Starting a Vape Shop
No one has to look at the stats to realize that e-cigarettes are booming in popularity in this time and era. Just walking you’ll witness many by passers vaping. Some may vape because they’re addicted; some may vape just because they’re passionate about it while others may just be following the trend. Every entrepreneur sees this as a very tempting opportunity. E-cig shops are also a great profit earning business these days. So, here are a few points to keep in mind when writing a vape store business plan. Vape Shop Business Plan.
- Prioritize Customer Service
Building up customer base is the key. Your customers will be relying on you knowing how to vape safely and helping them choose something appropriate to their needs and ability. Many outlets compete on prices, it’d be good to try and make your niche satisfactory customer service.
- Locating Your Shop
When establishing new business you usually start out with a tight budget so, try to start with something small and comfortable which is also affordable. When looking for space, consider the rental costs and positioning on the street. Try choosing a location with less competition. Rent costs and customer access need to be balanced.
- Competitive Positioning
Take time to properly establish your brand and differentiate yourself from the rest of your competition. Competitive positioning means understanding and articulating what makes you, well, you! After establishing your brand, pay attention to your bonds with your customers. Make them feel special and welcome all the time.
When starting out with your business, always be well stocked. Turning away customers because you ran out of stock will result in a serious hit to your reputation. Stay updated as to what you may need to stock. Also, take care in how you display your products along with deciding what to sell, as customers buy with their eyes.
- Marketing and Insurance
In the world of vaping, marketing is a very delicate matter as there are strict advertising laws implemented with e-cigarettes, so social media and word of mouth are your best friends.
Be smart when choosing insurance for your business. This usually depends on the stock you hold and the security you have. It is advised to choose an insurance company that understands the vaping business otherwise you may end up either paying too much or not being properly covered by your insurance policy. Make sure your business is properly legalized from every an angle as even little mistakes may cause direly in this business.
Use this vape shop business plan template to get organized and increase your chances of funding: Vape/e-cigarette Store Business Plan Template