The vaping industry is growing at a rapid pace. According to Euromonitor, by 2021, there will be about 55 million vapers. If you are an entrepreneur looking to profit from the vaping industry, the good news is that the process is relatively easy.
With so many useful guides online, you do not have to spend sleepless nights figuring out how to set up a vape business. However, like every business, there are many variables that can determine the success of your vape shop. While there are many successful vaping shops today, many others that have fallen through the cracks. The difference between them is how they chose to go about their business. In this post, we’ll look at a few tips that can increase your chances of making your vape shop successful.
1. Choose the Right Supplier
Everything depends on the supplier that you choose to work with. If you don’t pick a good supplier, it will affect your profit margins as well as your reputation. For starters, you must go for a supplier that procures their products directly from the manufacturers or their official distributor. Avoid going for suppliers who get their products from unknown sources as you may end up selling knockoffs to your customers. Also, choose a supplier that gives you the best prices. That way, you’d be able to increase your profit margin and also offer competitive prices to your customers.
If you’re in the UK, one of the most reputable suppliers you can work with is JM Wholesale. This award-winning company is the largest supplier of vaping products in the UK. You will find products from all the top vape brands at this store. JM Wholesale offers great prices and even free shipping for all orders over £500. JM Wholesale also offers vape drop shipping so you do not have to spend a lot of money stocking up before you can launch your shop.
2. Choose Your Employees Carefully
Whether your vape shop is online or brick and mortar, the people who work for you are the “faces” of your company. Through the quality of the service they provide, they can make or break your business. You must hire people who are passionate and knowledgeable about vaping products. That way, you can be assured that they would provide the best customer service and build loyalty among your buyers. You can make it a requirement for all your employees to take online courses (many of them are free) to learn about customer service.
3. Use Social Media Wisely
A lot of businesses have an active presence on social media. However, do not settle for using social media to advertise products. Instead, interact with your customers and make your business seem more “human.” Make it a point to offer loyalty rewards and other prizes online to keep customers interested in visiting your social media pages. Conversate with your followers about relevant current events and keep things exciting. Many businesses fall for the trap of keeping a bland, official tone on social media. Avoid this at all costs! However, you must keep things within the limit of propriety and not overstep.
These are just a few of the key things to keep in mind when building your vape store. There are many other equally important tips worth mentioning. Here are some to consider:
- Use a reliable management system to keep track of your products and the performance of your employees.
- Focus on a particular area (a city or state) with your marketing efforts.
- Study your customers and find out how to serve them better.
- Offer a wide range of products.