Do you need to write a business plan for a shoe polish production company? If YES, here is a sample shoe polish business plan template.
A shoe polish business is a company that specializes in manufacturing and selling shoe polish products. Shoe polish is a substance used to enhance the appearance and maintain the quality of leather shoes. It is typically applied to the surface of shoes using a brush or cloth and then buffed to create a shine.
The primary purpose of shoe polish is to restore the color and luster of leather footwear while also providing protection against moisture, dirt, and general wear and tear.
A shoe polish business may offer a range of shoe care products, including different types of polish such as wax-based or liquid polishes, as well as related accessories like brushes, applicators, and buffing cloths. Some businesses may focus solely on manufacturing and distributing shoe polish products, while others may also provide shoe-shining services in retail stores or shoe repair shops.
Available data shows that the global shoe polish industry size was nearly $10.1 Billion in 2022 and is anticipated to surge to approximately $23.2 Billion by 2030 recording the highest growth rate of nearly 8.1 percent from 2023 to 2030.
Steps on How to Write a Shoe Polish Business Plan
David McGivney® Shoe Polish Company, Inc. is a Burlington, Vermont-based shoe polish production company dedicated to providing high-quality shoe care products to customers. With a strong focus on innovation, craftsmanship, and customer satisfaction, we aim to become a leading player in the shoe polish industry.
We differentiate ourselves from competitors through our unwavering commitment to quality, craftsmanship, and innovation. Our products are formulated using premium ingredients, ensuring optimal performance and long-lasting results.
We also strive to reduce our environmental impact by employing sustainable manufacturing practices and exploring eco-friendly alternatives. Our dedication to customer satisfaction is reflected in our exceptional service, responsive support, and competitive pricing.
With a commitment to excellence, a comprehensive product line, and a strong marketing strategy, David McGivney® Shoe Polish Company, Inc. is poised for success in the shoe polish industry.
We are confident that our dedication to quality, sustainability, and customer satisfaction will position us as a trusted and sought-after brand in the market.David McGivney is the founder and CEO of David McGivney® Shoe Polish Company, Inc.
a. Our Products and Services
At David McGivney® Shoe Polish Company, Inc., we specialize in the production of a comprehensive range of shoe polish products, including wax-based and liquid polishes. Our product line encompasses various colors and formulations to cater to the diverse needs of our customers.
In addition to shoe polishes, we offer a range of complementary accessories such as brushes, applicators, and buffing cloths to provide a complete shoe care experience. Our products are designed to give our customers the satisfaction they need when they order shoe polish from us.
b. Nature of the Business
Our shoe polish company will operate with both a business-to-consumer business model and a business-to-business business model for retailers and distributors.
c. The Industry
David McGivney® Shoe Polish Company, Inc. will operate in the shoe polish industry.
d. Mission Statement
Our mission is to develop premium shoe polish products that not only enhance the appearance of leather footwear but also protect and prolong their lifespan. We understand the importance of maintaining the value and longevity of expensive shoes, and our goal is to offer solutions that meet the needs of both casual consumers and shoe enthusiasts.
e. Vision Statement
Our vision is to be the preferred choice for shoe care products not only in Burlington, Vermont, and across the United States but globally, offering innovative and sustainable solutions that enhance the longevity and appearance of footwear.
f. Our Tagline (Slogan)
David McGivney® Shoe Polish Company, Inc. – The Shoe Polish Company with a Difference!
g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)
David McGivney® Shoe Polish Company, Inc. will be formed as a Limited Liability Company (LLC). The reason why we are forming an LLC is to protect our personal assets by limiting the liability to the resources of the business itself. The LLC will protect our CEO’s personal assets from claims against the business, including lawsuits.
h. Our Organizational Structure
- Chief Executive Officer (Owner)
- Production/Plant Manager
- Quality Control Officer
- Accountant (Cashier)
- Machine Operators
- Salesgirls and Salesboys
- Delivery Truck Drivers
i. Ownership/Shareholder Structure and Board Members
- David McGivney (Owner and Chairman / Chief Executive Officer) 52 Percent Shares
- Peter Patrick (Board Member) 18 Percent Shares
- Remmy Bologna (Board Member) 10 Percent Shares
- Fredrick Marson (Board Member) 10 Percent Shares
- Lillian Thomas (Board Member and Secretary) 10 Percent Shares.
