Electronic cigarette shops, or ‘vapor’ shops as they are also widely known, are one of the fastest growing trends in the USA. More and more people are gradually beginning to realize that they can really gain a large profit from opening one; millions of Americans are turning to the modern-day craze that is electronic cigarettes, as opposed to regular ones. This means that more shops need to be opened. However, the first step to be taken is to open an electronic cigarette merchant account. This business is considered a high-risk one, therefore this is the most important thing to do. Once you’ve done so, follow the simple steps below and before you know it, your electronic cigarette shop will be open for business.
Establish a Location
It goes without saying – the busier the location, the better. With a new business, it’s vital to have lots of passing trade in order to make a high profit. Setting up your shop in a mall or on a busy road is bound to attract lots of people to come in and see what you have to offer.
Although currently there is no specific license or permit needed to sell electronic cigarettes, it’s certainly wise to consider that this could change in the near future. Getting the license to be a tobacco reseller should be done as soon as possible, to ensure no future conflicts with the FDA. Not only this but make sure you equip yourself with general liability insurance, just like every other store.
Choose a Unique Name
Choosing a name is a key factor in setting up your electronic cigarette store. Make sure you are creative because often many e-cig stores end up with the same names. It’s important for people to remember you in particular and to be able to set your store apart from the others. Once you’ve chosen, register the name with your county or state as a DBA. If you’d like extra protection, file a trademark.
Secure a Supplier
Once your store is up and running, one of the key factors of your business now is the supplier. Before coming to a decision, do your research. Shop around. Figure out which supplier offers the best value for money, and go from there once you’ve made contacts. One thing’s for sure – there is absolutely nothing worse than spending more money on buying supplies than what you earn from selling them to the public. Keep this in mind.
Get Your Name Out There
Promote your business and make yourself known in your local area. Set up a website and include all your contact information, get in touch with local newspapers and radio stations to advertise for you (usually at a small fee), and spread the word to people you know. Make business cards, and flyers, add up costs, and think of special deals you could offer during the first fortnight of trading. Whatever you choose, it’s your business, but it’s key to get yourself known.