How to Open Your Own Vape Shop?

Vapes – it seems like you see them everywhere, hear about them at every corner, and you’ve probably had a chance to try them and stay hooked on them as well. After all, these devices taste so good, come with an attractive appearance, and above all, help smokers to limit or eliminate their tobacco intake. 

If you were thinking about starting a small business for some time, opening a vape store might be a great idea since the industry and its worth are growing incredibly fast. Back in 2019, Euromonitor estimated that the number of vapers worldwide will reach 55 million by 2021, and we are pretty sure that the number is even higher. The demand for these devices is huge and growing by the day, so there is a great chance that you will not be out of the business for at least a decade. However, there are important things to consider and steps to take to ensure a smooth start and avoid potential administrative problems that can appear on the way. 

For us at Vanilla Blue Distro wholesale vape shop, things couldn’t be better from the very beginning, and this is only because we knew exactly what to do and how to reach the given goals. If you wish to get first-hand information on how to open your own vape shop and get those juices flowing in record time, we advise you to stay with us and read carefully what we’ve prepared for you. Don’t hesitate to contact us in case you require more clarifications since we are always eager to help our future vaping community members as much as we can, and if you need a trustworthy supplier, we have numerous disposable vape wholesale packages to offer. 

First Things First - Do the Research 

It is not a secret that there is a huge controversy about vapes, and the first thing to consider is what’s your state’s legal status regarding opening a vape store. Do the research about taxes and their values to be prepared on how much money you’ll need to put on the side for this particular matter. 

Even though federal-level tax doesn’t exist in the US for now, you have to collect state excise taxes on your products, and some states allow local jurisdictions to establish vaping taxes as well. If you want to open an online store instead of a brick-and-mortar one, you also need to comply with the given laws and regulations of the customer’s state as well, so keep that in mind before deciding which option is working out for you. 

Start Creating a Business Plan

After you’ve finished the tricky part, you can take some time to be creative and think about the name of your store. You can check the Secretary of State’s website database and see if the name you like is available. One of the most recommended business entities when it comes to vapes are LLC, S-corp, and C-corp which all include limited liability, and if you wish to run the business alone, you can go with a sole proprietorship. 

It is important to be aware of the competition in your area and perform thorough market research to see whether there is a need for an additional store. We’ve already pointed out that demand for vapes is huge, but make sure to pick the adequate location for your brick-and-mortar store or offer something unique and exclusive to attract customers to your online store. When it comes to marketing, you have to check the FDA’s regulations on selling e-cigarettes and make sure that your advertising structure complies with the given rules. 

Getting the Essential Permits or Licenses and Registering Your Business

Starting a small business can seem scary at the beginning, but after you get the valid information, you’ll see that it is all very doable. 

The first step in this chapter is to obtain the needed licenses to register your business on every level – local, state, and federal. The given permits need to comply with the laws from each level we mentioned above. This is probably the trickiest part, and it usually requires more time than expected. Since vapes are considered to be tobacco by the FDA, you’ll need to comply with the regulations that match the given category. In case you are planning on mixing the e-liquids or loose tobacco on the spot, you should check out FDA’s tobacco retailer and manufacturer regulations as well. 

There might be some additional permits on the state’s level, and you need to obtain all of them to rest assured that your business is and remains legal. You can always turn to a professional legal adviser to seek advice and help in gathering the necessary documentation. 

Know The Costs and Plan Your Budget 

This is possibly the core part of any business structure, so make sure to calculate all the costs and remain prepared for some additional expenses as well. Banks are not too eager on financing start-ups, so you need to make sure that you have enough money at the very beginning or apply for a personal loan for business which seems to work just fine for new businesses. Make sure to include the expenses for the given permits and licenses, rent, insurance, taxes and payroll, and most importantly, inventory. 

Selecting the Great Products and Reliable Vape Wholesale Companies 

There are plenty of vaping devices on the market, but the ones you should keep in the stocks must have a proven quality and overall recognition from the audience. Researching the current demand for vaping products is one of the most interesting endeavors, so feel free to have some fun on the way!