Do you want to start a shoe shine shop business with small capital investment? Find here a detailed shoe shine stand business plan sample checklist for your ready reference.
Shoeshine shop is a very lucrative business even for the new entrepreneurs. Additionally, the business ensures the revenue generation from day one.
First of all, let us discuss what is a shoe shine shop business. Actually, a shoeshine shop provides the cleaning and shining services of the shoes. Sometimes, this kind of shop provides more services like repairing, etc. However, most of the shops attract office or college going customers.
Shoe Shine Shop Market Potential
The Shoe Repair industry has a low level of capital intensity. The industry is composed of companies that repair footwear and other leather-like goods. In the past five years, rising employment levels and a growing niche market for price-premium shoes have translated to rebounding revenue growth. Basically, this type of business caters a niche audience. Hence, it is easy to start and operate the business as a low investment model.
Investment & Cost for Starting a Shoe Shine Shop
Basically, starting this type of business demands a premium retail location. However, you can start with a small space like 50 Sq Ft also. So, acquiring a retail space attracts cash investment. If you don’t have a space of your own, start with a rented one.
Additionally, you will need to have a shoe shine machine and consumables like cream, shiner, etc. The machine price starts at $150. And there is a wide range of machines available in the market. You can also search for online marketplaces for purchasing the machine.
And finally, you have to pay some utilities like electricity, etc. Also, you have to calculate the manpower cost and other operational expenses.
Shoe Shine Shop Business Plan Checklist – Guide
Regardless the size of your business, you must craft a business plan. First of all, study the local market. You must try to analyze the shoe purchasing habits of the local population. Generally, people come to this type of shops for polishing their leather shoes.
According to your investment capacity and risk-taking ability, you must prepare a shoe shine shop business plan. Also, you can take the help of business plan software solutions. Clearly mention the services you want to provide, your target consumers, and marketing policy. Additionally, calculate the startup cost and expected ROI.
Selecting the right location is the most important aspect of this business. Moreover, you have to find out a location where you can expect high footfalls of the shoe-wearing population. Basically, a location nearby offices, malls, airports, business centers, colleges and the university is the perfect one. Generally, people look for this type of service in the way of their professional destinations.
Procurement of Equipment & Tools
Procure the shoe shining machine first. It is the most important equipment in your store. Check the available machines in the market. If possible, get feedback from the existing machine users. Procure the other consumables also.
Buy a most comfortable shoe shine chair for your customer. The chair must have a professional look and good quality. If you want to provide other services than you have to procure the tools depending upon the specific requirements.
Basically, the kiosk setup is most appropriate for this type of business. Additionally, a shop-in-shop approach is also good for starting. Otherwise, you can also consider opening a stand within the mall, college, or university premises.
Basically, you must design the shop according to the services you want to offer. Apart from the shining machine, determine the specific space for storage, billing, and for keeping the cash.
Fix the different pricing according to the different services. The list of services may include regular shine, cream shine, suede renew and strip and shine service, etc.
In starting the business, you must have at least one employee. Try to hire an experienced one. Also, you can arrange on-site training for machinery operation. You can ask the machine supplying company for arranging a training session for your staff. Use the right POS software for billing and stock maintenance.
Marketing & Promotion
Your show shine company must have a brand name. Put a good looking sign on the outer wall of the store. Basically, word of mouth campaign is the best option for this type of business.
However, you can distribute leaflets or flyers to nearby offices or student hostels. Keeping the leaflets behind the car wipers is also a good idea. You can target the nearby car parking areas for keeping a leaflet. You can also offer holiday sales or happy hours to your shoe shine shop customers.