Step 2: Construct a Business Plan Making a business plan is the next step after conducting your study. Your mission statement, sales strategy, target market, marketing plan, and financial projections should all be included in this plan. You’ll be able to maintain your composure and orderliness throughout the process.
You must have a solid relationship with Nike if you want to sell Jordan merchandise. You can get started by going to sneaker trade exhibitions, making connections with business people, and contacting Nike personnel. You must demonstrate to them that you are committed to the venture and have a strategy for success.
Step 4: Register for a Nike Account Applying for a Nike account comes after you and Nike have established a solid rapport. You may get Jordan sneakers from Nike straight through this account at discounted rates. You must submit all required data and paperwork, including financial statements, tax identification numbers, and business licenses.
Starting a modest shoe company takes a lot of effort and commitment. You must have a love for shoes, industry expertise, and a sound business strategy. Not just a Jordan retailer, but any shoe business may be launched using the same procedures.
Depending on the shop and the brand, shoes have different retail markups. Shoes are typically marked up 50% to 100% in stores. But some shops might mark up shoes much more. Before buying something, it’s vital to do some research and price shop.
In conclusion, it takes a lot of effort, commitment, and understanding of the shoe business to become a Jordan store. You must do market research, develop a strong business plan, network with Nike, and apply for a Nike account. There are a few basic steps to starting any shoe business, and it’s crucial to do your homework and maintain your focus.
Profit margins might vary significantly based on the brand, style, and retailer, therefore there is no universal solution to this problem. Shoes, however, often have a good profit margin between 30% and 50%, per industry standards.