3 Things to Consider Before Opening a Leather Shop

Business Overview:

If you’re looking for a lucrative and unique business consider opening a leather shop. For some aspiring entrepreneurs, opening a boutique business is appealing, but they want to be able to cater to male as well as female customers, which is why a leather shop is the end to their search for the perfect business. If a leather retail business sounds like something you’d be interested in, you should know that you can, of course, have a physical store but you can also completely run your shop online. You also could combine the best of both worlds and have both a storefront and an online store as well. It’s a truly flexible business idea. There are many advantages to having a storefront for your goods. Customers can see and touch your merchandise; they can also try on clothing items before purchasing them. However, many consumers today want to shop and buy online and take advantage of excellent online customer service when it comes to questions and returns. However, when you’re just starting out, you might want to focus on one or the other until you have more time and manpower to help handle the demand. Next you must decide what type of merchandise you will offer. The world of leather goods includes everything from clothing items (jackets, boots, pants, belts) to office supplies and accessories (portfolios, journals, desk pads, briefcases), to fashion accessories (handbags, wallets, luggage). If you run an online-only business you will need to either have a climate-controlled warehouse for your goods or to set up all your items so that they will be drop-shipped and you won’t need to actually carry any inventory. Finally, once you’ve decided on a storefront or website and selected what merchandise you will carry, you’ll need to market your business. The type of store you have will determine where and how you advertise. If you have a storefront, you should advertise locally in newspapers, magazines and local online publications. If you decide to run with this as an online business idea, you should advertise on websites catering to your target market whether that be motorcycle enthusiasts, those looking for office supplies or individuals in the market for luggage and accessories. The good news for this business is there will always be a demand for leather goods. And the variety of items you can offer is virtually limitless. It’s the perfect opportunity to start your own business and help individuals find high quality leather pieces to enjoy.

A Day in the Life of an Online Leather Shop Owner:

If you operate your leather shop exclusively online, you will begin your day by checking any new orders. You will check your inventory for these items and arrange shipment. You will need to answer any customer questions regarding sizes, returns, exchanges, etc. via email or phone. You will discuss new items with manufacturers and distributors and arrange for delivery to your home office. You will need to keep a close eye on your inventory to ensure your stock keeps up with your orders. If you have a storefront, you will begin your day by checking to see everything is displayed and priced properly before opening for business. You will likely have a staff to help you so you will need to let them know about any new merchandise that has arrived and how you would like it priced and displayed. You will spend your day helping customers find just the right item for their needs. At the end of the day you will close your store and assist your staff in readying it for the next business day. Whether you have a physical store or an online store, you will need to tally the day’s sales and take a look at your bottom line.

About Your Customers:

Your customers will be individuals looking for high quality leather items. These items could include clothing, accessories or office supplies.

What You Need to Start:

• Storefront or website
• Merchandise
• Storage space
• Business plan
• Marketing plan
• Staff (for physical store)
• Computer with high-speed Internet access and financial software

The Good:

• Leather goods are always in high demand.
• The mark-up on leather goods is high which means a hefty profit.
• You will be aware of all the latest trends in leather goods.
• You are likely to get repeat business if you offer excellent customer service.
• Operating this as an online business gives you the flexibility to work from home.

The Bad:

• The startup cost for this type of business is high so it could take some time to turn a profit.
• You have to keep a close eye on your inventory so you don’t have too much costly merchandise just sitting in storage.

Resources:

• United States Hide, Skin and Leather Association
• Leather Association
• Leather Industries of America
• Leather Apparel Association
• Wikipedia on Leather

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