Positioning Your Shoe Making Business For International Prominence
POSITIONING YOUR SHOE MAKING BUSINESS FOR INTERNATIONAL PROMINENCE
Positioning Your Shoe Making Business For International Prominence
Research shows than more than 50% of Nigerians prefer our local shoes to European brands
If you ask the average shoe making business owner why they started their business, they will say passion, need to make ends meet, and probably opportunity. Yes, there are several reasons why we do the different things we do yet there are things that connect us all together – we all want to succeed. In this article today, I want to share on the things that can help you grow your shoe making business into one of international prominence. So, join me as I go through at least seven (7) key things you should do to position your shoe making business for international prominence.
- Become very good in making excellent shoes. This is a given. You need to become very good at making shoes before you can think of expansion. For instance, one of the things you need to be fully aware of is the different kind of shoes people wear and how they are made excellently. You also want to understand the mix of shoes people keep. What are the collections people keep? Which one is priorities? How many canvases, leather shoes, sandals, slippers do they keep? How often do they buy new shoes? These are some of the basic questions you should ask yourself as you want to become an international shoe makers. There is a basic level of production efficiency you must have to be able to sell shoes to people anywhere.
- Understand the business of shoe making, promotion, branding, attending the right events and selling for the right people. This is as necessary and becomes increasingly important as you want to build a thriving international shoe business. Here, you go beyond making the shoes to selling the shoes. This is where you learn things such as pricing, discount and payment terms, contracts, brand promotion, sales targeting, customer profiling, etc. Here, you will have to desert your workshop for a while (please, this is not literal, smiles). I mean you will have to gradually move from the every day nitty gritty of shoe making to promotion your shoe brand. You will also need to do some book keeping and general paper work here.
- Plan your business for expansion, know the equipment needed, their prices, etc. This is where documents such as business plan, company policy document and/or handbook becomes relevant. You will need to state your company vision, mission, goals and objectives, required assets for expansion, human resource capacity, etc. This exercise forces you to know certain elements of your business that might be before now hidden and probably you are not paying the needed attention to. Crafting appropriate company documents also forces you to think long-term and makes plans for your business beyond the immediate present time.
- Know your numbers, revenue, profitability, etc. This is an offspring of carrying out the earlier exercise of crafting appropriate business document but it begs to be mentioned again. You need to be able to clearly understand what your business bottom-line is. It should be as simple as if I ask you, ‘what will an investment of 50,000 USD do for your business and how soon do you think the ensuing revenue and/or profit from the business can pay back that investment?’. A question like this shouldn’t be difficult to answer if you have done your home work well on the above. The more you know about your business and how it evolves the better you can be able to position it for international prominence.
- Create different business pitch documents. They come in various forms. It could be a powerpoint presentation, a short proposal, the business plan itself, different types of business brochures, hand bills, and even business cards. Doing this ensures you are prepared for the different opportunities that might come your way from time to time. Most importantly it prepares you to also market your business from time to time. A CEO, Business owner/manager always doubles as the internal business development expert of his business. No one can understand and market your business better than you do.
- Automate your business and get the processes running without dependence on you. This is very important if you really want to grow something much more than what feeds you or pay your bills. This is also important if you want to be able to have time to enjoy the proceed of your labor. No one can scale a business successfully if you don’t automate it. If your business will last for generations or even maximize its potential, you must automate it. You also need to automate to be able to woo external investors, good talents and make full proof of your business potential. You don’t want to be stuck with the routine for your existing business whereas your passion lies either in expanding this present business or starting a new line of business.
- Apply for opportunities and put the word out about what you do and why yours is different and/or unique. There are a 1 million and 1 opportunities out there for entrepreneurs and young people who are truly interested in growing their business tentacles. What matter is that you are ready for them. If you truly applied yourself to all these steps mentioned above, your business will be ready to access these opportunities. Now, doing all the above does not mean you automatically qualify to access such opportunities but it makes you better prepared than others who are also seeking the same opportunity as you do. Doing all the above shows you have skin in the game and are truly interested in growing this business of yours.
Over to you. You’ve read this now. What would you do differently?
In conclusion, I know all the above suggestions might seem daunting but I must say they are the necessary steps to building a truly remarkable and international business. What I encourage you to do first is to know and understand the steps well first, then find out ways in which you can begin to implement some of the things there. I’ll encourage you dedicate at least 4 hours per week to think on how you can implement these suggestions. If you do, I am sure you will experience several aha moments that will help you to move your business gradually towards the desired haven. If you will like to still discuss this further, please book a 15 minutes free consulting session with us here.
Trust this article has been enlightening. Please do comment and let us know your thoughts. Get Access to More Than 100 FREE Nigerians Business Plans Executive Summaries here. I hope to hear from you soon.
Patriarch Business Advisory (PBA) aka Patriarch Advisory (PA) is a management consulting firm committed to bridging the knowledge, finance and mentoring gap of small and medium sized enterprises in Nigeria. We provide excellent bespoke services that are extremely useful to any business. Among others, our services include business financing, marketing strategies, growth and expansion plan, and objective business diagnosis. Some our deliverables include Business Plan, PitchDesk, Grant and Loan Application, Proposals, Concept Note and so on. Please contact us today to discuss your specific concerns. The excellence we put to our work stands us out.
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