- The company prides itself on producing high-quality shoe polish formulations that deliver exceptional results in terms of shine, color restoration, and protection.
- The company invests in research and development to develop innovative shoe polish products that meet evolving customer needs and preferences.
- The company has established a strong brand reputation for its quality and reliability in the shoe care industry.
- The company offers a wide range of shoe polish options, catering to various shoe types, materials, and customer preferences.
- The company has built strong relationships with retailers, shoe stores, and e-commerce platforms, ensuring widespread distribution and market reach.
- The company may face challenges in gaining brand recognition and awareness, particularly in a competitive market.
- If the company experiences rapid growth or increased demand, it may face challenges in scaling up production to meet customer needs.
- Price sensitivity in the market may pose challenges in maintaining competitive pricing while ensuring profitability.
- The increasing awareness of proper shoe maintenance presents opportunities for the company to capture a larger market share.
- The rising demand for eco-friendly and sustainable products creates an opportunity for the company to develop and promote environmentally friendly shoe polish formulations.
- The company can explore expanding its distribution network to international markets and tap into new customer segments.
- Collaborating with shoe manufacturers or retailers to offer joint promotions or exclusive product lines can enhance brand visibility and sales.
i. How Big is the Industry?
The Shoe polish industry is indeed a big industry. The global shoe polish industry size was nearly $10.1 Billion in 2022 and is anticipated to surge to approximately $23.2 Billion by 2030 along with recording the highest growth rate of nearly 8.1 percent from 2023 to 2030.
ii. Is the Industry Growing or Declining?
The shoe polish market is experiencing steady growth due to increasing consumer awareness about shoe maintenance and the desire to prolong the lifespan of footwear.
iii. What are the Future Trends in the Industry
The shoe polish industry, like any other industry, experiences evolving trends and shifts in consumer preferences. Increasing consumer awareness and concern for the environment may drive the demand for eco-friendly and sustainable shoe polish products.
Customers are likely to seek formulations that use natural ingredients, have a minimal environmental impact, and come in eco-friendly packaging.
Technology may play a role in enhancing the effectiveness and efficiency of shoe polish products. For example, advancements in nanotechnology could lead to the development of polishes with superior protective properties, water-repellent capabilities, or longer-lasting effects.
iv. Are There Existing Niches in the Industry?
No, there are no existing niches when it comes to the shoe polish business because of the shoe polish business.
v. Can You Sell a Franchise of Your Business in the Future?
David McGivney® Shoe Polish Company, Inc. has plans to sell franchises in the nearest future and we will target major cities with thriving markets in Africa.
- The presence of established shoe care companies and potential new entrants in the market pose threats to the company’s market share and growth.
- Shifts in consumer preferences, such as a decline in the use of leather footwear or a preference for alternative shoe care methods, may impact the demand for traditional shoe polish products.
- Economic downturns or fluctuations in consumer spending habits can affect the overall demand for shoe care products.
- Disruptions in the supply chain, such as shortages of raw materials or transportation issues, can impact production and the timely delivery of products.
i. Who are the Major Competitors?
- Kiwi (S.C. Johnson & Son, Inc.)
- Meltonian (Kiwi Brands)
- Fiebing’s (Fiebing Company, Inc.)
- Angelus Direct
- Griffin (Griffin Shoe Care)
- Huberd’s Shoe Grease
- Lexol (Summit Industries, Inc.)
- Lincoln (Lincoln Shoe Polish)
- Tarrago (Tarrago Brands International)
- Saphir (The Hanger Project)
- Allen Edmonds (Allen Edmonds Shoe Corporation)
- Cadillac (Cadillac Shoe Products)
- Red Wing (Red Wing Shoes)
- Otter Wax
- Sof Sole (Implus Footcare, LLC)
- Moneysworth & Best (Moneysworth & Best Quality Shoe Care)
- Collonil (Avel worldwide)
- KIWI Select (S.C. Johnson & Son, Inc.)
