If you want to make extra money or even grow your current business, one of the simplest things you can do is start a shoe business.
Nigerians love fashion and would not mind spending money on nice-looking footwear, as shoes play a significant role in enhancing their fashion.
Generally, the profit margin in the shoe business is high, just as its demand, which makes it among the best businesses you can start. The shoe business is versatile in that it can be operated physically within your local community or online, where you can service customers worldwide.
There is also a need to determine the demographics of your market. There are several options available, including children’s, men’s, and women’s shoes; you can also mix and match any of these categories.
A shoe seller, Toyin Akorede, said she would leave Ijebu Ode in Ogun State to come and get the shoe to sell to her customers at Balogun Market in Lagos.
Profitability
She said selling shoes is profitable and is not as complex as knowing how to do forex trading. “I focus on children’s shoes, and for every pair I sell, I make at least N2,000 profit on it, and if I sell 10 pairs a day, that means I have made N20,000 profit for that day.”
Business Capital
When asked how much one can use as capital for the business, Toyin thinks that no amount of money is too big to start a business. He puts the capital between N500,000 and N2 million, as this solely depends on the person.
A shoe seller, Idris Abdul said, shoes are of different types and qualities. To him, “before you go into business, you should know which one you are going into. There are sneakers, corporate shoes, and many others. “As for me, my focus is on sneakers.”
Abdul confirmed that, running a shoe business can be profitable, stressing that, “part of what will make your business profitable is seeking out a suitable retail location. An area with lots of traffic and easy access is where your shoe store should be situated. Preferably, choose a location near clothing shops or boutiques and have a reliable supplier.”
He believes there is no business that is not profitable as long as you have people patronizing it, and “I will not lie to you, selling shoes is profitable, and it could even develop into a well-paying full-time job, depending on how much time and experience you invest in it.”
Sourcing Your Shoes
“There are different places where you could get shoes to sell. The Balogun market is there; the Idumota market is there; and Mandelas is there. Out of the three markets, my favourite place to call is Mandela’s because I could easily find what I was looking for there.”
Skills Acquisition
Stating that, it is important to get advice from someone who has experience in the industry because it is difficult to enter without any prior knowledge, he added that, “you will gain knowledge of fundamental concepts such as quality materials and specifications, to name just two.”
Advice to Prospective Entrepreneurs
Because the business has its ups and downs, he advised that “one should not spend more than one makes to stay afloat in this industry. You occasionally have big sales in a day, and other times, you do not. Just ensure your income outweighs your expenses.”
