10 Things You Should Know Before Starting a Vape Shop
You may have toyed with the idea of starting a vape shop in your area, but there are some things you should know first before signing a lease or buying any inventory. Today, we want to shed some light on the ins and outs of running a successful vape business, how to get started, and so much more.
Did you know that at least 10% of people in the United States are vapers?
As of late, this number has been increasing and it is becoming a subculture to look out for. It’s quickly taking over the number of traditional cigarette smokers. With that in mind, opening a vape shop is becoming a lucrative venture to go for.
But where do you start?
To find out about how you can go with starting a vape shop of your own in your area, here are 10 things you should know.
1. Gauge the Demand for a Vape Shop
The first thing you need to do in starting a vape shop is to measure the demand for it within your area. Check if there is an interest in having one within your town or city. If there are people who would vape and have nowhere to go in purchasing vape products, then that should be enough for you to set up one.
Otherwise, you might have a hard time getting the business to start at all. By knowing if the demand is present to have a vape shop in your area, you will be able to push on and take the next step.
2. Learn About Rules and Regulations
Once you have figured out the demand for the business, start finding out about certain things needed in setting up shop. This includes the necessary processing and paperwork to register the business, along with some rules and regulations in running one.
Check if there are specific rules and regulations regarding vaping in your area, especially if it is legal or not. Aside from which, have the necessary paperwork done for obtaining necessary business permits.
3. Secure Funding for Business
With all that set for your vape store franchise, you also need to consider where you will get your funding to start this business venture. In this case, you might need to apply for a small business loan to get you the initial funds and get you running.
The amount that you are looking at for starting may come to an amount of $25,000 to get started. In case you plan to secure funds in an independent manner, you might need an approximate of at least $10,000 to get started.
It may prove tricky but as a safety net, try to apply for a loan and see if you qualify. You can start from that point.
4. Find a Prime Location
As with any other business, whether it is a vape business or something mainstream, you will need a good location. In this case, you need to set up shop in an area with easy accessibility. Consider getting a spot in a strip mall or in a downtown area.
Whichever you choose, the point is to go with a place with a lot of foot traffic, which customers can freely go to when purchasing the products that you offer. The size of the place is not much of a concern, in which you can go for a small retail space for your products.
You can also opt for a lounge-like setup, where your customers can also come and gather freely. This set up is perfect if you have a wide-enough space.
5. Know Which Products to Carry
Once you have secured a location, it’s time to stock up on your inventory. Before getting the supplies you need for your shop, consider knowing what you are going to sell in your vape store.
The items you can offer may include vape pens, mods, and various brands of e-liquids. In case you are figuring out which ones to take, consider going for the brands that offer the best quality.
Also, avoid sketchy suppliers and instead go for the reputable wholesale vape distributors.
The trick is to not go cheap. Never go for cheap imitations.
6. Know Your Competition
As with other businesses, knowing your competition can help you gauge how you should approach your vape business. In terms of competitors, you have online vape sites and other vape shops in the area.
Check what they offer and set your inventory accordingly. You can visit here to read more now.
7. Research Which E-Liquids Are Legal
As with searching the right items for purchase, especially e-liquids that you will sell in your vape store, check if any of these liquids are legal. As of late, there are various specialty e-liquids that are available for purchase, like cannabis-based e-liquids.
Depending on your area, these may be legal or not at all. Make your research and check around if hemp-based products are legal for distribution in your area, and be aware of the laws in place.
8. Hire Staff with Similar Passion
In starting a vape shop, you also need a dedicated staff to help you in running the business. Look for people who are with the same passion as you with this business. Having dedicated people working with you is key to ensure that the business continues to function, glow, and flourish.
With cycling work shifts, you can ensure that you get to rest as well. Not only that, you will encounter various customers that range from beginners to the well-informed. With someone who has the same passion, this will be a worthwhile venture to go for.
9. Advertise and Market Creatively
You need to entice and attract attention. You also need to make connections to make your vape business thrive. You will need to find ways to advertise and market your shop, and there are a number of ways that you should go for.
With the technological advancements that we have, advertise and market your shop through social media. If you have a website, consider having it optimized through SEO. You may need to outsource for digital marketing, SEO, and blog maintenance while you focus on your shop.
Also, you can take to social media and interact with your customers and potential customers. Tap into the community as well and establish connections. This can take your reach further and wider.
10. Provide Excellent Customer Service
One last thing that you shouldn’t forget is to provide excellent customer service. This can come in various ways: the atmosphere of the shop, the warm reception of the shop owners and employees, and even how you market the shop.
With all of these put together, you can ensure that you have customers that will frequent your store. Not only because you have the products they need, but because of how welcome they feel.
Try Starting a Vape Shop Today!
Like every business venture, starting a vape shop may need a lot of effort to get it off the ground. While it requires a lot of preparation and know-how, the rewards are as great as you also build connections to the vaping community.
Did you find this post useful? You can also check out more articles on various topics, like this one about the daily benefits of CBD.