If you're looking to start up your business in the vape industry, you may be looking for some tips on what to do. Starting your business without the proper information can be a very costly effort, so be sure to read through this blog for help on starting in the business.
The State of the Vape Business
Before you get in the business, you need to know about it. We all know the vaping industry is a massive industry, amassing more and more people all the time as the best alternative to smoking. But the industry is still young.
This industry has some threats to it. The tobacco industry for one, since we are taking their smoking customers from them. Also the government, who have passed some laws about vaping for people's safety. In 2016, the FDA categorised vape products as tobacco products. This later meant they were affected by the TPD regulations. This meant e-cigarette tanks can hold no more than 2ml of e-liquid, the maximum volume of e-liquid containing nicotine is 10ml and e-liquids containing nicotine could only contain up to 20mg. The FDA are looking into regulating the vape industry which may lead to restriction or possibly banning certain e-liquid flavours. We strongly advise keeping an eye on the FDA website (located here) to see if there are any changes.
With these rules, you're likely to worry that perhaps the vaping industry is doomed to fail, but don't worry. Every new industry comes under scrutiny by the government, and eventually these rules will become simpler as time goes by.
It is widely agreed, even by the NHS, that vaping is healthier than smoking. As more people are aware of the dangers of smoking, they turn to vaping as their new source of nicotine, meaning the vape industry is ever growing.
Vaping isn't going to stop any time soon and, with the right knowledge and understanding, you can get a great career out of the vape industry. Be warned though, as more and more people join the industry, the competition gets bigger.
Knowing Your Customer
Like all businesses, you need customers. Having a great product to sell is fine, but useless without anyone to sell it to. You want to meet the needs and desires of your customers, but first, you need to know who your customer is.
There are several different groups of customers, from people who vape to quit smoking to cloud chasers to people who vape for flavour. All these people want different things, and you need to get it for them. You need to remember everyone is different, they have different tastes, different styles, different budgets, so you need a variety of products to sell to them. We advise you take the time to look into customer personas. To be a successful vape industry you need to know your target audience and their wants, needs and hates.
Knowing Your Competitors
No matter what section of the vape industry you're going into, you're going to have competition. Unlike other industries however, this isn't strictly a negative for us. To an extent, the vape industry is run by a community of people who help each other out at times, so try joining a forum to learn strategies from your competitors. Sharing resources and strategies only benefits the industry and it isn't uncommon for a competitor to recommend you.
Vape Shows and Expos
Now you know your customer, your competitor and the industry, how will you reach out to potential manufacturers, wholesalers, distributors and industry partners? You could spend hours finding vape websites and scheduling appointments, but the easier way would be going to a vape expo.
Vape Expos are the perfect place to find the latest product and/or service offerings from vape manufacturers, distributors and industry experts. These usually take place in major cities in the world multiple times a year. These shows are also the best place to find the latest trends and the new government placed rules.
We hope now this has helped you learn the basics of a vape business. Good luck on your business and happy vaping!