dying in general is not the ideal situation. Dying shoes creates a new shoe color that is acceptable only 20% of the time.
Strategy and Implementation Summary
“Walk Again Shoes” will leverage its competitive edge of the extensive selection to drive sales. This is indeed a competitive edge.
Sales Strategy
The “Walk Again Shoes” sales strategy will be based on display and visibility. A highly visible store with attractive product displays located in the busy street will get a high percentage of foot traffic. This is especially the case for a used shoe store. Women love to shop for shoes. Some women even use shoe shopping as a form of therapy, similar to eating chocolate. These activities can make them feel better. Men as well like to look good on nice brands even though it's second hand, it helps with a confidence boost.
The sales strategy will simply be to have the most complete selection of shoes. Assuming the prices are reasonable, having an extensive selection will drive sales because we believe our target markets of fashion-conscious shoe lovers are always looking for the perfect pair of shoes to coordinate with their fashion style.
Sales Forecast
The first month will be used to set up the storefront. The first employee will be hired and display inventory will be purchased. There will be no sales activity during the first month. The second month will begin to see sales activity, and it is forecasted that around month four sales will really begin to pick up. The reason for this is that word will get out about “Walk Again Shoes” and more and more people will be coming in to check out the extensive selection. A third employee will be hired in December or most pre-holidays and festive times for extra help during the rush.
“Walk Again Shoes” will have several milestones early on:
- Business plan completion. This will be done as a road map for the organization. This will be an indispensable tool for the ongoing performance and improvement of the company.
- Set up the storefront.
- Profitability.
Competitive Edge
“Walk Again Shoes” competitive edge is an unmatched selection of used shoes. This selection will be achieved in two ways. The first way is a very specific effort to carry as many styles of shoes as possible. “Walk Again Shoes” recognizes that Athens currently does not have a single store that offers a wide selection of decent quality shoes for fashion-conscious buyers. The competitive edge is the recognition of this unserved niche and the serving of this demand.
Management Summary
The initiator/owner/manager (Egbon Michael) has a bachelor's degree in Library and information science from Delta State University, Nigeria, and a diploma certificate in crisis management from City Unity College Athens and presently undergoing a Masters's Degree in Human Resources Management in City Unity College Athens. He has actively participated and worked in the department of sales and marketing for various companies in the past 8 years and has gathered a wide level of experience in marketing and sales. These give him the intense managerial ability to handle and promote the business to a high level of Eldorado.
Personnel Plan
Egbon Michael will be working full-time at “Walk Again Shoes”. He will be in charge of all administrative details, hiring, inventory management, etc. Beginning with month two, Egbon Michael will hire a full-time sales clerk to help him at the store. By December or during peak periods, he will hire an additional full-time/or part-time employee in time for the holiday season.
Legal and Regulatory Framework
The project observed such legal responsibilities as taxes and registration to avoid embarrassment from a government agency
Project Risk Analysis
Certain risk will pose to the business which includes, a high supply rate, bad government policies, and high-interest rate. The promoter and entrepreneur has been trained to manage and promote the business, he has been trained to manage the risk.
Summary and conclusions
Walk Again shoes will indeed create a business land light in Athens, it will go a long way in achieving the following
- Create Employment: Unemployment indeed has been a reoccurring decimal in any nation's economy and Athens is not an exception. These used shoe businesses will help to create a lot of jobs ranging from skilled labor, sales, and marketers to managerial positions on expansion.
- On exportation and taxation, it will help to boost the revenue of the nation
- It will give consumers good satisfaction as they will get to wear durable products at a very cheap rate
In conclusion, I have a desire to bring to fruition this idea and I hope that upon take off the above details will be enough to summarize the venture both from start to finish.
I am hoping to venture into this business because I believe that the level of competition is not as severe as it is with the second-hand clothing aspect.
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