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7 Tips For Starting A Successful Vape Business

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Oxford Dictionaries chose “vape” as its Word of the Year in 2014. In addition, a survey by Reuters showed that almost 11 million people in the United States are vapers and more than half of them are under the age of 35. If you follow the steps outlined below, you’ll be able to start a successful vape business.

1. Educate yourself regarding applicable regulations. Because the United States government deems e-cigarettes to be tobacco products, your vape shop will need to abide by all FDA regulations that oversee tobacco sales.

2. Stay on top of the legal regulations. The FDA initially classified e-cigarettes and other electronic nicotine delivery systems as tobacco products.Now they regulate not only e-cigarettes but also any of their components that are produced for e-cig use.

3. Create a business plan. The sooner you start reviewing the FDA website, the more prepared you will be to open your vape business. In the meantime, it would be a good idea to get started on your business plan that includes:

  • A one- or two-page overview of your plan;
  • A definition of everything from personal goals to industry trends;
  • A list of what you offer;
  • Your sales and marketing plan;
  • Your strategy for the administrative side of things;
  • A list of key positions;
  • Your vision of the business’s future;
  • A financial summary.

4. Procure an e-cigarette merchant account. You need to find a reliable merchant account to simplify transactions 24/7. Finding this account can be challenging for newer vaping companies or ones are classified as “high risk.”

5. Secure business credit. A big portion of building your business credit is verifying your financial reliability.You’ll probably need to borrow money to help your business grow. And for that to happen, you’ll need suitable credit.

6: Brand and market your business. You’re probably already aware that the majority of vapers are younger adults. Once you identify your target market, you can develop a stronger brand, which is the personality and identity of your business.

7. Keep being creative. To help your business thrive, you have to keep attracting customers. Think outside the box and use your imagination and social media to get people in the door.

Now that you understand the process of how to start a vape shop, it’s time to actually do it. Don’t try to cut corners, just conduct your research and understand your business.

Modern Vapor Company offers a collection of some of the most innovative products on the market and makes them available to you at affordable prices. Contact us today for more information and check out the store!


 

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