1. Business Plan and FinancesEvery company needs a business plan and budget to increase its chance of success. While many vape and tobacco shop owners start their ventures out of passion, careful preparation serves as a more solid foundation. Using your enthusiasm to drive an already sturdy business premise can help you grow your shop to its greatest potential. Once you have a business plan, you can contact investors, take out a business loan or use existing funds. Make sure you include costs for inventory, a vape shop point-of-sale (POS) system, employees and more.
2. Licensing and LawsVape and tobacco products have specific laws and regulations surrounding their sale. Many laws that apply to tobacco also apply to vape products, but your state’s laws may vary. Your tobacco or vape store will also need the licensing required by federal and state laws. In some cases, your local area will also have rules regarding vape and tobacco products. Remember to look at regulations on the federal, state and local levels to ensure you follow the law.
3. Location and ZoningWhen finding a location for your vape or tobacco shop, you have to consider convenience and legality. Many towns have zoning policies that require tobacco and vape stores to stay a distance away from certain properties. Once you know where you can legally open, you can figure out where the most customers will find you. An area with a high amount of foot or car traffic can attract a wide range of customers. However, if you have a specialty store, you might want to open in an area where you can find your target audience.
4. Suppliers and InventoryIf you already consider yourself a vape or tobacco enthusiast, you might already have a few suppliers in mind for your shop. However, you also want to keep the needs of other vape and tobacco users in mind. Remember to stock quality staples first and branch out from that base inventory.
5. Staff and EquipmentOnce you establish the previous elements of your shop, you can get the employees and equipment to run your business. If you start a vape shop, you may want to focus on employees with the same passion as your customers. Any kind of business benefits from the right sales equipment. A Tobacco Store (POS) system like POS+ can help you:
- Manage transactions
- Track sales statistics
- Record vendor relationships
- Weigh and price loose-leaf tobacco
- Scan thousands of existing items or add your own