How do you “make it” in todays vape world?
That is a question that many ask, from retailers and online shops, to e-liquid manufacturers and contractors. The Wild Wild West from just a few years ago has been tamed and is being held in check by the new sheriff in town. New sheriffs actually.
From local regulations to usurious state taxation to federal guidelines, all levels of government have been trouble.
Even so, the ways to make money in the Vape Space remains wide open!
The most common way has been to open a retail shop. Most decided that this was an easy route based on one of a few possible insights:
AHA moment #1:
“That vape shop sucks! They have no product and their people are horrible! I could do much better.” That internal conversation has driven many into the field.
AHA moment #2:
“The vape shop is making a ton of money! But the people there act like they don’t care. If that shop is making that much money, I know I could do better.” And some people have.
Not long ago the idea of developing your own e-liquid line was easy and many were doing it. Most were doing it poorly and probably illegally, even though no laws were really in place.
Contract manufacturers made that less risky and the quality much better, and today there are thousands of manufacturers and brand owners. This vaping model required a large commitment of money as well as time and some valuable marketing and social media skills.
Wholesalers and distributors have come and gone and a few have become icons and giants in the industry. One behemoth, VaporBeast, started in 2012 and recently sold to Turning Point Brands, a tobacco company, for more than $25 million.
Probably the least expensive way to enter the vape space is with an online store. The good news is that it’s cheap to do. The bad news is that it’s cheap to do and there is a lot of competition, each trying to be the Low-Price Leader.
Many have asked me: “Is it too late to get into the vaping business?” And my response has been a resounding “NO!”
It is not a game for wimps and you must be flexible and adaptable and ready to change on the spot.
Do you have questions about mastering the vape industry? If so, send them on to norm@VapeMentors.com and we’ll address them in future columns.
Norm Bour is the founder of VapeMentors and creator of the VAPE U online programs. They offer services & resources for anyone in the vape space, including vape shops, online stores and e-liquid brands. He’s also the host of Vape Radio, the largest vaping radio show in the world with more than 1.3 M downloads.
As a founding partner in the Vape Industry Business Exchange (VIBE), Norm is committed to supporting the vape space into this Brave New World.
Contact him at norm@VapeMentors.com.