Want to know a little secret? There are a lot of successful vape or e-cigarette business owners who started their shops when they had little or no experience in retailing. Today, they will tell you that they can’t begin to understand how they managed to succeed in the vape industry. But succeed they did.
All the same, when you’re considering opening a vape shop, there are a lot of things you need to know. So what should you do when you’re starting an e-cigarette business?
Choose the Right Location for Your E-Cigarette Business
There is a difference between picking a good location and picking the right location.
A particular business location might be good, but it might not be the right one. This is important because if you don’t choose the right location, you won’t enjoy good returns on your e-cigarette business.
Your vape shop should not only be near an anchor store but also in an area with high foot traffic. When your vape shop is near anchor stores, you are likely to get new customers nearly every day. Therefore, be sure to open your vape shop in a location that has widespread appeal and plenty of foot traffic.
Anchor Stores Could Be:
Create Your Brand
The brand you create for your e-cigarette shop should be solid if you want to realize good profits.
Remember that you not only want to have a nice vape shop, but also a successful one. The brand you choose should communicate both qualities.
You’ll know your brand is working when customers who walk into your vape shop know what to expect. From the location, to the decor, to the name of your store, they’ll know they’re in the right place to find what they want.
Your research should include knowing who your competitors are, particularly your competitors in your local area. For instance, your e-cigarette business might be in a perfect location except for one fact: the level of competition nearby could be a threat to your success.
In this case, the quality of your business products and services must match or exceed those of your competitors in order for you to succeed. If you find yourself in this situation, you will need to craft some uncommon strategies so that your shop can thrive.
Calculate the Cost
Having an idea to open a vape shop is one thing. Calculating the cost of having your e-cigarette business is quite another thing.
For example, a small vape shop might require around $25,000 for the initial setup. However, a large shop could require an initial investment of as much as $50,000.
Starting a vape shop also involves numerous ongoing expenses, including:
However, inventory will be your biggest expense when you’re starting your e-cigarette business. Inventory expenses include:
Go for Wholesale Vaping Supplies
Where you get your vaping supplies will determine how much those supplies will cost you. Be sure the supplier you go to has no track record of frustrating other vape shop owners.
VaporBeast is an excellent vendor for all your e-liquid and hardware supplies. They are a wholesale vaping supplier with a good reputation in the United States. What’s more, they will give you guidance about the best-selling vape products, thus ensuring that you get started on the right foot.
A Brief History
In 2013, Norm Bour founded VapeMentors to help new entrepreneurs get started in the e-cigarette industry. VapeMentors now has more than 200 students. Plus, they have helped launch roughly 30 e-cigarette businesses in the online community.
VapeMentors is now the largest business advice provider on e-liquid brands, e-commerce sites, and vape shops. Additionally, the online community has great courses for anyone interested in starting a vape shop. There you’ll find the best vape shop tips, much like the ones offered here.