With Oxford Dictionary adding the word “vape” to its lexicon and an industry expected to be worth a staggering $61.4 billion by 2025, you would think that the vaping industry would be a sure win to get involved in. You might be right. With the right research and a whole lot of hard work, you can start a successful vaping business.
First, a Brief History
While the first e-cigarette dates back to the 1960s, it would take a few decades before the first modern vapes to the United States were created in 2003. It wasn’t until 2006 and 2007 that the industry that we know it today came into being. It grew from there. By 2015, the market brought in $3.7 billion in the United States alone.
From starting an online smoke shop to merely offering reviews of vaping mods, vape pens, and vape juices, to actually building a brick and mortar store, there are plenty of opportunities in the industry.
Creating an Online Vaping Shop
If you’re too short of cash to open a brick and mortar store, there is always the possibility of opening an online store. Keep in mind, however, that utilizing a free website won’t have you rolling in dough overnight – and you will have expenses. You’ll need to know who you’ll get your own stock from and a place to store it. You’ll also have to familiarize yourself with content marketing – just putting a site up and hoping people find it isn’t the best way to success.
Offering Vape Products, Accessories, and Components
This can be especially rewarding if you are just expanding an already present novelty shop or “head” shop to include vaping properties. Adding vape pens and mods as well as popular desktop vaporizers like the Storz & Bickel Volcano can help to attract new customers. If you’re already selling glass-blown pipes and water pipes, you can bring in more business by offering cannabis vaporizers and mods.
Creating Your Own E-Juice Line
If you have a delicate palate and a tongue or nose for flavors and a head for chemistry, then creating your own e-juice or vape juice might just be the business for you. However, take note, the vape juice business has become highly competitive and you’ll have to know your state and federal regulations. You might also need to know some international regulations as well – as some countries have banned e-juices containing nicotine.
For a long time, the vaping industry and its components – batteries, tanks, e-juices, mods, etc., were considered to be a part of the cannabis industry. The FDA has gotten involved and soon enough, the vaping industry will have its own regulations. You’ll also need to be aware of both state and federal taxation laws and other regulations as well. Having a solid business plan taking all of this into consideration will be necessary.
All of this taken into consideration, if you’re willing to put in the research and the hard work, you can build a successful vaping business. You don’t have to go all-in and offer everything known to vaping to start. You can just be a niche industry and offer purely cannabis-related vaping products. Or, you can simply review the products that are already on the market for free products and some cash.
Michael Jacobs is a marketing and creative content specialist at GotVape.com with a primary focus on customer satisfaction. Technology and fitness combined with healthy lifestyle obsession are his main talking points.