The number of successful vape stores being started especially by first time entrepreneurs has increased significantly. Most of these entrepreneurs are able to grow their businesses but there are others who are compelled to close after short periods. These especially include the entrepreneurs who do not have any experience in business.
VapeMentors helps such entrepreneurs so that they can start and run their vape businesses successfully. This company was started in 2013 by Norm Bour who is a lifetime entrepreneur. The company has helped to launch more than 30 vape businesses and has more than 200 students on its online community. This company has been able to establish itself as the leader when it comes to provision of business advice to vape shops, e-liquid brands and eCommerce websites. Here is helpful advice from VapeMentors on how to successfully start a vape store.
Picking the Right Location
The location chosen will play an integral role in determining the success of the vape shop. VapeMentor provides a comprehensive ebook known as –How to Pick a Vape Shop Location- which guides entrepreneurs on choosing the most suitable locations. While choosing the location one should consider the size with the right size being 500 – 1500 square feet. It is also to consider branding and signage where the store should be properly branded and the sign should be clearly visible. Furthermore, the store should be near an anchor store such as a gas station or a grocery store where there are many people passing by. It is also paramount to consider the competition and ensure the store is in a place where there is no a lot of competition.
The Cost of Opening a Vape Store
To effectively start a vape store there are various expenses that needs to be catered for. Some of the main expenses include rent, insurance, license, kits, e-liquids, parts and employees among other. But the main determinant of the opening cost is the size with a small shop requiring about $25, 000 and a relatively big shop requiring about $50, 000.
Financing the Vape Shop
Getting enough money to start a vape shop can be challenging especially if one does not know where to get the finances. Most banks rate vape shops in the riskiest category and as a result they charge high interests on loans. Some of the most ideal alternative sources of finance include Ventury Capital which finances vape shops. Fundera is also helpful for it provides details on how to minimize expenses while starting a vape shop. There are also other non-traditional sources of finances including;
- Crowsfunding websites such as KickStarter and GoFundMe
- Peer to peer lending websites such as Prosper and LendingClub
- Internet providers of loans such as LendingTree and SoFi
- Personal credit cards
Merchant Account Services and Point Of Sale
Vape shops are also regarded as high risk businesses by majority of the merchant accounts providers and as a result they are charged higher rates. But providers such as TransAct give good services and charges below two percent. There are also good POS systems which are efficient such as LightSpeed and ShopKeep.
To start a vape shop in the current days one needs to give technology a priority. This is because almost all transactions are nowadays being done using technology. vapeMentors has a very helpful blog post titled-The Ultimate Tech Stack For Your Vape Shop which outlines the most ideal technologies.
Wholesale Vaping Suppliers
VaporBeast is one of the fastest growing and reliable suppliers for vaping businesses. The company supplies both new and already established businesses. The company also provides guidance on the fastest selling products.
Vape Stores Insurance
It is important to have a good insurance company covering the vape store because accidents can happen and clients can file law suits. Calco Commercial Insurance is one of the most reliable insurance companies mainly because it specializes in this industry. Another ideal insurance company is Lloyd’s which is also known for providing quality services.
State Vaping Laws
To start a vape store it is paramount consider the state laws because they are even more important than the federal laws. There are many resources including on the internet which can help entrepreneurs be able to understand the current state vaping laws depending on states.
Getting Proper Permits and Licenses
It is a requirement for a business to be licensed and to have the necessary permits. This can be challenging especially because most cities categorize vaping businesses as nuisance businesses. But through following the right procedures and paying the necessary fee one can get the licenses and permits.
Working With the Local City
Participating in the city’s public hearings and meetings about vaping can help a lot. One just needs to do certain things including;
- Being mindful of public perceptions
- Avoiding to vape during the meeting
- Dressing and behaving as a professional during the meetings
- Having solid arguments
Federal Vaping Laws
To start a vape store one also needs to understand these particular laws. VapeMentor provides tutorial lessons especially to beginners so that they can adhere to the laws properly. These lessons come as a three part email with blog posts and videos. VapeMentor also provides very helpful lessons for any beginner who would like to know how to start a vape store. All what one needs is to sign up to get access the online courses.