Vape shops have so far remained open throughout the 2020 lockdown, and it seems that more and more vape shops are popping up on the high street than ever before. Running your own vape store definitely looks like a safe bet in the current climate…
If you're thinking of starting a vape business, then you'll most certainly have questions about the cost of opening a vape shop and the likely profits you could make from having a vape business.
It's true that it may not be quite as easy to run a profitable vape shop in 2020 as it was in the early days of the vaping market. After all, there are now plenty of competitors operating in the market and some may be well established. But entrepreneurs are often surprised to find that it is still perfectly possible to make a very healthy profit if you create a sound business!
Did you know that the number of people vaping is growing? According to government figures, around 7% of adults vape, and up to 20% of existing smokers vape. Many people who vape do so to stop smoking and view vaping as being a positive alternative to traditional cigarettes.
Most entrepreneurs will immediately ask ‘how much does it cost to open a vape shop?’ After all, those outgoings will affect profits! The answer is, it depends on your business model and key factors such as your distribution channel, retail model (online or in-store), marketing, product pricing and so forth.
With an experienced partner such as E-Liquid Wholesale, you can maximise your chances of success. eLiquid offers valuable services to new vaping entrepreneurs such as white labelling products, helping with branding, offering low volume order fulfilment, rapid delivery of wholesale products and a co-packing service. ELW is ISO accredited and manufactures quality vaping products in the UK, according to all relevant regulations - giving you total peace of mind. We will handle all the legal work on your behalf – all you need to do is call us to get started.
The key to success lies in getting your business strategy right and positioning your product well. Here are some key tips for success:
1. Do your market research - understand your target market and have a clear picture of your target customer.
2. Decide whether to have a physical store or whether to solely operate online.
3. Keep your costs where they should be - use a partner such as E-Liquid Wholesale to buy quality products at the right price. Remember never to skimp on flavour, but that there is also a maximum saturation point that going beyond will not satisfy the customer any further and so is not worth the cost investment in.
4. Market comprehensively using free channels such as Instagram. Have a look around to see which celebrities and influencers post pictures of themselves vaping.
5. Get your branding right - again, consider using the ELW branding service for our expertise in the field. Look around existing vape shops on the high street; what colours and bottle sizes have they placed at eye level and which have they stuck at the back for no one to see?
6. Offer a superb customer service and experience at all times to encourage loyalty - this means no cutting corners, and always offering refunds in the case of a sub-standard product.
7. Sell quality, UK manufactured, compliant products, with ingredients that can be fully traced.
8. Do not confuse trends with real demand – blueberry pancakes may be the flavour of the month but keep an eye on the long-term favourites that customers inevitably return to in the end.
9. Listen to your customers and take their feedback on board – no business is above the buyer.
10. Above all else – provide the product that is actually in demand. In the case of vaping liquid, this means high-quality shots with a minimum of 20% flavouring in every vape liquid, so that your customer doesn’t need to double their vape time to get the same level of satisfaction.
To learn more about how E-Liquid Wholesale can help you to achieve your ambitions of owning and running a profitable vaping business, please contact us today.
We are one of the UK's leading e-liquid wholesalers and we offer own brand labelling too so for full details about our e-liquid products and services then please get in touch.
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