Do you know that the vaping industry is one of the fastest growing business sectors in the world? It’s predicted to grow to $61 billion by 2025, which is a 20 per cent growth.
According to a report by University College of London (UCL), quitting success rates are at the highest point for at least a decade – 15.7 per cent. The organization identifies better quitting aid options, with e-cigarettes being the most popular, the major reason for that.
Vaping has become a common thing not only for ex-smokers but also for youth. When you see rebel schoolkids vaping instead of smoking tobacco cigarettes, you know there’s been a cultural shift. Every person buying the best e-cigarette uk makes the vaping community bigger and more diverse.
So, if you want to become a part of a profitable vaping business, it’s the best time to do this. This concise guide on starting a vape entrepreneurship will cover all important issues and help you decide if this venture is right for you.
Consider all opportunities
There’re several opportunities for a beginning entrepreneur in the vaping industry. You can choose what you’d like to do the most.
- Opening an online vape shop
This option is cheaper than building a brick and mortar store. But you’ll still need to invest in a site as it will represent your company and manage social media promotion. You’ll need to decide where to get stock and where to store it, and how you’ll deliver it to customers.
- Offering vape gadgets, parts, or accessories
If you already run a business and sell products like bongs and water pipes, it can be a good idea to add vapes and vape accessories to the assortment.
- Creating your own brand of e-liquids
Are you one of those enthusiastic vapers who like to cook their own e-liquids? If you’re good at it, why not turn it into business? There’re many similar e-juices on the market. You should create something that is different from what other brands offer.
What is your target market?
Vape shop clients fall into three groups:
- Struggling smokers who want to break the habit with a help of the best e-cig UK. These customers need to be educated on using an e-cigarette and the advantages of vaping over smoking.
- Current e-cig smokers. There’re about 3 million vapers in the UK. To win them as buyers, take a special care about a high-quality range of products. Experienced vapers like to try new vapes and e-juices, and an affordable price is always a good bonus.
- Vacationers. Make sure that your shop is situated near the tourist’s localities. Usually, they buy e-liquids to refill their devices.
Prepare for the costs
Obviously, a vape business requires a certain sum of investments. Even though the vape market is constantly growing, there’re lots of expenses involved in launching a vape shop. A budget may range between $25,000 and $50,000 per month. These include:
- Lease – $2,500-$5,000, depending on the location
- Inventory (vape devices and accessories) – $7,500
- E-liquids – $15,000
- Tech software – $2,500
- Liability insurance – $150
- Electricity bill – $150-250
- Joining the franchise system costs at least $10,000
Get Knowledgeable on the legal aspects of vape business
Vaping regulations change constantly, so be in the know of the latest laws. In order to not overlook any legal bounds, remember that you’ll have to solve the following issues:
- register yourself as a legal business entity
- apply for tax registration
- open a business bank account
- open an accounting system
- get all obligatory permits and licenses
- get business insurance.
Choose marketing strategies
Savvy businessmen know how important a well-planned advertising is for the business. Working hard towards opening your shop but doing no publicity for it means that your pompous opening won’t be that pompous.
Build hype around your vape shop before opening it. An active social media presence is the key. Social net accounts usually act like business cards, providing visitors with information about your company. It draws in new customers resulting in more sales.
Creating a logo for your vape business is a vital part of branding. It should be eye-catching and memorable and at the same time represent the personality of your company. With so high competition, it’s important to stand out among the rest of vape shops.
Are you ready for the vape business?
So, what it takes to run a vape business? A regular day will require you to perform a number of responsibilities:
- Communicating with customers (answering questions and helping them to find the best option)
- Networking with other representatives of the industry
- Checking inventory, accepting and sending orders
- Keeping a workplace clean
- Completing administrative tasks
Apart from your direct duties, you’ll need to research the latest industry trends. You should know the best e-cig UK, the best vape materials for a particular type of vaporizer, the peculiarities of the unique e-cigs, and more.
To stay in this field for long, you’ll need to have a passion for vaping. Some visitors will be really enthusiastic about vaping. They would like to discuss the current trends, news, and rising vape stars or ask about on-going events. Stay knowledgeable.
People new to vaping usually want to know whether it is safer than smoking, or whether it can help them quit. If you love vaping, you’ll be able to attract new customers.
So, the key to success is to combine your genuine interest in vaping and effective business planning. With such an approach, you’ll start reaping the financial rewards of this booming industry very soon.