There are about 10 million Americans who vape on a regular basis.
As a result, there are vape shops popping up all over the place and offering to supply those who vape with e-cigarettes, e-juices, and more. You’ve probably seen one go up in your town recently.
You might even be thinking about opening a vape shop in your town yourself. The way you see it, it’s an easy way to cash in on the vaping craze while also sharing your love for vaping with other people.
If you’re thinking about taking the plunge, now is probably the right time to do it since so many people are vaping. But before you do, you should find out the best ways to go about doing it.
Here are some things you’ll need to do as you prepare to open your vape shop.
Figure Out How Much Demand Exists for a Vape Shop in Your Town
Before opening a vape shop in your town, you want to try and get a feel for how much interest there is in one.
If your city is filled with people who vape but they don’t have anywhere to go at the moment to purchase vaping products, there is probably enough demand to warrant a shop.
However, if you don’t hear much buzz about vaping or there are already too many vape shops as is, it’ll be difficult to get your business off the ground.
This is an important step because it’ll let you know if you should proceed with your idea to open a vape shop in the first place.
Learn About the Rules and Regulations Regarding Vape Shops in Your Area
Does your town have rules and regulations that might prevent your vape shop from being successful?
Some cities have made it illegal for vape shops to operate in certain areas. Others have banned vaping as a whole, which will obviously affect the amount of vaping products you can sell.
You should take a look at your town’s laws or speak with local business leaders to see if you’ll run into any legal issues when opening a vape shop.
Make Sure You Can Find a Lender to Approve You for a Business Loan
You’re more than likely going to need to apply for small business financing in the form of a loan when opening a vape shop.
If you’re going to open a franchise, it could cost you upwards of $25,000 to get started. And even if you go the independent route, you’ll still need somewhere in the neighborhood of $10,000 to get your business going.
Many banks and lenders look at vape shops as risky propositions. While the vaping industry has hit a high as of late, the concern is that the industry could come crashing down at any time.
This might make it tough for you to get a loan. You should try applying for one to see if you qualify at this time.
Find the Right Location for Your Vape Shop
If you’re committed to opening a vape shop and you have the financial capabilities to do it, the next step will be to find a location.
You should look for a place that’s easily accessible and that gets a lot of foot traffic. A downtown area or strip mall is ideal.
The great thing about opening a vape shop is that you don’t need a ton of space to do it. While you’re welcome to create a cool bar/lounge area for vapers to come and congregate, you can also get away with a very small retail space that’s just big enough to house your inventory.
Start Spreading the Word About Your Shop on Social Media
Even before you open your front doors and welcome customers in for business, you can start to get the word out about your vape shop through social media.
You should establish Facebook, Twitter, and Instagram accounts for your vape shop. You should also join some local vaping groups to let them know you’re going to be opening soon.
Your goal should be to build some anticipation up for your store and get people excited about coming to see you as soon as you open.
Order the Right Products for Your Vape Shop
People aren’t going to become repeat customers of your vape shop if you don’t have good products.
Therefore, you should steer clear of ordering cheap inventory from brands located overseas and go with trusted names instead.
Companies like Blazed Vapes sells starter kits, e-liquids, mods, tanks, and so much more. You can look at them as an example of what you want to be.
Hire People Who Care About Vaping As Much as You Do
No matter how passionate you are about vaping, you’re not going to be able to be in your vape shop working 24/7. It’s not healthy to do it, and it won’t be long before you burn out if you try.
So you should make sure you hire some people to help you out. You should also make sure they’re just as passionate about vaping as you are.
You’re going to have vaping experts, vaping newbies, and everyone in between coming into your store and asking for products. Your staff should be equipped to handle all of your customers and to educate them about vaping in some way.
If you have customers who seem to know a lot about vaping who just can’t seem to stay away from your store, you might want to consider bringing them on board. They could add to your business and increase your chances of being a smash success.
Opening a Vape Shop Could Be a Great Business Move
While there is always some risk associated with opening any kind of store, opening a vape shop could help you bring in the big bucks once you get it going.
By offering the best products available and providing invaluable advice to your customers, you will keep people coming through your doors. It won’t be long before you’re thinking about opening your second store in a neighboring town.
Check out our blog for more tips that will increase your chances of opening a successful business.