5 Things to Consider Before Opening a Vape Shop?

Having a successful vape shop can depend on many things. This list certainly isn’t mean’t to be all inclusive because the key to having an e-cigarette business that grows year after year couldn’t be summed up in five short blurbs. Our industry is growing every day as more and more people decide to break into the business. Only a portion of the people who open up shop will make it past the first year.
If you are thinking of opening a vape shop or e-cigarette store this article might give you some things to think about. If you are already the owner of a successful vapor store and you feel that we missed something, please comment below. We love to hear feedback from other industry professionals.

vape shop helping

#1 Be Involved for the Right Reasons
Being in the e-cig business because you truly want to help others is the best reason to open a shop. Of course you have to earn a living and provide for your family, but if you have a real desire to help people quit smoking then your days at work will be much more enjoyable. We all want to make money and if you truly desire to help people you can almost guarantee that your vape shop will be successful.
#2 Do Some Recon
Do your homework. You should have a firm understanding of your local market and your competitors. You should identify who your main competitor will be and visit their store undercover. Determine where they are lacking and where they are succeeding. Be careful and don’t assume that just because they aren’t stocking a hot product or a juice line that you love that they are somehow failing. It’s possible that the devices or juice that you love weren’t really hot sellers. Think about your competitors from all possible angles and determine how you can fill in the gaps that they have created.

e-cig competitive research

vape shop funding

#3 Get Funding
Getting funding can be tough. If you don’t have a rich uncle or a trust fund you may need to tap into your personal savings or do what most small business do and get a loan. If you want someone to give you money then you better have a compelling reason why they should. Not, “I love to vape bro” or “Dude, I could sell so many mods”. You need to have a solid business plan that will outline how you will spend the funding and also how you plan to pay it back. Google is you friend here.
Once you have your business plan together and are ready to pitch it to banks and investors do not make the mistake of just going to one bank at a time. Hit up every funding source you can think of. Hell, even go on Shark Tank if you get the chance. Try to have at least 6 months of rent, utilities, and payroll put away in a savings account so you can worry about marketing instead of whether or not you will be able to pay your employees.
#4 Build a Buzz
We will cover this topic in detail in ¬†future article but here are some basics. Get Facebook, Twitter, G+, Pinterest, and other social media accounts. Offer your new customers an incentive to “check in” or “Tweet” while they are at your store. Update your status on all social media sites a few times a day. Don’t spam your followers but share cool things that happen throughout the day. The idea here is to get the local e-cig users talking about you. Hold events and contests as well. Also, you don’t have to spend big bucks to accomplish this. Social media is free – use it.

grow your vape store

e-cig web design

iVape_Local

#5 Get Your Business Online
Okay, here comes the part we plug iVape Local and try to sell you a website. We can certainly help you out if you need a website, SEO, social media marketing, and more but we don’t care if you use us – we just care that you’re using the internet.
Make sure you have an e-commerce site. You may think that if you’re just starting out all you need is one of those do-it-yourself websites that you can get for a few bucks per month. We assure you that this is not the case. You NEED an e-commerce site if you plan on growing your business. Having an e-commerce site will allow you to be open 24/7 and sell your products outside of your normal service area. Think of it as an employee who costs less than $.50 cents per hour. Be careful when choosing a web hosting company because you do not want to be locked into a long contract or give up a percentage of each sale. iVape Local can help answer your questions regarding this even if you choose another company to design your website. We just want to make sure you are happy with what you have.
This definitely isn’t an all inclusive list of things that you need to think about when opening a vape shop but it’s a good start. Be sure to find good companies to handle your merchant services and don’t skimp when it comes to important marketing items. Check back in the future for more articles about the e-cigarette business. Buy Local, Be Happy.
iVape Local Web Services