Beginner’s Guide on Starting a Shoe Repair Business in the United Kingdom
Anyone you will find along the streets is likely to wear any form of footwear. Shoes can take the form of leather, synthetic, fabric, or rubber. And it suits men, women, and children of all ages. Knowing that shoes undergo wear and tear, starting a shoe repair business is very feasible in the United Kingdom.
The shoe repair business involves the restoration of footwear for it to appeal to a higher quality. It offers to replace heels and soles, fixing worn seams, and dealing with discoloration caused by too much vulnerability. In this very competitive industry, 3E Accounting will assist you in making it the right fit for you.
The conventional shoe repair sector has had to advance in the last couple of decades. This is caused by the downfall of the core service of the market, which is footwear repair. As a consequence, they have to expand their range of services resulting in key cutting, watch repairs, and engraving. This downturn benefited the industry, for it boosted the repair sector to continuously make do and mend. One of its gains is that the shoe repair business can still be favored with earnings even during economic drop-off.
Building a Successful Shoe Repair Business
To secure success in starting a shoe repair business, you must work on a variety of business plans and techniques. The prosperity of a shoe repair business is rooted in a strategic location. A good location should have easy access to shoe repair raw materials. Take into consideration the availability of shoe thread, leather, soles, lace, polish, and dye nearby.
Maintaining good customer service skills will also mark the vigorous growth of a shoe repair business. In this growing industry, your customer service skills will distinguish you from the number of competitors in the area. Keeping excellent customer service will give your business a distinct legacy to impress the customers.
Along with these skills, the knowledge and ability to distinguish models for a variety of shoe brands is a must. Several techniques like sewing, gluing, and mending are just examples of the needed essential skill for shoe repair. This will work best with sterling hand dexterity with the foresight of an excellent vision.
How to Get Your Shoe Repair Business Started?
Starting a shoe repair business is a perfect business idea. 3E Accounting United Kingdom will take you to the next step in boosting your business. Look into this simple guide prepared for you to help in running and starting a shoe repair business. A guide to company registration in United Kingdom will guarantee you a carefully planned, properly registered, and legally compliant business.
Your customers will be diverse from all walks of life with varying expectations, especially with the quality of your repairs. Captivating your clients at first glance to your shop is a big favor and a good impression. At a glance, your shop must be welcoming enough to allure your customers and be smitten by your repairs.
Plan Your Business
A carefully planned envision of business objectives is fundamental for success. When planning a business, identifying your target market is a key point, to begin with. This will lead you into the details of your business as you venture to its untold challenges.
You have to research the local demand for your shoe repair business. With that, you need to look out for possible competition. Try to locate if there exist businesses offering the same services and products you planned to carry out. This covers shoe repair businesses operating from supermarket outlets, other shoe repairers, DIY shops, and shoe shops.
The next thing to deal with is your shop location. The location of your shop is an important start off. Taking into consideration the number of customers, a High Street shop befits you. This attracts more people to visit your store and make impulse purchases or ask for repairs. But this kind of location may be a bit costly, so you may try checking out for other possible locations. You may also consider building your shop in a suburban shopping area. Compared to High Street shops, this is more affordable but with a smaller number of customers. You may also weigh up picking a place in the local market which has a higher number of passing trade.
Your immediate community should be a great catch for your shop. Make sure that the people living around your area would be picking your service. You can also connect with potential trade customers like sports teams to invest in bulk repairs. You may also evaluate what the customers would like for a change in the existing repair shops for you to adapt. Furthermore, you should always guarantee the satisfaction of your customers, so that they will always pick your shop against competitors. Be innovative in the range of services you offer and ensure that access to your shop is convenient. Be focused on your target customers, but continue to gather a wider market.
Form a Legal Entity
The common business structure in the United Kingdom is sole traders, limited companies, and business partnerships. If you register as a sole trader, it implies that you are the owner of the said company. While for limited companies, registering to Companies House is a must and a key point to start. For business partnerships, you will have a partner that holds equal accountability with the company. This partner does not necessarily mean a real person. It can be a legal person in the form of a business. United Kingdom company incorporation services can supply you with better details if you need help with the registration of your company.
Register Your Taxes
Setting up a business will require a range of federal taxes to register. Your business structure which can be a sole trader, limited company, or business partnership, will determine the specifications of your taxes.
Also, be knowledgeable on handling your personal and business accounts separately. Be aware that when personal and business accounts are mixed, your personal assets may be at risk during company struggles. Preferably, use business banking and credit card accounts to shield your personal assets. Furthermore, opening a business bank account makes accounting and tax filing secured and easier.
Note that documenting the number of expenses and the sources of income is crucial in monitoring your company’s financial performance. A comprehensive but precise report of your business activities will ease the annual tax filing activity. You may contact 3E Accounting to seek assistance in knowing more about the details of company taxes.
Permits and Licenses
Starting a shoe repair business does not require a specific license relating to the activities it covers. However, a Music License issued by PPL PRS Ltd. is needed if you plan to have background music. It has an annual fee that is accessible online through the PPL PRS website. You may check out for a UK corporate service provider to accommodate you or inquire at the United Kingdom corporate service provider for further inquiries.
Along with establishing a business, you need to have insurance cover. There is a wide range of insurance cover by law, and your company operations determine it. You may reach out to an insurer to help you know the details or get in touch with 3E Accounting.
The insurance cover includes goods in transit, premises contents and stock, employer’s liability, public liability, and business interruption. Your insurer will let you know the amount due and when will you pay them, whether in annuity or installments. You may also check out the Society of Master Shoe Repairers (SOMSR) for reference and further information.
The SOMSR and the Shoe Repairer forum represent the UK shoe repair sector. Becoming a part of a trade association is a great way to keep informed of the developments in the industry. You may also include yourself in trade fairs and exhibitions to gather tips and information. This kind of involvement can provide good insights into the shoe repair industry.
Define Your Brand
Your brand is the representation of your whole business. This will build your image for the public to recognize your shop. An impressive brand will make your business be distinctive from your competitors. A shoe repair business may be a multi-service outlet offering a variety of services. Engraving, shoe, boot, and general leather wear repair, shoe and shoe care product sales, and key cutting may be offered. But it can also offer watch repairs and new watch straps, sales of belts, handbags, and dog collars, and sharpening.
Your business plan market research should have given you an insight into the service demands in your area. On your starting period, you should note the weight of each service to identify the most in-demand offers. In that way, you can focus on the required equipment and skills to improve. Flexibility and innovation should be seen best in your business. Creating your legacy that will differentiate you from competitors would keep bringing customers back. Aside from your service list, you may consider introducing new offers not yet available in your area. An example is having an online key cutting and shoe repair service.
Moreover, do not forget about the quality standards of your physical shop reflected as well on your products. Keep it clean, tidy, and professionally fitted. You should also visualize the services you offer from the outside to the interior of your shop. Your staff must be knowledgeable, skilled and must maintain a high standard of customer service.