Vaping has become one of America’s favorite pass times over the past decade and is continuing to grow in popularity. Additionally, marijuana legalization and the booming CBD market are also helping the vaping industry significantly as the demand for CBD vape pens is rivaling the demand for traditional vape juices and oils.
Running your own shop will require you to have a lot more than your enthusiasm for CBD vaping and a dream. You must put a strategy in place to maximize your efforts if you want your company to have a shot at success. Continue reading to learn what you need to launch your own vape shop.
Create a business plan.
Passion indeed is one of the main characteristics of successful entrepreneurs, but you can’t build a thriving business on your passion for CBD products and vaping alone. It’s imperative to have a plan to guide your efforts as well as goals to give you a sense of expectation. So, it’s time to put pen to paper and write out a blueprint for your business.
Before you start drafting your plan, you should do some market research to determine the feasibility of your CBD vape shop. Depending on how many businesses there are in your area that sell CBD and vape pens, you might find that there really isn’t a market for your business idea, or you may find that you need to tweak your idea.
As part of your planning, you also have to decide what your business model will be. For instance, do you plan to operate from a brick-and-mortar location, online, or both? Are you going to offer THC vape pens? Because if so, you can’t sell THC-free CBD pens in your vape shop or vice versa because, in most states, you can’t sell hemp-based CBD vape pens alongside THC pens. As you can see, your business model impacts everything from your target market to your means of selling products.
Additionally, you also have to lay your plans for a location and facilities and finding suppliers. The planning phase is the most important phase of launching your CBD vape shop, so take it seriously unless you plan for your business to go up in vapors.
When people frequent your establishment, you want them to walk in and see a broad selection of the most popular flavors of vape juices and oils, from Pineapple Express to OG Kush. In addition to offering a premium selection, you need to make sure your prices are competitive.
As part of your market research, you should have done some research to see what the most popular vape juice flavors and oils are as well as the type of vape cartridges consumers like most. You may feel like your own enthusiasm as a vaper makes you an expert on what the buying public likes. However, the more you know about what products are in demand in your area and around the United States, the better selection you can provide for your customers.
Over the past few years, there’s been a shift as people are turning to more holistic lifestyles. As such, CBD and other essential oils have enjoyed newfound popularity among consumers. Also, you should have juices made from vegetable glycerin (VG) for vegetarian vapers. That means you need a supplier who can give you a great deal on the best CBD vape pen and the most popular essential oils on the market at costs that allow you to offer reasonable prices to your customers.
Launch an alluring and well-defined marketing strategy.
Marketing is important in all businesses, but you have to be extremely cautious about your marketing strategy in the vaping industry. You want your target market to be clearly defined so that there is no confusion about your marketing intentions.
When people think of CBD and vaping, they think of relaxing with friends, or alone, and enjoying the moment. Therefore, you should present your company as a place to come and take the edge off with the best selection of CBD, THC, and essential oil vape pens, oils, and juices in your area.