Electronic cigarettes were invented in the 1960s, but the technology really took off in the 2000s. Now, it’s a worldwide industry worth more than $20 billion. It seems there’s a vape shop on every corner.
Are you a vape aficionado? Are you looking for a piece of that sizable market? Setting up a vape company might be easier than you think.
Check out our five tips for getting started.
1. Location is Everything
Even the best business can fail with the wrong location. Take your time settling on yours.
Do your research. Vape shops thrive on visibility. Look at storefronts in areas with lots of foot traffic.
Run comps and work with a realtor. The industry boom makes it important to stay competitive.
Take professional opinions to heart. Don’t get your heart set on any one location to the ultimate detriment of your business.
Once you’re set up with an address, make it an inviting space. Your signage should be large and readable. Your furnishings should give off a good vibe.
2. So is Your Supplier
To stock your shop with a premium vape supply, spend some time choosing your supplier. Pay attention to reviews and ratings. Check credentials and test the product.
Go for variety. Offer starter vape kits like at MistHub, as well as mods and a range of juice.
3. Get to Know Your Vapers
Getting to know your clientele will help you populate your product lines and retain customers. Who’s vaping near you? What are the locals into?
Ask around to see what’s missing. Ask around to see what’s popular. Find out what people consider the best vape brands, and make sure not to run out of them.
Talk to your customers and develop a rapport. Take an interest. Not only will it make your days more enjoyable, but it will also inspire customer loyalty.
4. Take it Online
A social media presence is necessary for nearly every business, but it’s especially important for industries that rely on word-of-mouth. A clever Twitter account or engaging Instagram feed can be the difference between failure or success.
Adopt an edgy online personality, and get in the habit of responding to everything in an acerbic but good-natured way. Don’t take yourself too seriously. Be playful with trolls and appreciative of positive feedback.
Run promotions on your social media using token hashtags. And make sure to post all pertinent operating information on every platform. More and more people look businesses up on Facebook to find hours and phone numbers.
5. Have a Financial Plan
Get your financials in order before you take the leap from hobby to profession. If you don’t have access to capital, apply for bank loans or private financing. You’ll also need a business license and a tax ID.
Decide if you’re interested in purchasing a franchise or setting up shop independently. You won’t have as much control with a franchise, but you’ll be buying into experience and brand recognition.
Starting Your Own Vape Company Is Easy with These Tips
The dream of starting your own vape company is an attainable goal if you come prepared. Choose a location and suppliers wisely. Consider the financing before you jump right in.
You’ll be a vape connoisseur in no time.