Looking for more ways to channel your entrepreneurial spirit? Vaping is all the rage, so don’t miss this guide on how to start a vape shop on the side.
Do you love vaping? If so, you can turn your love of vapor into a profitable career by starting your own vape shop.
Vape sales will total over $47.11 billion in revenue by 2025, so there’s never been a better time to hop on board.
Ready to get your piece of the pie and earn extra cash? Get comfy, grab your favorite e-juice, and read this guide on how to start a vape shop.
Ditch Brick and Mortar
It seems like vape shops are popping up in droves across every neighborhood. As a result, it would make sense that you’d want to do the same and look for some local real estate.
But that isn’t necessarily your best bet. In fact, it may turn out to be more expensive in the long run.
Instead of spending thousands of dollars per year in rent, ditch the brick and mortar concept altogether and start a shop online. Many experts believe that online sales will soon meet or exceed in-person sales due to an increase in consumers’ choices.
Budget Your Business
As profitable as vaping is, it’s still a business that requires careful financial consideration — even if you’re strictly selling online.
As you start to mull over branding ideas, remember that you’ll need to pay for:
- Website development and hosting
- Regulatory paperwork and legal fees
Needless to say, it’s easy to get into the industry thinking you’ll make a quick buck. But the truth of the matter is that opening a store of any kind requires a ton of capital.
Think about whether you can fund your venture yourself or whether you’ll need to seek outside funding.
Follow Federal and Local Regulations
You can’t simply open up a Shopify account and start selling vape pens and MistHub products. You’ll need to follow local and federal guidelines to ensure compliance with business regulations.
Check out the U.S. Food and Drug Administration’s (FDA) website to see how federal vaping regulation affects your business and check in with your local laws, as well.
At the very least, you’ll want to apply for a business license to protect yourself. It’s also recommended that you apply for copyright and trademark protection for your brand name and any original products.
Market Your Vape Shop
The good news about starting a vape shop is that it can be quite profitable. The bad news is that since it’s so profitable, it can be tough to stand out from the crowd.
You’ll need to market your business accordingly. Set out to solve a problem that the rest of the industry has yet to solve.
Think outside the box. Create healthier juices, make more affordable rigs, or even crowdsourcing your products to get consumers interested.
The more creative you can be, the better.
Once you’ve found your angle, start marketing your new business through your blog and social media so you can get the word out.
How to Start a Vape Shop: Final Thoughts
There you have it: A simple, to the point guide on how to start a vape shop online.
Remember to keep what you’ve learned today in mind as you begin your venture. Running your own business may not be easy, but it’s quite rewarding.