The vaping industry is a billion dollar industry around the world.
How to make money in the vaping industry
Apart from the vaporisers and electronic cigarettes that customers use, it also includes the accessories that they need every day, like replacement liquids and chargers.
To make money in this industry, you must decide whether you want to sell online or in your own retail space.
The amount of competition in your area, as well as the costs that you pay, can help you decide which option is best.
Check wholesale costs and requirements
Whether you want to see online or offline, you must check out the wholesale costs and requirements of getting the supplies that you want.
Make a list of the manufacturers and companies that sell vaporisers and vaping accessories. Contact each one to request a price list.
Many offer lower prices when you buy multiples of the same item. Depending on who you buy from, you may need a business license before placing your first order.
Keep in mind that you can deduct the cost of the merchandise you buy when filing your business taxes later.
Open your own shop
One way to make money in this industry is by opening your own neighbourhood shop. Before opening a shop, study the market in your area, and the number of competitors.
Check if your city is already home to a few popular shops. In that case, you may decide to sell online because finding customers is so hard.
Look for a central location that is near vaping enthusiasts. For example, a shop close to a college campus or a storefront in a shopping mall that gets a lot of foot traffic.
Buy only as much inventory as you expect to sell during your first month. Buying too much inventory increases your costs and may force you to run closeout sales to sell off discontinued merchandise.
Become an online seller
An even easier way to make money in the vaping industry is as an online seller. You can store all your merchandise in a spare bedroom or even your garage.
Working out of your home cuts down on overhead costs like rent and utility bills.
You can create your own website or hire a web designer. You can even purchase ads that run on other websites.
As a website reaches customers all around the world. You can make money without worrying about local competition or lure customers away from those shops.
Make your own blends
If you really want to set yourself apart from the competition and appeal to even more buyers, make your own liquid blends.
Every vaping enthusiast needs a vape liquid for use inside a vaporiser. Some prefer more traditional flavours like a menthol blend, but others prefer sweeter and savorier varieties.
You can experiment with essential oils to create custom flavours that shoppers cannot find anywhere else and flavours that mimic some of their favourite foods or snacks.
Giving shoppers something they cannot get from another site or shop is the key to success in the vaping industry.
You can even work with manufacturers to order your own customised carrying cases, chargers and other accessories.
The vaping industry is highly competitive.
As you walk down the streets in your city, you may see a number of closed shops. Many of those shops close because the owners did not realise the amount of work that running a store takes. Don’t let that happen to you.
You’re responsible for remaining open during your posted hours, offering the selection of merchandise that your customers need and handling all their questions.
In addition to opening a neighbourhood shop, you can also sell online and make your own customised products.