From Hobby to Profit: How to Start Your Own Vaping Business

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Image by lexphumirat from Pixabay

If you decided to launch your own vape shop business, then that’s definitely a great idea because this industry is currently flourishing. In other words, now, is the best time to “dip your toes” into this world.

However, what you need to keep in mind is that just like with any other business, the beginning is the hardest because there are a lot of things that you need to take into account before you establish it.

But just because it may be a bit time-consuming and challenging, it doesn't mean that it isn't doable. On the contrary, if you pay attention to the tips that are about to be enumerated, you'll surely reach a massive vape victory.

Everything Begins With a Solid Business Plan

Since there are a plethora of vape products that are very high in demand, if you want to sell all of them (or at least, the most) then you need to craft a thorough and systematic approach which can, at times, be a bit tedious, but that’s something that simply must be done if you want to execute things correctly.

For starters, you first need to think of the business name and type. Before you think about the location where your shop is going to be situated (if you do not want it to be online), you first need to develop a well-structured vape shop business plan that's going to give you an insight into all the expenses that you'll have in the future that are related to your business.

It's of huge importance to get familiar with all the local vaping laws so you can properly comply with them. Besides that, you should also take into consideration if you'll opt for an S corporation, limited liability company (LLC), or C corporation. This is essential if you want to be fully protected in a legal way.

Time for Market Research

Even though there's a huge interest in various vape products, it would still be advisable to conduct thorough market research that's going to tell you which are high in demand, for the time being. There are numerous brands just like STLTH that are very popular among vapers, hence it would be wise to get your facts straight concerning this so you can equip your store with the best products. Once you're done with that, you need to define the demographics of your future vape shop.

During this process, you must familiarize yourself with the latest rules and regulations within the city/state you live in. If you are planning on asking for funding, then you must incorporate every city and state regulatory information into your business plan.

Bear in mind that running a vape store isn’t very easy because it comes with numerous risks due to the fact that a lot of cities and states rely on local regulations. That’s exactly why it’s pivotal to conduct research on regulatory information. All of this can be found on the official website of your city and state.

Did You Determine the Location?

If you’re planning on blasting off an online store, then you should skip this part, however, if you want to launch a retail business, then it’s of huge essence to select a location for your future vape shop.

What’s supposed to be taken into consideration in these types of situations? It would be smart to pick a location that has lots of traffic, an alluring storefront, and, if possible, parking as well. As mentioned in the beginning, this industry is currently thriving, which means that competition is fierce, so if you want to have a competitive edge then you must be very careful and picky when it comes to location.

Another thing that’s worth mentioning is the fact that a lot of convenience stores and gas stations also sell different vape products, which means that they can be perceived as competition too.

The whole point is that you must roll up your sleeves and take time to execute a competitive analysis that’s going to help you unveil the most optimal location. By doing so, you will increase your chances of running a business that’s going to be successful.

Time for Registration, Permits & Licenses

Now, that you’ve gone through all the above-mentioned steps, it’s time to take the next one, which revolves around registration of your vape shop on the local, federal, and state levels. Apart from that you are also obligated to acquire any licenses that adhere to the laws and regulations of the city, state, and country you reside in.

To a lot of people, this is one of the difficult things to understand when it comes to opening their own vape store, however, this isn't something that you can overlook or skip by any means. As of 2016, the FDA puts all vape products in the same basket as cigarettes, hence it's essential to adhere to the government's specific regulations if you want to be part of the vaping industry.

What does it mean? It means that you are obligated to put a health hazard warning on all your packages that contain any vape products, just like you would with tobacco. In addition, if you combine different e-liquids, or alter vaporizers, then you must adhere to the FDA's tobacco retailer and manufacturer regulations.

Depending on the place you live in (or where you’re planning on launching your business), you will probably need to obtain additional permits and licenses so you can normally open your vape store without experiencing any issues.

If you are not familiar with the latest legal requirements, then it would be recommended to talk to a lawyer because it's highly likely they know all about the rules and regulations in your area. Another thing that you should do is consult the county clerk's office to collect as much relevant information as you can, concerning the local regulations.

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Image by lindsayfox from Pixabay

Those who are trying to venture into the vaping world are undoubtedly extremely excited because, after all, this is a major endeavor. However, if you want to kick-start your journey the right way, then you mustn’t skip any of the aforementioned tips.