- Atsko (Atsko Incorporated)
- FootFitter (FootFitter USA).
ii. Is There a Franchise for Shoe Polish Shop?
No, there are no franchise opportunities for the shoe polish business.
iii. Are There Policies, Regulations, or Zoning Laws Affecting Shoe Polish Business?
In the United States, policies, regulations, and zoning laws can vary at the federal, state, and local levels. While there may not be specific policies or regulations that solely target shoe polish businesses, several general regulations, and requirements may apply.
Depending on the location of your shoe polish business, you may need to obtain general business licenses or permits required by the state or local authorities. These permits ensure compliance with local regulations, including health and safety standards.
Shoe polish products must comply with labeling requirements set by the Consumer Product Safety Commission (CPSC) and other applicable federal regulations. These regulations may include proper ingredient labeling, warnings, and safety instructions.
Shoe polish production may involve the use of chemicals or materials that require adherence to environmental regulations. Compliance with federal, state, and local regulations regarding waste disposal, emissions, and hazardous materials handling is essential.
If your shoe polish business involves manufacturing or production facilities, you need to ensure compliance with Occupational Safety and Health Administration (OSHA) regulations.
These regulations cover various aspects of workplace safety, including employee training, equipment safety, and hazard communication. Ensure that your shoe polish business is permitted in the designated location and complies with any zoning restrictions. Some areas may have restrictions on manufacturing or retail activities.
a. Who is Your Target Audience?
i. Age Range
Our target market comprises people 18 years and above.
ii. Level of Educational
We don’t have any restrictions on the level of education of those who will purchase our shoe polish.
iii. Income Level
There is no cap on the income level of those who will purchase our shoe polish.
There is no restriction regarding the ethnicity of the people who will purchase our shoe polish.
There is no restriction regarding the language spoken by the people who will purchase our shoe polish.
vi. Geographical Location
Anybody from any geographical location is free to purchase shoe polish products from us.
David McGivney® Shoe Polish Company, Inc. will not restrict any customer from purchasing shoe polish products from us based on their lifestyle, culture, or race.
b. Advertising and Promotion Strategies
- Build Relationships with players in the retail industry and the fashion industry.
- Deliberately Brand All Our Vans and Delivery Bikes.
- Develop Your Business Directory Profiles
- Tap Into Text Marketing
- Make Use of BillBoards.
- Share Your Events in Local Groups and Pages.
- Turn Your Social Media Channels into a Resource
i. Traditional Marketing Strategies
- Marketing through Direct Mail.
- Print Media Marketing – Newspapers & Magazines.
- Broadcast Marketing -Television & Radio Channels.
- Out-of-Home” marketing (OOH marketing) – Public Transits like Buses and Trains, Billboards, Street shows, and Cabs.
- Leverage direct sales, direct mail (postcards, brochures, letters, fliers), tradeshows, print advertising (magazines, newspapers, coupon books, billboards), referral (also known as word-of-mouth marketing), radio, and television.
ii. Digital Marketing Strategies
- Social Media Marketing Platforms.
- Influencer Marketing.
- Email Marketing.
- Content Marketing.
- Search Engine Optimization (SEO) Marketing.
- Affiliate Marketing
- Mobile Marketing.
iii. Social Media Marketing Plan
- Start using chatbots.
- Create a personalized experience for our customers.
- Create an efficient content marketing strategy.
- Create a community for our target market and potential target market.
- Gear up our profiles with a diverse content strategy.
- Use brand advocates.
- Create profiles on relevant social media channels.
- Run cross-channel campaigns.
c. Pricing Strategy
When working out our pricing strategy, David McGivney® Shoe Polish Company, Inc. will make sure it covers profits, insurance, premium, license, and economy or value and full package. In all our pricing strategy will reflect;
- Penetration Pricing
- Cost-Based Pricing
- Value-Based Pricing
- Competition-Based Pricing.
Sales and Distribution Plan
a. Sales Channels
Our channel sales strategy will involve using partners and third parties—such as referral partners, affiliate partners, strategic alliances in the retailing industry and the fashion industry, and freelancers to help refer customers to us.
