Welcome back to another blog here at DC Alchemy! This month we’ve been talking about how to start a vape shop. Last time we covered some of the most basic steps for any business.
You can read any book on business and learn those principles, after that it’s simply a matter of finding the angle you need to make it work for you. Let’s go over one of those right here!
What Constitutes a ‘Good’ Location for a Vape Shop?
You need to consider the size, competition, and visibility available to a location. Some of these you can have some control over (getting more signage and having visually powerful branding from the road) but size and competition you’ll need to scope out before setting up shop.
A space that is large (perhaps too large) is going to be more expensive to operate and won’t necessarily add much in return for the increased space. If the shop is too small, well, that’s a pretty clear problem. Vape shops don’t need a huge amount of square footage to perform which is great for keeping overhead lower.
Know where your competitors are, understand the market you are attempting to cater to and be sure you’re not putting yourself in a tight spot.
Approach each of those steps from last time with this eye to understand how it all applies to your vape shop dreams. Don’t let any of these things deter you because getting into the vape industry has some serious advantages for entrepreneurs!
There Are Many Opportunities
Vaping isn’t just an alternative to traditional tobacco smoking. It’s also a part of the booming medicinal and recreational cannabis market. As more and more states legalize the use of marijuana, more and more people are finding which method works best for them. Smokers looking to transition or quit, folks interested in trying medicinal or recreational marijuana, or even those who just want to try vaping – the market is there!
The type of business you choose to open can also vary! You can open a vape shop, or create an online businesses. You can get into the creating of liquids, or vaporizer components (*ahem*).
The Vaping Business Can Be Lucrative.
While we’re not going to say it always is a money maker, vaping has been on the rise over the past few years but it isn’t a golden ticket. In 2018 the global vape market was worth about ~$23 billion, and is predicted to just keep on rising. Don’t get too struck by that value, remember that you’ll take at least half a year, likely longer (especially now) to get a return on the initial investment – but remember, that time is going to pass regardless!
Being an Entrepreneur is Exciting!
Entrepreneurship rarely means a simple path and routine. There will be new challenges every day, new hurdles to overcome. Being a vape industry entrepreneur comes with even more unique situations, tasks, challenges, and experiences for you.
For more specific advice on all sorts of topics of the business, check out other industry sites like the folks over at VapeMentors. Their whole site is dedicated to helping newer vape shop owners find their footing in this industry, and they’re not the only ones! There are a ton of different resources available to entrepreneurs just getting started.
When you’re ready to start stocking inventory, remember DC Alchemy for all your CCell wholesale cartridges, we’re an industry leader in quality and price and we’d love to help you make your vape shop dreams come true!