A Vape Store POS is a Big Win! Check Out These 7 Steps for a Successful Vape Business
As exciting as a vape store business sounds, getting into a business requires extensive knowledge! Yes, you can reap the returns, but first, let’s see the requisites. While planning and budgeting, people get so caught up in the process that a few fundamental (and functional) requisites get forgotten. A vape store POS system is one of them. It is an undervalued asset that can record your sales, inventory, financials, and more! One program, multiple purposes! Hence, we have included it in our own list. Nothing feels better than a well-thought-out business idea. So, let’s share some with you.
Have a Successful Vape Store by Following These 7 Steps (Don’t Forget to Read About a Vape Store POS)
Prepare a Business Plan
First thing to remember: It all starts with a plan! And it is one of the best practices. A business plan gives a perspective; further, 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. In fact, you should also 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.
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 System
Once 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
- 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
You can use this simplistic bifurcation template and revise the amounts with your budget. Make certain that the budget is meticulously planned. However, preparing for at least a $25,000 investment is advisable.
Make a list of all requisites and opt for refurbished assets (furniture) to reduce costs.
Understand the Laws, Licenses, and FDA (Taxes)
Secondly, 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
Make sure you follow the rules; the fines for non-compliance will be higher! Also, you can get all the necessary information here.
Time to Decide the Location
Location 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.
Make sure to strategically choose your location, keeping your audience, regulations, rentals, and taxes in mind.
Engage in a Vape Store POS System
A vape shop POS software will help you coordinate, record, and streamline customer transactions. Moreover, it will help improve staff efficiency, allowing you to manage and reorder inventory better. What more? Another key point is that it will record the customers’ information, which will help in marketing activities. While finalizing a POS system, 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
All in all, a fully integrated system will help improve your performance and provide a better customer experience. Well, who doesn’t love a great customer experience!
Try out the FasTrax POS system; it was created by one of the leading companies that specializes in providing services to the tobacco industry, vape stores, cigar shops, and liquor bars. On a side note, the POS system comes with Philip Morris integration and a customizable touchscreen interface.
Build a Customer-Friendly Environment
Customers always show an inclination towards welcoming environments. As a new vape store POS on the market, you need to have the edge over others. A customer-friendly environment will surely provide that. Every customer loves exceedingly good service. So, how will you create a customer-friendly environment?
- Firstly, make sure your décor and ambiance reflect a welcoming environment
- Secondly, put on some energizing music to attract them
- Thirdly, add couches and sofas for your customers to feel comfortable
- Lastly, add personalized banners in the stores to increase customer engagement
Employee engagement is also a part of a customer-friendly environment. Ensure your employees are well-trained and constantly interact with your customers to provide a welcoming environment.
Create a Social Media and Web Presence
You 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.
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!
To ensure authentic sales, POS software can check the age of a customer. Additionally, it can generate reports, record transactions, and track inventory and sales. You can regularly manage and streamline your operations with the use of a POS system for vape stores.
While making a sale, stores need to collect the customer’s information, which gets saved in the software. This can also help you provide personalized digital signage offers and deals. You can influence their purchasing decisions by promoting your new and existing products.
A vape store POS system should offer an age verification feature, a sales and inventory management feature, real-time sales experience, a customer-friendly interface, and the ability to assist in marketing activities.
A POS system can effectively conduct sales and inventory management activities. Apart from this, the vape business is high-risk as age verification is necessary and has complex cashier functions. An intelligent POS system ensures that the business inventory is stacked and that sales operations are uninterrupted.