Vaping has skyrocketed in popularity in recent years as more and more people strive to quit smoking. While vaping is much more affordable than smoking, it can still take up a significant chunk of your finances. As a result, those who seek out the best vape deals may be wondering if they can take it one step further by establishing their very own vape store. From this, individuals may decide to create their own e-liquids as well as sell those that have been created by renowned brands. So, if you’re keen to establish a startup vape store, be sure to follow the below steps.
Compose a Business Plan
To begin with, you will need to compose a business plan. This should include what type of business you wish to start, the name of the business, and the structure, too. Before progressing any further with the establishment of a business, the plan must first be in place. It’s not enough to simply love vapes; the industry is constantly facing changing regulations and bans, meaning you need to be prepared to keep up with such. This means you should research your state’s laws about vaping before anything else to ensure you don’t land yourself in hot water.
Register Your Business
Once your business plan is in place, the time comes for you to register your business as well as obtain any licenses or permits. Since vaping deals with nicotine, there will be very specific licenses required to run a vape store. For instance, many states require you to be at least 21 years of age before you can legally buy and use vapes. This also means that you can’t establish this business unless you’re over 21 yourself, and you won’t be able to employ anyone under the age of 21 to sell your products.
Consider Startup Expenses
There’s no escaping the fact that a startup business will require some funding to get started. In order to avoid any unpleasant surprizes, you should consider these expenses from the beginning. Key inventory might include e-liquids, hardware, replacement coils, batteries, chargers, and so on. Despite this, there are many other expenses to consider, including staff, marketing campaigns, accounting software, suppliers, the premises, and much more. Make sure you carry out thorough research to cut costs in any way you can, as saving the smallest amount of money where possible could be beneficial to you.
Get Business Insurance
Insurance isn’t always considered in the establishment stages of a business; however, its importance can’t be underestimated. In fact, vape stores are said to pay more than other retail stores for insurance. This is because vapes are thought to pose unique risk factors, meaning insurance premiums are higher than usual. As a result, insurance will need to be factored into your startup expenses, as this won’t be cheap. Similarly, you shouldn’t be searching for the cheapest insurance possible, as this could potentially leave you vulnerable to some risks. The protection of your business is arguably one of the most important aspects.
Get a Business Credit Card
As previously mentioned, establishing a vape store will come with a number of expenses. For tax purposes, you will want to keep all business expenses apart from your personal expenses, meaning a business credit card is essential. In addition to keeping all finances separate, proper use of a business credit card will allow you to build a good credit score for yourcompany, which will mean you’re more likely to be accepted for loans and other modes of financial support as and when you need it.