Starting a successful business of any kind can be difficult, but in the world of vape stores, it has become even more challenging due to the amount of competition. Here are a few things you need to know if you want your vape business to take off almost instantly.
Research Competition
Firstly, you should research your competitors and see what other stores do. This type of research can be invaluable, as you can learn about what is and isn’t working without taking risks yourself.
Do other businesses have huge vape starter kit sales or focus on being the go-to spot for new vape liquid? Whatever the case, you need to not only know what you are up against but also see what is selling well or if there is a gap in the market.
Online vs. Brick & Mortar
Next, you need to decide whether you will be an online or a physical store. Both have pros and cons, but your budget, offerings, etc., will determine your route.
Online Store
While an online store is far more affordable to start and accessible to people, one struggle you may have is making a name for yourself and building an audience in the sea, and that is the internet.
An online store requires a lot of marketing, SEO, content, etc., to gain traction on Google and ensure your store can be found through means other than word of mouth.
Physical Store
On the other hand, a physical store almost markets itself simply by being in the public eye, and you can quickly gain a customer base if you are situated in the right area. However, the cons of a physical store are large.
Namely, the amount of money you need to rent or buy a building or storefront can be enormous, and with most people needing to take loans, you can find yourself in a financial pit if the store needs to be seomore successful.
Market Research
Market research is another critical step, as you need to know what your customers and potential customers want to buy. While this is pretty self-explanatory with a vape store, as vape products and vape-related products are to be expected, it is more about finding out what customers want that no one else is selling or offering.
Do your customers want a particular brand of vape liquid that no one else is importing? Or do they want a space to relax, have a coffee, and vape? Answering these questions will give you a great idea of which direction your business should go.
Inventory
Your inventory can make or break your business; therefore, having a wide selection of products is essential, but not many that don’t sell, and you lose money. When you are just starting, starting small and then expanding and growing the business is necessary.
It is also important to remember that everything you offer covers all budgets; never forget that there will be a few people who want a new expensive vape mod, but there will be even more people just looking for a new battery, coil, or vape juice. Don’t accidentally become a “high-brow” vape store just because you wanted to be different and offer unique items.
Marketing & Social Media Presence
In this day and age, you aren’t going to get anywhere without marketing, especially not marketing on social media. Not only is social media the most inexpensive way to market, but it is also the best place to get in front of your potential customers.
Figure out a social media marketing campaign and stick to it; post videos of the store, product lines, demonstrations, etc, and show people that you are the best store to visit for their vaping needs.
Networking
Networking and talking to other business owners or people in the vape world will help you in multiple ways, but two of the biggest are finding out trends, and finding great product deals that can save you money.
Knowing trends will help you get products on your shelves before they explode in popularity, and finding out where to get the best product deals will help you save money on buying and importing, without sacrificing quality.
Hire the Right Employees
Having the right employees, whether you have a physical store or not, is vital in creating a friendly and helpful place for customers to visit. Considering vaping involves your health, an investment, etc, you want people who understand all the ins and outs of vaping so that they can explain it to customers.
Diversify Your Product/Store Offerings
Finally, you may want to find a way to diversify and set yourself apart from your competition in a way that hasn’t been done. It can be something small, such as having a coffee machine available for customers to use, or something bigger like creating custom vape liquid flavors.
Whatever it may be, as long it is something different from the norm, customers will choose to visit you instead of someone else.
