These days, a lot of people really enjoy vaping. That means that there’s a big market for vaping. Where there’s a market, there’s also a big opportunity for enterprising professionals. If you’re someone who would like to take advantage of this market in the best ways possible, read on! Whether you’re hoping to set up a brick and mortar vape store, an online vape shop, or even both, there are a few things you need to know before you get started.
You Need A Thorough, Detailed Plan
Whenever you’re embarking on a new business idea, your first step should always be to create a thorough, realistic business plan. While there’s no one “right way” to prepare a plan, there are some basic things each plan should include. In your case, for example, you’ll need to clearly establish where and how to sell vapes. You’ll also want to list both short-term and long-term goals, a plan for how to market your products, and a detailed overview of the market as it currently exists, as well as of your competition. The more you know and plan, the more successful you are likely to be, so keep that in mind as you craft your business plan.
Get Your Legal Stuff In Order
In order to sell vapes legally, you may have to meet certain requirements. Depending on where you live, there may be state laws or licensing rules you have to follow. Selling vapes also comes with a required age verification process. Do research on all the laws related to your specific method and area of selling, and be sure you follow them carefully. After all, you don’t want to start a great business only to have to start again or take a break due to non-compliance.
Decide On And Build Your Inventory
Every vape store needs a nice inventory of products to sell. So, start by deciding what, exactly, you will sell. Do you want to sell just vapes or, more likely, vapes and vape accessories? Are you open to adding in other kinds of products, ideally in a relevant niche?
Once you’ve made decisions like these, you can find a supplier and order your inventory. Refer back to your business plan and projections to determine how much inventory you should start with. Then, make sure you keep careful track of your inventory, order new supplies as needed, and pay attention to items that don’t sell so that you can market them more effectively or phase them out.
Get Active On Social Media
When starting a business, social media may be the last thing on your mind. But, believe it or not, many of today’s most successful businesses have and maintain a strong online presence. You can focus on just one social media platform or, even better, on several.
The more platforms you are on, the more chances you have to reach people. You can use your social media to market your products, advertise sales and events, and, most importantly, to actively engage with your customers and prospective customers. Your goals are to keep them engaged and coming back for more and to showcase your business as trustworthy and reliable.
Keep Looking For Ways To Improve
Getting your vape business off the ground is just the first part of the battle. In order to maintain your success, you have to keep looking for ways to improve. Whether that means cutting costs by regularly working with different suppliers, getting better at customer service, or growing your audience and client base, you should always be working and planning. You also want to stay on top of any changes in the marker and account for them accordingly. Work on networking with others within the industry and on always striving to make your shop the absolute best it can be.
Keep Your Finances Separate
Mixing business and personal finances is an easy way to make mistakes, get confused, and maybe even take on more debt than you can handle. To keep this from happening to you, clearly separate your business and personal finances. You should have a business checking account, a business credit card, and a business accounting system. Not only will these things help you distinguish between your two sets of finances, but business accounts often come with special perks and advantages that you won’t find with strictly personal accounts.
You Can’t (And Shouldn’t) Do Everything On Your Own
Most business owners are very independent-minded people, which is a great quality to have. However, unless you’re running a very small shop, you’re probably going to need some help running your business successfully.
For example, you’ll probably need a good business accountant and bookkeeper, employees who can help you with making and processing sales, and a marketing team. Not every person you take on has to be a full-time employee, but you do want to get help where you can. Good help can lead to increased profits and success, which makes it worth the upfront cost.
Build Lasting Relationships With Repeat Customers
Every time someone buys something from your shop, it’s a small victory. Remember, though, that you don’t really want people to buy from you just once. In an ideal world, they’d buy from you again and again over many years. While you probably can’t turn every single customer into a long-term, loyal fan, you can work toward building a steady base of repeat customers.
Loyalty programs that give people discounts or special freebies for frequent purchases or spending a certain amount can be helpful in this regard. You may also want to offer some products that people use regularly on a convenient subscription basis. The easier you make it for people to get what they need from you, the more likely they are to choose you time and time again.
Become A Pro At Customer Service
While loyalty programs are a great way to build a rapport with customers, there is no substitute for premium customer service. You want to treat every customer with respect. Also, make it easy to shop on your site or in your store, be willing to answer questions and provide product recommendations, and have a helpful return or replacement policy when possible. When you treat your customers well, they’ll remember it and possibly even recommend you to others.
Put Aside A Little Extra
As a final tip, understand that all businesses experience some degree of ebb and flow. Some months, you may bring in a large amount of money. In other months, business may be slower.
You need to prepare for the leaner times by saving some of your profits and keeping them available for business use. This extra money can really come in handy if you ever hit a rough patch. Even if you don’t end up needing it, it’s still money you’ll have on hand, and having that safety net beneath you is a good feeling.
The vaping industry is huge right now, so seize the chance to get involved with something big. By opening a vape shop of your own and incorporating this newfound knowledge into your plan, you’ll be off to a great start. As long as you focus on continual improvement and give your venture your all, you’re sure to have a positive experience.
