If you’re ready to open your new vape shop, it’s safe to say you’ve obtained a license or permit from your state or local government. Hopefully, you’ve found a location with high foot traffic and secured the necessary funding, too.
Perhaps you’ve already partnered with reputable suppliers as well, so all that’s left is to plan the grand opening. But are you forgetting something?
You’re quite busy right now, so a few important things may easily slip your mind. Make sure you don’t forget about these.
1. Get Business Insurance
There are several types of business insurance for vape stores necessary for protecting your assets.
General liability insurance would cover expenses due to a potential lawsuit regarding accidental bodily injury in your store.
If someone blames an injury on your products, product liability insurance will cover your legal expenses.
Business property insurance will protect your store against financial losses due to a fire, theft, or other unforeseen circumstance.
You’ll also need workers’ compensation insurance to cover medical expenses, and lost wages should any employees sustain an injury on the premises.
2. Get a Safety Inspection
Regular safety inspections are crucial for keeping your staff and customers safe.
They include inspecting both the exterior and the interior of a building to identify potential safety hazards and devise a plan for corrective actions.
3. Incorporate Your Business
Incorporating your business can protect you from personal liability, provide you with certain tax benefits, and make expanding your business much easier.
Sit on the idea for a while because you can incorporate your shop anytime. But forming an LLC, S Corp, or C Corp would be exceptionally smart for your securing personal assets, overall business, and your legacy.
4. Order Shop Equipment and Products in Advance
If you’re nearly ready to open your shop, you probably have all the necessary store equipment in place, including the shelving, counters, furniture, POS terminals, signage holders, and other fixtures.
But is anything missing from your shelves? Don’t open the shop if you’re still waiting for certain products to arrive. Contact your suppliers and order enough products to last you for a while so that a potential rise in demand doesn’t leave your shelves empty.
5. Utilize Inventory Management Software
Inventory management software will help you keep track of your inventory in real-time so that you make profitable business decisions and never miss sales opportunities.
The software will help you reduce the risk of excess stock or stock-outs, save costs, place orders with suppliers, monitor their delivery status, and more.
6. Design an Appealing Store Layout
A well-thought-out layout will help you generate more revenue, so design one that will delight your customers and guide them to your best products.
Manage the flow with a practical floor plan and find ways to arrange the products to appeal to multiple senses.
Don’t underestimate the power of cross-merchandising because someone looking for a vaping device probably needs vape juice, too. Identify products that go together perfectly and place them on one display.
7. Train Your Employees
You may have hired the best possible staff, but it still wouldn’t hurt to train them. There’s always room for improvement, and proper training will ensure they have all the necessary knowledge and skills for working at your shop.
Also, according to the FDA’s Compliance, Enforcement, and Training regulations, vape shops can be regulated as both retailers and manufacturers. As such, they’re required to conduct approved retailer training programs. Failing to do so would result in monetary penalties.
8. Set up an Online Store
If you’re opening a brick-and-mortar store, you should consider setting up a digital storefront, too. You must be aware of an online store’s potential for growth, as it can help you extend your reach globally.
Choose an e-commerce platform, buy a domain name, and hire an expert to build a professional-looking website that will impress your customers. Sort out your shipping and return policies, set up multiple payment methods, and launch a high-converting online shop.
9. Run an Educational Marketing Campaign
Vape shops have limited marketing possibilities because of various regulations imposed by the federal government. The best way you can go about promoting your products is through an educational marketing campaign.
Highlight your products’ features in terms of the benefits they provide to educate consumers and drive them to your door. Make sure you support your claims with scientific and social proof.
10. Network with Potential Customers
Instead of stocking your shelves and waiting for people to roll in, seize opportunities to engage with the community.
Head to social media to raise brand awareness without being too promotional. Focus on building relationships and providing real value.
11. Stay on Top of Your Taxes
If there’s anything you shouldn’t forget about when running a business, it’s taxes. Record all your expenses to stay on top of taxes and avoid getting into legal trouble, but also to monitor your cash flow and maximize profits.
Ready to get your new shop off the ground? You will be, once you get all the things above in order. Make a list so that you don’t forget anything and lead your business to success.