David McGivney® Shoe Polish Company, Inc. will also leverage the 4 Ps of marketing which is place, price, product, and promotion. By carefully integrating all these marketing strategies into a marketing mix, we can have a visible, in-demand service that is competitively priced and promoted to our customers.
b. Inventory Strategy
The fact that we will need ingredients (wax, solvents, oils, dyes and pigments, additives, fillers and thickeners and packaging materials et al), means that David McGivney® Shoe Polish Company, Inc. will operate an inventory strategy that is based on a day-to-day methodology for ordering, maintaining, and processing items in our warehouse. We will prioritize freshness, quality, and timely availability while minimizing waste and optimizing costs.
David McGivney® Shoe Polish Company, Inc. will make sure we work with “Just-in-time (JIT) inventory” – (JIT involves holding as little stock as possible, negating the costs and risks involved with keeping a large amount of stock on hand.)
c. Payment Options for Customers
Here are the payment options that David McGivney® Shoe Polish Company, Inc. will make available to her clients;
- Bank Transfers
- Credit or Debit Card
- Electronic Payment Systems such as PayPal or Venmo
d. Return Policy, Incentives, and Guarantees
At David McGivney® Shoe Polish Company, Inc., our customers are our top priority hence if you receive a shoe polish product that is different from your receipt, we will sincerely apologize and take back the polish. But the shoe polish must be unopened, unused, and in its original packaging for a return or exchange to be eligible.
We will implement a loyalty program where customers earn points for their purchases, which can be redeemed for discounts or free products in the future. We will also offer special discounts or bundle deals where customers can purchase multiple shoe polish products at a reduced price.
We will provide a satisfaction guarantee that assures customers that if they are not satisfied with the product’s performance, they can receive a refund or exchange.
e. Customer Support Strategy
Our customer support strategy will involve seeking customer feedback. This will help us provide excellent customer service to all our clients and investors.
We will work with effective CRM software to be able to achieve this. We will provide excellent customer support by promptly addressing inquiries, concerns, or issues related to the shoe polish. This can include offering troubleshooting assistance or personalized advice on shoe care.
Our operational plan will cover details of the day-to-day operation of the business, including the production process, distribution, staffing, and customer service.
a. What Happens During a Typical Day at a Shoe Polish Business?
- The day starts with reviewing production schedules and planning the manufacturing activities for the day.
- The facility, machine, and equipment are cleaned and ready for the day’s business
- Shoe polish raw materials are arranged and ready for use
- Shoe polish and produced and packaged
- Order fulfillment
- The packed orders are shipped to customers or dispatched to distribution centers or retail stores.
- Regular maintenance and cleaning of production equipment are carried out to ensure optimal performance and minimize downtime
- Administrative duties are carried out
- The store or warehouse is restocked as required.
- The business is closed for the day.
b. Production Process
Production Planning: The production process starts with reviewing production schedules and planning the manufacturing activities for the day. This involves assessing raw material availability,
Raw Material Preparation: Raw materials such as waxes, solvents, oils, dyes, and additives are measured and prepared according to the formulation requirements. They are carefully blended or mixed to create the desired shoe polish formulation.
Quality Control: Throughout the production process, quality control measures are implemented to ensure that the shoe polish meets the desired standards. Samples are regularly tested for shine, color accuracy, consistency, and other quality parameters.
Packaging and Labeling: Once the shoe polish is manufactured and quality-checked, it is packaged into appropriate containers, such as jars, bottles, or tubes. Labels with product information, usage instructions, and safety warnings are affixed to the packaging.
c. Service Procedure
Orders received from customers, distributors, or retailers are processed and prepared for shipment.
d. The Supply Chain
The supply chain for our shoe polish business involves coordinating with suppliers of raw materials and distributors of shoe polish products. Good communication and planning are critical to managing the supply chain and ensuring that the business can meet customer demand.
e. Sources of Income
David McGivney® Shoe Polish Company, Inc. will make money from selling a comprehensive range of shoe polish products, including wax-based and liquid polishes.
a. Amount Needed to Start your Shoe Polish Manufacturing Company?
David McGivney® Shoe Polish Company, Inc. would need an estimate of $115,000 to successfully set up our shoe polish manufacturing company in the United States of America. Please note that this amount includes the salaries of our staff for the first month of operation.
b. What are the Costs Involved?
