You don’t need to see the statistics to know that vaping is extremely popular. Just get outside and watch after people. You’ll spot at least one vaper.
No doubt, vaping market is lucrative. And the data backs up that. Local Data Company reports that the number of high street electronic cigarette shops has reached 1,783 (during 2010-16), which is a 445% rise. According to Quartz, there’re 2.7 vape shops for every bowling alley and about4 for every comic book store in the U.S.
While vaping business is certainly a tempting venture for an entrepreneur, it also promises high levels of competition. So, how to make your own business stand out? Here’s some great advice.
Evaluate business ideas and opportunities
The vape space has different opportunities for every enthusiastic entrepreneur, regardless of the initial expertise and start-
- launch your own vape mods brand
- develop your own
- start a wholesale
anddistributionof vape products, vape juices, and e-cig accessories
- start a vape
- open a brick &mortar shop
- open a vape kiosk
- launch an online
- become a
Customer service is vital.
The number of vapers estimated 35 million people worldwide in 2016, with the U.S. leading the rank. New people join the community on
To sell like a pro, one needs to know as much as possible about vape products. Customers usually fall into two groups: those who want to quit smoking with a help of vape mods, and those who already vape.
To engage the former type of the customer, salesmen tell them why vaping is a better and safer option than smoking, offer the best models for beginners, and explain how to use them.
To make the experienced vaper your customer, they not only know how e-cig work, but operate with facts like “This weed vaporizer is ranked 2nd by Esquire” and discuss the latest industry news like “Have you heard about cloud-chasing competitions in Las Vegas/the city you live in? In both cases, they show their competency. This enables to gain the trust of customers.
If your business develops fast, you’ll have to hire staff. Make sure they know how to communicate with customers.
Location is key.
It goes without saying that any shop should be placed in an advantageous location. Because while the number of vapers is growing, no one’s going to look for a box
So, what the advantageous location means?
- It’s visible for prospective customers, both foot and motor traffic.
- It has enough space for visible signage to catch the eye of by-passers.
- It’s in a corner location that makes it possible for a buyer to travel quickly and conveniently to the shop.
- A parking lot would be a huge plus.
Prepare to finance your business.
Jumping into the market in a big way requires the funds. Where to seek for suitable financing options?
Going to the bank is not the best option when it comes
Don’t let it break your plans. There’re plenty of other options out there. Soon-to-be entrepreneurs seek out peer-to-peer lending, look for investors, turn to online loan providers, and try their luck at crowdfunding platforms.
Provide unique options.
Quality is supreme. If you want to stay in this business for long (and you surely do), work with reputable distributors or buy directly from the manufacturers. Otherwise, your shop will be stuffed with counterfeits. Additionally, get a wide range of products in stock in order to satisfy both beginners and the advanced vapers.
Exclusive products and e-juice flavors will give you an edge. All vape shops offer the basic vape mods and e-juices. Successful businessmen also sell the most popular products that are in demand. But it’s always a great idea to carry vape mod kits that the other shops in your area don’t sell. Check the laws in your state, maybe you can sell dry herb vaporizers. That will expand your customer base as more and more marijuana smokers are switching to vaping.
Register your vape business.
Vaping regulations are constantly changing, so it’s important to check the laws. Due to FDA regulations, running a vape shop can be a real challenge. Recently, FDA did a step back and postponed its anti-vaping agenda for 4 years.
Let’s be honest. The vaping industry is still in its infancy and may be unpredictable. But there’s one thing the majority of experts are sure of: it won’t disappear any time soon.
So, make a research and get professional counseling on legal issues you don’t understand. Here’s what you’ll have to do:
- Form a legal entity
- Register for taxes
- Open a business bank account
- Set up an accounting system
- Get all the necessary licenses and permits
- Get business insurance
Promote your vape shop.
Create online buzz before even launching your vape shop. In the Internet era, it’s not so difficult to make. Create social media pages on different social nets. Be active and create hype around your new launch. Target the tourists, they also vape. Mark your shop location on Google Maps, Apple Maps, and sites like Yelp.
Attend vape events, like exhibitions and contests. That’s a good chance to make them know about the launch of your shop.
At this point, one might think: “Hell with that!” Stop thinking like that! If you feel that vaping business is for you, why not trying it? While entrepreneurship always has some risks and challenges, it can also bring rewards. Just plan your every step carefully.
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