Vaping, or using e-cigarettes, is a booming industry. While the marketplace is becoming crowded, excited entrepreneurs can still find ways to build a strong business that capitalizes on the growing popularity of vaping. There are many different ways to do this; here are a few of our favorites.
Franchise
While vaping as an industry is new compared to fast food chains, franchising itself is not a new concept. Some vaping franchises have popped up. These run all the same pros and cons of buying into any other franchise. You’ll be handed a ready-to-go business plan, have marketing designed for you, and have products and even store designs all set.
The downsides are that getting together the startup capital can be hard, you’ll have little to no control over marketing or product selection, but you’ll still need to build an audience in your community. Running a franchise can seem like you just sit back and let the business do the work, but your “soft skills” – networking, hiring and managing employees, and working with customers – are just as important as they are in any other business career.
Kiosk
If franchising seems like more than you want to get into and running a full store is way too much, you could consider running a kiosk. Kiosks operate under different rules in different locations; you may be able to rent a space in a local mall or shopping area, or need to find a location within a freestanding store.
The benefit of a kiosk is that you often have less product to carry and manage, you have lower up front costs, and you won’t generally need more than one other employee, if that. This can be a great way to test a market and see if getting a larger location is likely to be profitable for you. You can also test our your ability to attract attention from passersby who are not inherently interested in your product.
Make your own branded vape kit or vape oil
While this may be the most expensive way to get started in the vaping industry, it can also be the most satisfying. Seeing products out in the world that you created, or at least put together, can feel fulfilling and intriguing.
Some vapers also get very good at making their own vape oil. If this is a talent of yours, you could look at making your own CBD vape oil for sale. Make sure that you understand local, state, and federal laws around manufacturing and selling these oils. And be prepared with capital; to get off the ground, you’ll need to get a large number of ingredients and have your oils ready to go right away.
Add products to existing store
Do you already have a store, either online or in a shopping center? Consider adding vaping supplies and juices to your in-store selection. Depending on what sort of store you own, these products may or may not fit well, but for convenience stores, gas stations, and other corner markets, vaping products can fit right in. If you have a local supply maker and a store that focuses on local goods, this can also be a great pairing.
If you do this, make sure to advertise that you have a new selection available, and talk about why you are the new destination for vaping products in your area.
Sell online
Opening an online storefront is easier than creating a brick and mortar store, buying into a franchise, or even putting together a kiosk. If you choose to white label a product, you could have your store up and running in just a few days.
Remember that having an online store doesn’t on its own mean that people will flock to it; you’ll spend money on ads, need to create attention and buzz on social media, and more. But when you’re looking at overall layout, having an online store that is basically a portal from the customer to the manufacturer, you can make significant money without doing anywhere near as much work.
Blog or Vlog
If you love vaping and want to share your passion, you could create a blog or vlog about the industry. You could comment on new products, offer reviews, and work to bring attention to legal changes within the industry. Countries around the world are making choices about vaping, and sellers need to be aware of what’s going on. You can also establish yourself as an affiliate and earn a sales percentage for referred customers.
Whatever path you decide to take for your vaping business, make sure to fill any gaps in your business knowledge before you get started. Make local connections in the business community, consider taking a few courses at the community college, and know which resources will work best for your business. This is the best way to build a successful business.