- Business Registration Fees – $750.
- Legal expenses for obtaining licenses and permits – $1,300.
- Marketing, Branding, and Promotions – $3,000.
- Business Consultant Fee – $2,500.
- Insurance – $2,400.
- Rent/Lease – $65,000.
- Other start-up expenses include commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($1,800).
- Operational Cost (salaries of employees, payments of bills et al) – $30,000
- Start-up Inventory – $12,000
- Store Equipment (cash register, security, ventilation, signage) – $1,750
- Furnishing and Equipping – $35,500
- Website: $600
- Opening party: $5,000
- Miscellaneous: $5,000
c. Do You Need to Build a Facility? If YES, How Much will it cost?
David McGivney® Shoe Polish Company, Inc. will not build a new facility for our shoe polish manufacturing company; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring our own shop facility.
d. What are the Ongoing Expenses for Running a Shoe Polish Manufacturing Company?
- Raw materials
- Labor costs
- Utilities (electricity, water, heating, ventilation, and air conditioning (HVAC) systems necessary for running the production facility)
- Equipment maintenance
- Marketing and advertising
- Rent or mortgage
- Insurance property damage, product liability, and workers’ compensation
- Administrative and overhead costs such as office supplies, software licenses, professional services (legal, accounting), permits, licenses, and other overhead costs associated with running the business.
e. What is the Average Salary of your Staff?
- Chief Executive Officer – $55,000 Per Year
- Production/Plant Manager – $45,000 Per Year
- Accountant – $35,630,000 Per Year
- Quality Control Officer – $38,000 Per Year
- Machine Operators – $29,000 Per Year
- Salesgirls and Salesboys -$28,000 Per Year
- Delivery Truck Drivers -$27,000 Per Year.
f. How Do You Get Funding to Start a Shoe Polish Business?
- Raising money from personal savings and sale of personal stocks and properties
- Raising money from investors and business partners
- Sell shares to interested investors
- Applying for a loan from your bank/banks
- Pitching your business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
- Source for soft loans from your family members and friends.
a. How Much Should You Charge for Your Product/Service?
- Wax-Based Shoe Polish: The cost of wax-based shoe polish typically ranges from $3 to $10 per tin or jar. Premium or specialized brands may be priced higher.
- Cream Shoe Polish: Cream shoe polish is generally priced between $5 and $15 per jar or tube.
- Liquid Shoe Polish: Liquid shoe polish is usually priced between $5 and $15 per bottle.
b. Sales Forecast?
- First Fiscal Year (FY1): $240,000
- Second Fiscal Year (FY2): $330,000
- Third Fiscal Year (FY3): $350,000
c. Estimated Profit You Will Make a Year?
- First Fiscal Year (FY1) (Profit After Tax): $100,000
- Second Fiscal Year (FY2) (Profit After Tax): $180,000
- Third Fiscal Year (FY3) (Profit After Tax): $220,000
d. Profit Margin of a Shoe Polish Manufacturing Company Product/Service
The ideal profit margin we hope to make at David McGivney® Shoe Polish Company, Inc. will be between 10 and 30 percent depending on the type of polish (wax-based, cream, or liquid), and packaging size.
a. How do you intend to grow and expand? By opening more retail outlets/offices or selling a Franchise?
David McGivney® Shoe Polish Company, Inc. will grow our shoe polish manufacturing company by first opening other production plants in key cities in Africa within the first five years of establishing the business and then will start selling franchises from the sixth year.
b. Where do you intend to expand to and why?
David McGivney® Shoe Polish Company, Inc. plans to expand to the following cities.
- San Francisco, California
- New York City, New York
- Portland, Oregon
- Boulder, Colorado
- Austin, Texas
- Seattle, Washington
- Los Angeles, California
- Asheville, North Carolina
- Madison, Wisconsin
- Burlington, Vermont.
We are expanding to these cities because these cities have a high demand for shoe polish products.
The founder of David McGivney® Shoe Polish Company, Inc. plans to exit the business via family succession. We have positioned structure and processes in place that will help us achieve our plan of successfully transferring the business from one family member to another and from one generation to another without difficulties.