Three Requirements for Running a Successful Vape Shop

Oxford Dictionary crowned “vape” as the Word of the Year of 2014, and the vaping industry has been on the rise since. It’s hip. It’s edgy. Its much more acceptable alternative to smoking. Experts project that vaping is headed to grow into a $60 billion industry in just five years, and business-savvy individuals the world over are scrambling for a piece of that sizable, fragrant pie.

If you’re one of the many people who are on the Internet right now frantically researching how to open a vape shop, it’s important to note that you are going to have competition. You’re going to have a lot of it. At this point, you have the advantage of taking on an industry in its early age while it’s still not saturated by a vape shop in every corner, but don’t let this lull you into a state of complacency. You will need a few things to get a vape business started, and so much more to guarantee its success.

1. Due Diligence

It’s practically a requirement for any business, but more so if you’re planning to open up a vape shop. Heading into this endeavor without any business plan is a huge mistake, and a lot of closed establishments can attest to that.
There are two sides to this equation. On the one hand, you have a captive audience in a lot of vaping fans the world over. There are over 35 million vapers globally, and the United States holds a majority of this number, so finding a market for your devices and liquids won’t be much of a challenge.

On the other hand, you have local and federal laws and taxes that need to be satisfied, and to be perfectly candid, this is where most businesses fail. At the moment, there’s no significant federal taxes levied on vaping-related products, but local policies between counties and cities can vary widely. Following these policies can be a huge pain, but it will save you a lot of trouble once you’re fully operational.

2. The Location

a man vaping

Another obvious business factor is your location. If you’re the only vape shop in your area, then great! You have a 100% market share. However, for larger cities, the differences between success and failure can be in your choice of place. You want a location that follows local commercial zoning laws and gets a massive amount of traffic. This can be tricky as most of these areas are typically high-priced. Find a sweet spot for your vapers by balancing the foot traffic with the cost of renting out a place, and you should have a widely successful business.

3. The Product Itself

Learning how to open a vape shop is 75% how to find quality products, services, and suppliers. You’re opening a vape shop, so it’s safe to assume that you know your way around all the different gadgets and gizmos inundating the market today, but capturing many customers is also ensuring that they are provided with top-quality products and that a dependable supplier supports you.

Vaping is a growing industry with a lot of passionate fans. Building a business around a hobby with so many opinionated individuals who can scrutinize every detail of your products is quite a challenge indeed. However, striking a balance between all the factors discussed above should get your business to a great start!

Leave a Comment