In this, somewhat unpredictable, economic climate, there is currently even more risk than ever before for people launching a new business. However, despite this risk, there are still myriad potential benefits in taking the plunge and opening your own shop.
Vaping is a huge and seemingly ever-growing trend right now, and you could not pick a more fashionable basis on which to design your business plan around.
Here are five tips to consider when opening a new vape shop.
1. Consider Your Start-Up Costs Carefully
Start-up costs for any business (even one which you intend to run entirely online) are inevitably always higher than you first may think, and this is why you should try to save as much money as possible before you begin.
Just a few of the most important considerations when assessing the costs for your start-up, include the following:
- Your initial bulk inventory
- A comprehensive insurance plan for businesses
- Tax concerns and payroll
- Fees for securing permits and licenses
- Rent for the physical storefront
2. Invest in a Quality POS System
Even though some new business owners choose to consider a point of sale (POS) system to be one of the less-important elements when preparing to open their new store, the truth is that a POS system is entirely suited to selling vape and associated accessories.
A new POS till function with modern features will ensure that each and every one of your customers enjoys a speedy and efficient purchasing experience and that no mistakes will be made when calculating prices and refunds.
Furthermore, you will be more than a little impressed when you see the additional benefits that a modern till system will provide to your new vaping business, such as the capturing of customer data and information, managing and reordering your inventory, and optimizing your staffing.
3. Stock Quality Disposable Vapes Too
Naturally, your profit margins will be greatly increased should you only stock reusable e-cigarettes; but to appeal to as many different types of customers as possible, you also need to stock quality disposable vapes too.
With vaping becoming more and more popular, you will see a rise in the number of customers who have been vaping for a while and are now looking to switch to disposables; and also new customers who have never vaped before, meaning stocking disposables is a must.
There are a number of key advantages to disposable vapes. Firstly, the simple fact that they could not be simpler to use, as without exception all disposables have no additional buttons, no connections, no items to replace or maintain, and no settings to adjust.
Additionally, disposable vapes can be considerably cheaper than more advanced vaping units, which means additional sales, more customers, and higher profits, and of course, this will result in a cheaper wholesale cost too.
For people who are planning on traveling abroad, attending a weekend-long festival, or need to go somewhere in a hurry and cannot bring electrical items and wires with them, disposable vapes are also the best choice.
4. Spend Time on Recruitment
Next, unless you are intending on spending literally every single minute behind the counter yourself, which will, of course, leave you no time within the working day to take care of the other office- and computer-based business needs, you will need a couple of employees.
It is absolutely essential that you spend time hiring and training the right kind of person to work for you in your new vape shop and moreover, that you find out their own personal views on vaping and ensure that they are more than happy dealing with CBD oil and other slightly more controversial elements.
Additionally, make sure that anyone you hire (either on a part-time or a full-time basis) is experienced in all aspects of customer service, and that they are personal and professional at the same time.
5. Place Customer Experience at the Forefront of Your Business
Looking into the importance of customer service further, running a vape shop essentially consists of two separate elements upon which to concentrate.
Firstly, you should look to be aware of as much detail as possible surrounding the specific attributes of individual products and product ranges, the history of the brands you choose to sell in your shop, and of course, how to operate each individual vaping unit. The more information you can provide the better, and this will show potential customers that you know what you are talking about and that they can trust you.
Secondly, make sure that you should treat everyone exactly the same; whether or not you think an individual customer is actually going to make a purchase or not.
