The previous year, 2013, was when we have seen the boom of electronic cigarettes. The products were so popular that the number of people using them has been continuously increasing. With increasing demands come increasing supply so opening an ecig store has also been one of the trendy money making opportunities that the past year offered to business enthusiasts.
Despite looming regulations and currently increasing local policies on ecig use or vaping, the electronic industry is still expected to grow and expand. As a vaper, you know for sure that you have just made the perfect decision for your life and wellbeing.
Reading the news about new vape stores opening in different parts of the world, you should know better than to be ruled by your impulsiveness and anticipation to make money from this new habit that smokers are switching to.
As with any venture you plan on entering, this opportunity also requires careful assessment in order to determine if it will really be a productive one for you; after all, you also need to spend money on it so you must ensure your investment.
Know Your Motivation
You must have a definite motivation for opening your ecig store. Determine if you are simply emotionally caught up with so many stores opening. More than this excitement, you ought to have even a simple idea about the venture you are trying to get into.
Understand What Are Required
You must understand what it would take to start and to run the business. There are permits and licenses, employee hiring, accounting and marketing that you need to go through.
You need to know what you already have that are required in the business as well as other things you still lack. It will be better if you can write them down.
Evaluate Your Financial Capability
You need money to spend on start up costs that would include finding your location, paying your rent, getting necessary licenses and permit (municipality or county or state or federal). You also need to spend money on inventory, marketing material and signage.
You should also know the financial implications of applying your business as a solo entrepreneur or as a company. You need to know how much money you will need to have and where you plan on sourcing your money from.
Learn All About Running A Business
An ecig store is essentially like other types of businesses that require the owner to have more than just motivation. There are many ways to get you educated like enrolling in a business class from free online resources, government organizations or colleges.
Based on statistics, about 90% of businesses fail after the first five years of operation. You must know where and from whom you can get assistance in your venture.
Education about the ecigarette industry is likewise paramount. It may help you in deciding t know that there were some businesses that opened recently; complete with licenses and permits, yet forced to shut down because of zoning issues and health matters that the local officials were not keen about when the business was approved.
You Need Contingency Plans
No matter how focused you are with this business goal, there will always be times when things will not go according to your plans and desires. There are things that you cannot foresee so you must be prepared to deal with them.
In any business, it is best to expect for the best while you prepare for the worst.
Know What To Do If You Succeed
If you need to be prepared for the worst, you must also plan your next course of actions in case you succeed. As risky as failure is too much success. Therefore, you must also include in your business plan the steps you must take while continuing to accumulate profits. Your business plan should not just be on starting this ecigarette store. The business plan must be updated every 6 months to accommodate possible alterations in the industry.