The ‘Vape’ industry is blowing up mainstream culture and it’d make sense for entrepreneurs to enter this lucrative industry. If you’re one of those planning to open a vape shop, this article can help as it discusses the steps and tips you need to get started.
If you’re ready to enter the vape industry, continue reading…
1. An Introduction to Vaping
Many people are using electronic cigarettes or vape pens these days as an alternative to traditional cigarettes. E-cigarettes are battery-powered smoking devices filled with a liquid or e-juice that usually contains nicotine. When a person inhales through a vape pen, the liquid is heated into a vapor and that’s why the process is called vaping. Though vaping hasn’t been around long enough, it is gaining huge popularity among people who either want to shift from traditional methods to an alternative or quit smoking.
There are different kinds of e-cigarettes available and they make less smoke as compared to traditional cigarettes or cigars. Most e-cigarettes do have nicotine but some don’t have chemicals in them.
2. How to Open a Vape Shop
The popularity of e-cigarettes has created an explosion in the number of vape shops and a lot of people these days are planning to open vape shops. Today, many people are taking vaping shops as an exciting investment opportunity as they want to leverage the popularity of the trend. Also, vape shops are a relatively cheap business and can be started with less capital depending on the size of the store and location.
If you are planning to open a vape shop, just follow these steps to get it started…
- Research to Know the Regulations: Starting any shop or business related to cigarettes or tobacco may need to comply with many state and local regulations. So, the first step is to research and educate yourself about the regulations regarding opening and operating a vape shop in your area. Talking about the federal level, vape products are subject to the same regulations as tobacco products and that’s why they must include clean health warnings. You may also want to know about the licenses and permits to make your dream a reality.
- Pick an Appropriate Location: If you are considering a brick-and-mortar vape shop, you must choose an appropriate location. A good location is easily reachable to everyone in the city and offers a good 500 to 1,500 square feet of space. If you will choose a good location, you can easily create a perfect layout. You will also need to take a look at the local competition as you may not want to enter an area that is already stuffed with such businesses.
- Make a Budget and Plan Accordingly: Know the costs of opening a vape shop as this will help you decide how much you want to invest. The cost will depend on factors like size, location, products, rent, insurance, taxes, and other variables. You may either consider opening a franchise of a popular brand or start your separate brand. Choosing to open a franchise will give you a ready-made business model, effective branding, and marketing assistance.
- Select Products to Start With: If you want to run a successful vape shop, you must pick the right products. With the right products, we mean the items that most people would prefer to buy. You may need to do some market research to understand the demand and competition and provide your customers with what they exactly want. You will also need to stock a wide range of products from different brands that should be a combination of affordable and high-quality products.
- Deal with the Best Wholesale Company: If you are opening a franchise of a popular brand, you may not need to worry about the supply but buying from wholesalers might need a bit of research. Choose the best wholesale company for vape products and buying directly from manufacturers is a great way to keep costs under control. Check the costs of products along with the transportation and taxes as this will help you know how much you will be spending while opening a vape shop.
- Marketing Plays a Crucial Role: Just opening a vape shop and keeping a few popular products is not enough, you will need to promote your shop. As vape products are extremely difficult to advertise due to some strict federal laws, you can’t promote them directly. Instead, you will need to find some creative yet effective ways to promote your vape shop. You can make this happen with a little help from your social media, attending trade shows, and other e-commerce capabilities.
- Research, Research, and Research: There’s no such thing as a perfect business plan for opening a vape shop or any other shop, you need to research and make everything perfect. The vaping community is always in search of something innovative and, therefore, you will need to stay ahead of that demand curve. For this, you will have to identify the most popular vaping products, market conditions, demand and supply, and of course your costs.
3. Products Your Store Can Carry
A vape shop is a retail outlet offering a wide range of electronic cigarette products or vape products as well as accessories. If you are planning to open a vape shop, you may stock a variety of products depending on the rules and regulations in your area.
Here we’ve discussed some popular vape products your store can carry…
- Vape Kits:From starter vape kits for beginners to the more advanced e-cigarettes, vaporizers, vape pens, and atomizers for existing consumers.
- E-Liquids:From basic vape juices to premium flavored juices for vaping.
- Pod Kits: Compact and convenient pod vapes and pod systems either with pre-filled or refillable pods.
- Disposable Devices: A good variety of disposable vape products such as e-cigarettes, vape pens, etc for one-the-go or one-time use.
- Salt Nicotine: A variety of salt nicotine e-liquids in various nicotine levels for different categories of users.
- Vape Mods: A wide range of vape mods including box mods, temperature control mods, etc with different specs and features to customize the vaping experience.
- Vape Tanks: Tanks available in different colors, shapes, and capacities such as classic tanks, Sub-Ohm tanks, dripper, etc.
- Accessories: A perfect vaping experience requires a variety of components such as coil, batteries, chargers, drip trip, vape juice options, tank spares, cases, skins, and more.
4. Tips to Run Your Vape Store Successfully
When selling vape products on multiple marketplaces, it can be difficult to manage everything effectively. However, with some tips and know-how, you can easily run your vape shop successfully and make good profits.
Here are some tips to help you run your store successfully…
- Understand the Industry: Providing the best vaping experience can be tough in today’s highly competitive world as you need to understand how the industry works. Get to grips with the latest technologies, user experience, range of products available, and best vaping solutions.
- Know Your Products: Just offering some vaping products is not enough, you will need to understand the terminology to provide a proper range. Try to cover everything that is required for a good vaping experience and know the pros and cons of every product.
- Have a Proper Inventory Management Software: With a wide range of vape products available, it can be difficult to manage everything manually. Invest in good software to manage a wide selection of products and provide your customers an interrupted shopping experience.
- Choose the Right POS System: A good Point of Sale (POS) system will help you track cash sales and process credit cards. As the system will fully integrate all of your business operations, you can better understand what resources you need to put where and when.
- Write a Business Plan: Things don’t work out without a proper business plan in place and starting a vape shop would be considering a lot. You will need to choose a name for your shop, a business structure, location, products, regulations, and a lot more to get started.
5. Wrapping It Up
Vape shops have become a high-grade choice when it comes to opening a new shop or businesses. However, success isn’t that easy just like other business as you will need to do the same homework and handwork. Also, be ready to encounter the challenges such as strict FDA regulations, competition from other sellers, traditional nicotine vendors, etc. However, with proper research and an effective business plan, you can make things work.
If you’re determined in starting a vape shop, the platforms like UPENDS, a well-known e cigarette brand that is looking for a national distributor. You can contact them to know whether you qualify for opening a vape shop under their name as they have products available with retailers as well as wholesalers all over the world.