Opening up a new store is a lengthy process. It's important to make thorough plans and do all the necessary research to maximize the chance of success |
Analyze the local market.
The first step for starting any new business is analyzing the local market. Is there a large enough population to support this kind of niche business? A town of 500 people, for example, may be big enough for its own gas station, but there aren't likely to be a lot of specialty stores like a vape shop or lingerie boutique. There is no specific cutoff for a minimum population size since there may be other factors that compensate for a small population size. How many people are smokers interested in trying something like vaping? Are there any other local stores that already stock the types of products you intend to sell?
Research regional laws and zoning restrictions.
A vape shop can be a unique challenge when compared to more conventional categories of businesses. "Vices" like liquor and tobacco are subject to distinctive taxes and regulations, but nebulizers and other electronic smoking devices can fall into a gray area with little regulation in most states. Cities also have zoning laws that govern whether certain properties can be used as businesses or residences. This kind of city planning makes sure that businesses are accessible by major roadways, and they help to limit traffic through residential neighborhoods. Before purchasing a property, especially if it's an empty lot, it's worth looking into the applicable zoning regulations.
Assess the amount of starting capital available.
After purchasing the property and converting the space to meet the needs of a new business, there are many more expenses to cover. Financial capital is a major ingredient for any new enterprise, and a shortage of funds can negatively impact the future success of the business. Investors are one popular means of funding, but they tend to expect a share of the company. Bank loans are another avenue, and they tend to provide the best interest rates. Borrowers without sufficient credit sometimes make necessary purchases with credit cards, but the high-interest rates make this the last resort for an entrepreneur. Loans from family members are another popular option. Some owners borrow against their homes, but this can put their personal lives and family stability at risk. The safest course of action is to wait until enough capital is available and scale down the launch to match a more limited budget.
Plan to stock a diverse inventory of products.
If there isn't another vape shop in the area, it's important to stock products for both new and experienced users. Not everyone will be interested in building a custom nebulizer, so it's important to have simple options. A wide selection of e-liquids will cater to the tastes of the broadest possible audience. Clothing and accessories can also give visitors an excuse to spend time browsing through the vape shop selection.
With proper planning, a new enterprise can be a source of personal satisfaction as well as revenue. Opening a store can be a great way to share your enthusiasm for vaping with the whole community.
When considering a vape shop, visit Popie's Vapor Lounge. Learn more at http://www.popiesvapor.com.
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