Starting a Vape Shop? Here are 9 Things You’ll Need to Consider
Thinking of starting a vape shop? Like most businesses, embarking on the adventure of opening a vape store is no easy task. But there are several key aspects that, if addressed early, will set your business up for success in the future. Here are nine key things needed to reach vaping victory.
Prepare a business plan
Familiarize yourself with local regulations
Choose a location
Assess your startup costs
Find reliable suppliers and order quality inventory
Choose a vape-friendly POS system
Build a smoking social media presence
Hire the right employees and prioritize customer service
Create a welcoming atmosphere
- Prepare a business plan
Before you open your Vape Shop it’s important to take the time to write a business plan. A business plan is a write-up of your business goals and how you intend to achieve them. Your plan will help you assess your business’s purpose and serve as a guide for staying on track once you’ve opened. Most business plans include information about your company and brand, an analysis of your competitors, your marketing plans and your financial projections.
Don’t worry, writing a business plan doesn’t require an MBA. You can find many standardized business plan templates with a quick Google search to help you get started.
- Familiarize yourself with local regulations
One major area where vape shops differ from a traditional retail business is the licenses and legal requirements needed to set up shop. In general, laws around the sale and use of tobacco also apply to vape and e-cigarettes. However, each state, and even some localities within states have their own regulations. It’s important to check with your local authorities to understand the laws you’ll need to comply with and licenses you’ll need to acquire. Accounting for this in your business plan can save you time and prevent major or legal trouble down the line.
- Choose a location
Like most retail businesses starting out, you want to choose a location for your vape shop with plenty of traffic and visibility, parking and an inviting storefront. Vaping is a hot trend: the industry was valued at and is projected to grow . Many entrepreneurs are looking to get in on the action, which makes your location that much more important.
As vaping has become more mainstream, it’s also made its way into gas stations and convenience stores, so you may be competing with them, too. Taking the time to perform a competitive analysis, as well as studying the available commercial real estate to identify the optimal location, could be the key to your success or failure.