These days, one of the most lucrative markets for budding entrepreneurs out there is the vaping industry. Vapes and ecigs are only becoming more popular as time goes on, with lots of new products and innovations coming to the fore, so now’s the perfect time to see if this is a sector that could be of interest to you.
You’re sure to have seen an influx of vape shops popping up all over the high street and, of course, setting up a bricks and mortar store is one way to go about cornering the local market.
If this is something you’d like to pursue, you’ll need to find a suitable location, of course, as well as writing up a solid business plan, finding reputable and reliable suppliers, and ensuring that you have sufficient funds to cover stocking up on inventory.
In terms of products, you’ll need the likes of vape juice, battery chargers, batteries, eliquids, replacement coils, hardware, disposable vapes and so on, which your customers will expect you to provide as the barest of minimums. From there, you can start to think about what other value-added extras you can offer that will help you stand out from the crowd.
Something else to consider is your business insurance and you may well find that you have to pay higher rates than other retail shops in different sectors. The types of insurance cover you could find of benefit include public and product liability, stock cover, premises insurance, goods in transit insurance and cyber liability.
Marketing is another top consideration to bear in mind when thinking about potential costs and it’s important to make sure that people in your local area know about your new shop opening. Flyering can be very useful, as can social media shout-outs and talking to local press. You may even want to think about holding a launch party to help spread the word.
However, as appealing as a high street retail store may be, you might find that it’s actually more immediately profitable (and less expensive from the outset) to forego the bricks and mortar and opt instead for an ecommerce site.
You will still need to adhere to the relevant rules and regulations that exist around selling vaping products, as well as those regulations that exist in your choice of shipping destinations (if planning to establish an international presence), but you may find it easier to get off the ground initially since you’ll need less investment capital to start.
What is certainly worth noting, however, is that the marketplace is a competitive one so you will need to do all you can to set yourself apart from the others in your field. But with a bit of lateral thinking and a lot of hard work, you’re sure to achieve your ambitions in the end.