The electronic cigarette industry was valued at around $17.46 billion in 2021. And it’s expected to more than double by 2028!
As this industry booms, more people want in on it. But to start a company isn’t as easy as it seems. To succeed in the vaping industry, there are certain things you need to consider before you start the process.
If you’re wanting to start a new company, here’s everything you need to know about opening a vape shop.
Prepare a Business Plan
As with any new business, you need to do your research and build your business strategy. As with alcohol and cigarettes, vaping has specific legal requirements that change from location to location.
It’s important you know these well before committing to starting a business in this industry. Make sure your local regulations will allow for your success.
Market research is also an important step in this phase of planning. Choose your location carefully.
Calculate Start-up Costs
When you start a business, you need to brace for the cost of opening. Not only do you need to pay for deposits and services, and buy equipment, but you also need to stock up on your inventory.
It’s important to estimate how much this is going to cost, so you can plan accordingly. You don’t want to find yourself in more debt than you can handle while you build your business.
It’s best to have a few long-term suppliers from who you source most of your products. This streamlines managing your inventory.
Luckily, there are suppliers who cover the entire range of vaping products.
You don’t want your store to lack the products your customers will want, so make sure you stock everything. From starter kits to mods to coils to pods to batteries.
Make sure you’re aware of the latest trends and items, like this disposable vape box. If your customers want it, you should stock it.
Build an Online Presence
Social media accounts and a website are important for the success of your business. Creating an online presence is one of the best ways to attract new customers.
A great way to build your online presence after setting up your accounts is with content and events. Content is an important way to build your brand, while events are a great way to build excitement.
A launch party and some giveaways are good ways to quickly build followings and get people excited about your launch. This means you’re more likely to find success in your first few weeks than you would without it.
It’s important to hire staff who are knowledgeable and will create an inviting atmosphere so customers are comfortable and want to come back.
Customer service is a priority, especially in the first few months. This is because you need good feedback to help build your brand and increase awareness.
Successfully Starting a New Company
Starting a new company is never easy. But the vaping industry is a booming market, so if you’re prepared and you make good decisions, you should find your slice of success.
Keep these considerations in mind, and your vape shop should succeed. If you enjoyed this article, please check out our blog for more content!