With the popularity of vaping showing no signs of slowing down, perhaps you’ve decided that now is the right time to open a vape shop. And while a high market demand means you’ll likely have plenty of customers, it also means the competition will be fierce.
What does it take to understand how to open a vape shop that’s sure to be a success? Keep on reading this post to find out.
1. Draw up a Business Plan
As with any other business, if you want to start a vape shop, your first step should be a strong business plan.
In it, you’ll need to prove that you know there’s a need for a vape shop in your local market. You’ll also need to include data and estimations about when you can expect to make a profit, as well as your overall operating costs.
Don’t forget to discuss the competitor research you’ve conducted, as well as how your past experience makes you qualified to own vape stores.
2. Market Your Vape Shop Well
Once you’ve secured funding and creating a business plan, you need to start thinking about your overall marketing strategy.
Low-cost — but still effective — marketing ideas include starting a blog for your business, creating a killer website, and even handing out promotional products.
Above all, focus on creating the right brand for your vape shop. Design a logo that’s consistent with signs and symbols within the vaping industry (like a vape pen, clouds of vape, or even coils) and put your own spin on it.
Make sure you tell a story with your marketing — don’t just pressure your market to buy.
Above all, focus on developing a strong social media strategy. Research popular vaping hashtags, find your market online, and post pics of your shop and products.
3. Stock the Right Products
When you’re opening a vape shop, you also need to be certain that you stock the right products. For example, you need the basics, like JUUL pods, tons of e-juice flavors, and a 18650 battery.
However, you also need to think about how your inventory caters to more experienced vapers. Sub ohm mods, e-cigs for those who want to quit smoking, and huge tanks are all essentials.
4. Hire the Right People
A vape shop lives and dies by its staff. You want people, regardless of their vaping experience level, to be comfortable in your shop.
You need employees that are approachable, into the vaping lifestyle themselves, and able to explain the ins and outs of each product. Don’t hire the first person who comes along — it’s worth it to delay opening until you’ve assembled a dream team.
Finally, make sure to do a background check on everyone you hire.
You’re Ready to Open a Vape Shop
Now that you’re armed with the basic information you need about how to open a vape shop, it’s time to take the next steps.
You need to make sure you have the proper licensing, that you’ve registered your business, and that you know the tax laws surrounding your shop.
Looking for advice on marketing, opening a business, and much more? Keep checking back with us for more of the tips you need.