Vaporizers have become quite popular in recent years, offering users a way to enjoy nicotine and other substances through technology rather than through combustion (as one would experience by smoking a cigarette). Because of the popularity that the vaping industry has achieved, many are looking for ways to launch their own brands for vape enthusiasts. But as it is with all businesses, getting started may not be as cut and dry as many would expect it to be. If you’re looking to start your own business selling vaporizers and similar products, here are five tips for starting your own vape company.
1. Figure out what you’ll need to get your company up and running.
Starting your own business begins with taking inventory and figuring out exactly what you’ll need to operate your business (as well as how much it’s going to cost both initially as well as over time). For example, someone who plans on selling vaporizers, as well as vape oils and other products, is going to need more than someone who’s planning on selling one or the other. If you plan on creating your own goods, this adds further to your list of creation and branding needs.
Some areas that you may want to research as you start your journey include:
- Starting your own website: Whether you’re starting a brick-and-mortar store or a strictly online business, you’re going to need a website. This means dealing with graphic design needs, domain names, hosting, content marketing, and beyond.
- Branding and packaging: The quality of your branding and packaging determines how your customers perceive you. Take some time to establish your brand and come up with a great finished product. The last thing you want is to have to rebrand after you’ve launched.
- Equipment needed to create and manage products: If you’re working on your own products, chances are that you’ll need equipment like cartridge oil filling machines and labeling machines. The good news? You can easily get access to support or equipment by turning to a company like CoolJarz.com. CoolJarz specializes in custom branding and packaging for a wide variety of vaping and smoking products. Additionally, they offer business owners equipment like cartridge oil filling machines and sealing machines that they may need to get started. If you’re in need of packaging and branding, enlist the help of a company like CoolJarz when you get started.
- What goods you want to sell and how this will impact your business: The finished product you decide to sell will impact business operations, as most vape goods fall under certain regulations. Whether you intend on selling vape products containing nicotine, cannabidiol (CBD), or even marijuana, look into laws in your area regarding these products and what you need to do to keep your business legal.
These are just a few points to consider. Make sure that you do your due diligence and thoroughly research the vape industry as well as your desired business model to mitigate potential risk and get your small business off the ground in the best way possible.
2. Create a business plan and secure funding.
Starting your own business can be an exciting prospect, but without the proper business plan, things can become disastrous quickly. Once the idea pops up into your head, create a comprehensive business plan that thoroughly evaluates the industry, how your business will operate, what anticipated profits will be, and how you can ensure its sustainability over time. This road map will serve to guide you as you launch and run your business, something that is especially important in today’s business world.
Of course, a business plan plays another major role in your journey: helping you to secure funding. Without the ability to assess risk and understand what they’d be investing in, an investor can’t give you the loans you’re looking for. But once you have your business plan, where exactly do you look for investors? The answer will depend upon your needs. For example, if you’re looking to secure space for your new business, you may want to approach an organization like pacificprivatemoney.com. Pacific Private Money offers private lending to borrowers seeking to purchase or invest in real estate. For someone operating in the vape industry, this can be especially important as access to private money provides support to those who can’t secure conventional financing. As long as you’re the perfect borrower with the right business plan, credit, and pitch, securing private money loans should be a relatively easy step to achieve.
3. Dive deeper into marketing to get your product out there.
Having a great product is only valuable if there are people interested in it. One vital area to explore now is marketing and how you can make others aware of your brand. If you’ve set up a brick-and-mortar business, you’ll want to focus on local marketing as well as your online efforts. If you’re strictly an online business, you’ll want to dive deeper into your marketing strategy to figure out how you can compete on a national level. Fortunately, there are a lot of great free marketing platforms you can leverage to get started. For example, social networks like Snapchat and Instagram offer a great way to get your business out there without having to spend money you may not have at the moment.
In addition to figuring out what you can do on your own, you should also consider items you may need to outsource. This could include paying for product videography that will offer potential customers a closer look at your products on your social media channels as well as your website, whether you’re looking for a type of video that simply highlights the product and its packaging or you’re looking to produce an explainer video or some Instagram stories. The more comprehensive your marketing strategy, the more prepared you will be to grow your business as you move forward.
4. Keep an eye on industry trends and the continuing COVID-19 pandemic.
Everyone is talking about the pandemic, and for good reason. The spread of COVID-19 has had a massive impact on the economy, especially for small businesses that have been affected throughout the course of several state lockdowns. Developing your own small business not only means following the traditional business advice and conception process but taking into account the state of the country as well. To add to this, you’ll also want to keep a close eye on the vape industry to stay on top of trends and news that could impact your business. The more knowledgeable you are about not only the vape world but the business world as a whole, the better you’ll be prepared to make any changes needed.
5. Make sure that you have the flexibility needed to change direction if needed.
No matter how much you plan, recent events have shown us that anything can happen when it comes to the unexpected. Having goals is valuable, but it’s crucial that you leave enough room to be flexible and change direction and make adjustments when need be. Betting your success on only one product or one course of action can prevent you from seeing the growth that your business needs.
Starting a vape company can be great for those who have a passion for vaping. That being said, planning is essential in any kind of business. If you want to start your own vape business, use the five tips above to help guide you through the process and make your dreams a reality.