How to Start a Bootmaking Business
Bootmaking isn't just the art of making boots, it's also repairing and perfecting them. Find out how you can become a bootmaker here.
Bootmaking is not only the process of making boots, but also perfecting and repairing them. In this article, we’ll provide you with the steps to start your own bootmaking business.
Assess the bootmaking industry
Before starting a business, it’s wise to assess the industry it’s in. This involves things such as looking at your potential competitors and the costs of entering the industry. Doing this will allow you to understand how the bootmaking industry works, and will prove advantageous when marketing and promoting your services.
Become an expert
Bootmaking itself is a skill, and if you don’t already know the tricks of the trade, it’s important to learn them. Some of these skills include tailoring and having strong attention to detail.
Choose your business structure
After deciding that you want to start a bootmaking business, you must decide what business structure your business will be. In Australia, you can choose to be either a sole trader, partnership or company. However, it’s important to understand the differences between them.
Being a sole trader means that you’ll be working for yourself, and your business debts will attach to you personally. You’ll also have to register for an Australian Business Number (ABN). The same applies for a partnership, aside from the fact that your debts and profits will be shared between you and your partner/s. Finally, you can register your business as a company which means your business’s liabilities will be separate from your own and will be it’s own legal entity. After you’ve registered your business, you should also draft up a business plan which will help you navigate running your business.
A business should always have insurance to reduce liabilities and risks. The right policy for you depends on what your business does. If you intend to open a store for your bootmaking business, then public liability insurance is recommended. It will protect you if a third party is injured or their property gets damaged on your premises. You may also want to have insurance for your employees and the contents of your store.
Boots are a staple wardrobe piece, especially in the colder months. To ensure that your business gets off to the best start, it is important to plan before you commence operations and know what to expect as a business owner. This will allow you to mitigate against the risks involved in starting a bootmaking business. For further advice about starting your business, it may be wise to consult a business lawyer
Ryan currently works in the content team as a Legal Intern for Lawpath. He is in his third year of a Bachelor of Law and Business degree at UTS.