How to Start the Best Vape Store Possible
Smoking is steadily being relegated to history.
E-cigarettes are the future.
Seriously, 1 in 20 adults in the United States currently smoke e-cigarettes. That’s almost 11 million people!
Clearly, the market’s there to be tapped into. Starting your own vaping store has serious potential to bring business success.
But how do you do it? What does it take to start a vape store?
Keep reading to learn everything there is to know about starting the best vape store possible.
How to Start the Best Vape Store: 9 Top Tips
Thinking of starting a vape store of your own? Here are some top tips to help you make it the best store out there.
1. Plan Your Business
Successful businesses start with a plan of action.
Before you make any further decisions you should sit down and plan the process. Give yourself a mission statement. Work out where you will be in a particular time frame.
Brainstorm each potential obstacle you might face. Then figure out in advance what you’d do to solve the problem.
A solid, well thought out plan may even help you acquire outside investment.
2. Get the Location Correct
The location of any physical business is of utmost importance.
The same goes for your vaping site. If you’re going to be the best vape store out there, you need to be in a prime spot. Consider your ideal customer. Imagine them in the finest detail. Then ask yourself where they hang out.
The store should be the correct size (neither too small nor too large). The sign should be visible from the street. And there shouldn’t be too much competition in the area.
Likewise, be wary of the legal side (more on this later). Some places make it illegal to have a store next to a school, for example. Be in the know.
As an aside, do you even want a physical store? You’ll have planned this out already, of course. But you could offer an online store only. There are pros and cons. You decide which will work best for you. Oh, and if you do go physical, be sure to offer an online store too!
3. Know the Laws
It’s crucial that you know the laws regarding vaping in your particular location.
Pay the greatest heed to the state and local regulations. The federal laws are easier to understand. However, there can be significant differences between what’s allowed from one state (and city) to another.
This should be a priority from the very beginning. Speak to a lawyer if you’re at all unsure.
4. Be Insured
Insurance is essential when starting your new vape business.
The costs involved may put you off. But it isn’t worth taking the risk and opting out of insurance. There’s always the chance of the worst happening. Maybe someone’s vaping battery explodes, or a child drinks the fluid. Whatever the case, there’s the potential for problems to occur.
And you could lose your business. Get yourself insured to ensure your vape business doesn’t meet its untimely demise.
5. Have Enough Start-Up Capital
Starting a vape store isn’t cheap. Don’t underestimate how much you’ll need to get going.
It’ll depend on the size of your store, as well as other factors. The initial costs can come in at between $25,000 and $50,000 (varying with the store size).
You’ll need to consider ongoing costs too. It’s said that vaping stores can cost between $7,000 to $10,000 every month, all in. Make sure you have the requisite cash!
6. Work With Reputable Suppliers
Vaping stores frequently receive insanely cheap wholesale offers from random suppliers.
It’s almost always a scam.
The inventory will be substandard- if it arrives at all. Strive to work only with well-known, reputable suppliers. You can make a solid margin with your vaping business anyway. It’s well known for that. This means you can afford to pay more for better quality products.
Don’t scrimp on the quality of the products you sell. Your brand reputation is in the balance. Strive to uphold it at all costs.
7. Sell the Latest Vaping Technology
We know there’s a lot of competition from other vaping stores.
That’s what happens when there’s an opportunity in the market!
One way to stay ahead of the game is to offer the latest and best tech. But keep your customers in mind at all times. Offer a range of high-quality products, with a full range of prices (high-end to cheaper models), to satisfy everyone.
8. Offer Loyalty Rewards
Offer incentives to your loyal customers.
You’ll want a returning clientele to ensure the longevity of your vape store.
Prize draws, product trials, discounts, giveaways, and competitions are all good ways to encourage people to keep coming back.
9. Market and Advertise Effectively
Your vaping business will be won or lost in the quality of your advertising and marketing.
The best vaping businesses use innovative and creative ways to market themselves. You’ll want to utilize all the typical means (social media, content marketing, radio and so on).
Remember, this is all about your brand. Be known for something cool! Go out of your way to attract new customers with novel and interesting methods. Be memorable and remarkable in your marketing endeavors.
And be sure to have a beautiful, sleek, fully-functioning website (with an attached online store) too.
Time to Get to it!
There you have it: 9 top tips for starting the best vape store possible.
The vaping market has seen explosive growth in recent years. Ever more people are using e-cigarettes over traditional smoking. If you can beat the competition, you stand the chance of running your very own successful vaping business.
Do so by starting with a solid business plan. From here, get the location right, know the laws and get insured. Have sufficient capital to get established, and be wary of unscrupulous suppliers. Offer the latest vaping technology to your customers, as well as loyalty rewards for returning customers. Finally, market your socks off to achieve real success.
Manage to do all that and you’ll be on your way to the next big vape store in no time!
Sold on the idea and looking to find a supplier for your store? Be sure to contact us today to see how we can help.