A Vape Store POS is a Big Win! Check Out These 7 Steps for a Successful Vape Business
Prepare a Business PlanIt all starts with a plan! And it is one of the best practices. A business plan gives a perspective; it converts an idea into a workable concept. Moreover, you can design a plan or layout and manage all your investments in one place. It would help if you started by writing down your goals, objectives, and what you want to achieve. Include your asset costs (like furniture, inventory, and a vape store POS), a breakdown of your entire investment, store design, vendor details, marketing strategies, and more. Make your business plan a guide to follow. It will help you achieve your desired goal. Quick Tip: Stay organized. Research your store’s requisites and competitors, and prepare a separate book. You can also find business planning templates if you are not much of a writer!
Plan Your Startup Costs and Prepare a Budget for Vape Store POS SystemOnce the vape store business plan is ready, it is time to set up your finances. Do you know the minimum operational cost of running a vape store? How about initial investments? If you don’t know the answers to these questions, then you need a deeper analysis. This is what you can do: Startup Cost – $10,000 Bifurcation
- Inventory costs – $4,800
- Store (rental) – $2,500
- Operational costs
- Utilities – $100
- Insurance – $100
- POS for the vape store – $200
- Marketing costs – $300
- Salaries – $2,000
Understand the Laws, Licenses, and FDA (Taxes)Start by looking up the local sales tax rate for vape and tobacco products. Local taxes can vary since some communities have restrictive zoning rules and others have more lenient regulations. Most of the laws are similar to cigarette laws, as vaping is still considered a tobacco product. You can find some of the basic regulations right here:
- Check customers’ ID cards to make sure they are above the necessary age limit (21+)
- You cannot give away free samples
- Make sure your products always display the health warnings label
- Do not put advertisements on any products
Time to Decide the LocationLocation matters a lot! Venue and locality are crucial for starting a vape store from a business and regulatory point of view. As this product is niche compared to others, you need to set up in a locality where you get a similar-interest crowd. The FDA does not allow the sale of vapes in vending machines unless it is an adults-only facility. Therefore, reading the regulations is particularly important. Quick Tip: Make sure to strategically choose your location, keeping your audience, regulations, rentals, and taxes in mind.
Engage in a Vape Store POS SystemA vape shop POS software will help you coordinate, record, and streamline customer transactions and improve staff efficiency, allowing you to manage and reorder inventory better. What more? It will record the customers’ information, which will help in marketing activities. While finalizing a POS system for a vape store, you need to check the following features:
- Verify the age limit and be able to comply with regulations
- Modern and intuitive (it can do a lot more than just record transactions)
- Sync inventory and manage multiple locations
- Save customer information and use it for marketing activities (personalized deals or offers)
- Generate sales and inventory reports
Build a Customer-Friendly EnvironmentCustomers always show an inclination towards welcoming environments. As a new vape store on the market, you need to have the edge over others. A customer-friendly environment will provide that. Every customer loves exceedingly good service. So, how will you create a customer-friendly environment?
- First, make sure your décor and ambiance reflect a welcoming environment
- Second, put on some energizing music to attract them
- Third, add couches and sofas for your customers to feel comfortable
- Fourth, add personalized banners in the stores to increase customer engagement
Create a Social Media and Web PresenceYou should go digital as the rest of the world has! Mobile phones replaced landlines, desktops gave way to laptops, and greeting cards were replaced by e-cards and web links. This is the impact of digitalization. If you established an online presence, it would be beneficial. You can easily appear in the local search engine directory by building a website. Potential customers can find your store if they are nearby. Additionally, by having a presence on social media, you boost engagement and authenticity. Quick Tip: With an online presence, you will increase your chances of visibility. Though the active role of social media is engagement, it passively attracts leads and footfall. To Wrap It Up… It is a brave move to start a business. 90% of people dream of reaching a higher position, and only a handful succeed. You are one of them! Now, all you require is to prepare a plan and be proactive. A few things that will help are automation (which increases productivity and measures performance), captivating ambiance, diversity in inventory, and pleasant customer service. While you are working on wondering how to achieve this, take a quick look at FasTrax POS’s vape store POS. It will be an answer to your end goal!