It is not enough that you simply want to open your own vape store when you realize how profitable a business it can be. Like any business, it requires a business plan that will serve as your road map to success. In planning the vape store business, here are several aspects to think about.
You would need money to start this ecig business. Undercapitalization is, in fact, the biggest reason for failure. It would be wise to double the amount of money on whatever you plan to establish. It is recommended that you have at least $25,000, but this is still dependent on your area and the expenses in opening the store.
Decide on whether you can do with a small cubicle or kiosk or a larger store complete with TV set and couches.
Franchises are also present in the vaping business. Remember, however, this industry is constantly in flux and is often subject to outside influences including competition, federal/local regulatory and political agencies.
With a franchise, you have a readily available brand, a degree of experience to learn for as well as operations/marketing support.
With Or Without Partner/s
By yourself, it can be easy to fail and hard to succeed. With partner, you have someone to share expenses with; someone to talk to about business matters. If you choose to do this alone, at least have some people who would support you in emotional, financial and other aspects of this business.
If your financial capability would allow you to open a larger vape store than a kiosk at the mall. You need to design it well. The store needs to provide comfort and ease to any client who would enter, regardless of the theme you have chosen. This is after all a personal business wherein you are required to interact with clients who will only come back once they discern the warmth and comfort you and your store offer.
This would have more to do with your budget and the market you are targeting. Too many choices and customers might have difficulty in choosing. Too few and you would not be able to have loyal clients. Remember that no single ecig device, eliquid flavor or ecig brand that will please and suit all customers. You need at least 15 eliquid flavors that include traditional flavors, fruits and sweets. Stocking ecig mods could be very costly too. Thus, what you must do is to survey the market and keep track of it.
You would need man power for this business and most ecig store owners have probably realized at one time in the business that it is challenging to hire the right people. Hiring the wrong employees can be a real waste of money. You need the help of the right people who would assist you in delivering reliable and professional customer service. You also need to treat your employees well so they will be loyal and trustworthy part of your business.
Employees need also to be provided with proper training such as on ID-ying customers, answering phone calls and assisting any customer who would enter the store.
This is a crucial part of any venture. Merchant accounts, accounts receivable and other financial aspects of the business need to be well accounted for. You need to be knowledgeable about business accounting. It would be better if you could partner with an accountant or hire an accountant for the business. Accounting is not just logging in every expense and profit of the business. An accountant may also help you with other financial and legal matters of the business.
You would need to deal with a supplier. It is your choice whether to work with a supplier from China or from a local supplier. Ecig devices typically come from China even if a local supplier delivers it to you. It is the eliquid products that are now required by many vaper to be made in the US, manufactured in an appropriate facility.
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