The vaping industry is flourishing, as more and more smokers are switching to e-cigarettes. This makes the vaping industry to be highly tempting for young entrepreneurs who are looking to establish their own start-up. However, the vaping industry is still to be regulated in many countries and there are many challenges one must consider before diving head first into their own e-liquids start-up. Here are 5 things to consider before you join this fast growing industry.
Consider where to open your start-up
Penetrating a well established market is always hard, especially when you compare this to opening your start-up in a relatively new market. While the vaping industry is flourishing in the West, in the East, it is just beginning to mature. For a young entrepreneur, considering the location of the future business can make the difference between success and failure.
Of course, it’s hard to move to a foreign country in order to open your own business, but it might be your best chance. Asia and East Europe are great young markets for vaping, where major e-cigarette brands are not as prevalent as they are in US or Germany, for example.
Get a taste of the locals
A start-up should be focused on the local’s needs. Before you establish your new business, conduct surveys and get in touch with the locals. Find out what they want and what they need. According to the data you collect, you might notice there is a lack of a certain flavor, for example, tea-based flavours, or for a certain type of device. Also find out what nicotine concentration they prefer. Since TPD prohibited the sale of nicotine e-liquid bottles over 10ml, vapers had to learn how to create their custom liquids using short fills. If the local market is in need of short fill e-liquids, you’ve just found your own niche.
I can’t stress this enough: offer the highest quality! As a start-up you will have a lot of expenses, but never compromise on product quality! First, there is the people’s health at risk, second, it’s your business at risk. Make sure you always offer safe, high quality e-liquids and vaping devices. This is what will make your customers return to you on the long term.
Comply with the laws
No matter where you establish your start-up, you have to comply with the local laws. Because vaping is still new, importing, exporting and selling e-liquids is often plagued by misconceptions and restrictive laws. Before you open your business talk to a specialist who can guide you on what papers you need to have and what accreditation do you need. Think twice if you really need to import e-liquids or any other supplies, as this can be very challenging and expensive.
Vaping is now more than a simple act of inhaling nicotine – it is a lifestyle, a culture. Image is very important for vapers. But so is accessibility. One of the best ways to sell electronic cigarettes is to make them available online, in the digital world. Allow your customers to be very specific when they search their favorite products and they will be happy to shop from you.