8 Tips for Opening a Vape Shop and Making a Success of It
At least 10% of the United States population admits to being vapers. The amount of people who vape in the United States is increasing, so opening a vape shop is a smart idea.
You, too, can cash in on this multi-billion dollar industry.
Here are 8 things you should know about opening a vape shop.
1. Have a Good Financial Foundation For Opening a Vape Shop
There are 2 ways you can go about how to open a vape shop: You can either open up a franchise or an independent shop.
You need to have at least $100,000+ to open a franchise. The start-up costs for independent vape shops are less, but you have to start a business from scratch. People have opened up vape shops with as little as $25,000.
If you go the independent route, you'll also need a business license, location, POS system, tax ID, and inventory.
If you don't have enough money, look into different loans. You might be able to take out a subsidized SBA loan at your local bank. If you have at least $15,000, you can open up a vape shop with Ventury Capital.
2. Choose a Good Location
Your vape shop's location will affect how much money you make.
Make sure the location fits the local state and municipal regulatory requirements.
Pick a location your customers can easily find. Try to open up a shop that's visible from a main road or on a busy corner.
Your location should be in an area with plenty of foot traffic to attract more potential customers. This can't happen in an isolated location.
Your sign should be attention-drawing, easy to read, and unobstructed by trees or other signs.
Parking shouldn't be an issue. Your customers also shouldn't have to worry about getting ticketed or towed when they visit your vape shop.
It works in your advantage if your store is the only vape shop in the area. It's important to be aware of any other local competition you have. (More on that later.)
3. Carry High-Quality Products
You should carry products that are high quality and in demand. A good question to ask yourself is, "Would I use this product?"
Give Juul a chance, as one of the hottest trending vape brand since 2015-2018
It's tempting to buy cheap products in bulk from China and sell them at a higher price. However, the product quality is usually cheap.
Some overseas marketers often sell counterfeit products called "clones" for lower prices. If you decide to sell clones, make sure the customer knows it's a clone. Price the clone accordingly and don't overcharge for it.
Domestic vape wholesale distributors are your friend. They carry popular brands and hardware you can buy in bulk.
Only work with authorized distributors that sell authentic products.
4. Diversify Your Inventory
One of the most important parts of owning a vape shop is stocking your store with sellable products.
Make sure you're only selling the best vaping accessories. You should carry hardware (like vape mods, mod upgrades, vape tanks, starter kits, etc.), e-liquids, replacement coils, vape batteries, battery chargers, and more.
Have a selection of different vape juices and e-liquid flavors to choose from. A good selection will boost your reputation among vapers and e-smokers.
5. Know Your Competition
In the world of owning a vape shop, you have 2 main groups of competitors: online vape websites and other vape shops in your area. Your prices must be low enough to beat your competition.
Tap into the online sales arena by establishing a website and online store. Don't miss out on sales by relying solely on in-person customers.
Your selection and prices should be appealing enough to draw in customers from other businesses.
6. Get Creative With Promotions
It's important to get creative with finding low-cost promotions. Your promotions should be designed to attract customers and generate sales.
Sales and giveaways will generate hype about your company, but these methods could get costly.
Consider finding online arenas where you can advertise your vape shop. For instance, you can post about your vape shop on Reddit or post an ad on Craigslist.
There are online advertising services that specifically cater to vaping businesses. Sign up with an SEO company that has a friendly policy towards vaping and e-cigarettes.
Radio and television commercials still work. Make sure your commercial is catchy, attention-drawing, and unique.
7. Use Social Media To Your Advantage
Advertising a vape shop on search engines is getting exceedingly difficult. Many social media platforms won't allow you to advertise vaping products, e-cigarettes, or anything of that nature.
That's why it's crucial to have a good presence on social media. Having a good social media presence allows you to advertise your store while interacting with customers.
Your social media page should show off your products and store culture.
Share information and articles about vaping on your social media page. Your content should be original enough to attract followers and get shared on other social media pages.
Take advantage of hashtags and keywords to advertise your vaping business locally.
8. Hire Above Average Staff Members
The customer service experience at your vape shop should be nothing short of exceptional. Your staff should be friendly and good at executing sales. Hire employees who are passionate and knowledgeable about vaping, e-cigarettes, and all related products.
You're going to attract people to your store who are new to vaping. Your employees should be able to explain all aspects of the vaping process in great detail. They should also be familiar with the benefits of vaping and able to talk about the products being sold.
All of your employees should undergo training, even if they have previous experience and knowledge related to vaping.
Your Vape Shop's Success is Counting On You
Currently, the vaping industry is worth over $2 billion. As of now, opening a vape shop could be of the most lucrative things you'll ever do.
This industry is expected to outgrow Big Tobacco in the next ten years. Don't miss out on the big profits.
Embrace the world of vaping and learn more about vape culture.
We guarantee that the majority of current vape sales in 2018 are likely coming from Juul Vapor products, more specifically Juul Pod Flavors have become incredibly popular among people who desire to quit smoking for good.