If you’re an entrepreneur wanting to grow a business in the vape industry, there are a few things you should know about the business that can help better prepare you for the road ahead.
Luckily, the vape market is full of like-minded entrepreneurs who have walked that same road and can provide some valuable insights into this incredibly dynamic and fast-growing industry.
So, with this in mind, here's some advice on how you, the vape entrepreneur, can make your entry into the vape market a smoother ride.
The Vape Industry Landscape
One of the first things you should know about the vape industry landscape is that it’s still a pretty volatile place. The industry has had some skeptical eyes watching over its booming growth for the past few years and has recently been subjected to FDA regulation that is largely shaping the growth of the market.
However, with all of its insecurities and uncertainties, there are still a few vital elements of the vaporizing business that are not going to change anytime soon. With more and more people becoming consciously aware of the health risks of smoking tobacco products - and with vaporizing being available as a healthier form of nicotine intake - the vape community continues to grow.
With an exponentially expanding number of consumers entering the market, these new vapers are going to continue to push products in the industry into undiscovered places and spaces. The excitement of some of the rapidly evolving technology trends in the industry can be attributed to the sheer number of people who vape, and who are trying it out. In addition to this, on the back of the wave of marijuana legalization, lies an entire community of people who are fast becoming engaged vape users.
Know The Rules
With vaping having been recently classified under tobacco-related products, the FDA sets the rules for what can and can’t be done in the industry - and there’s no getting around that. However, that doesn’t mean that your business is destined to fail from the outset. It only means that with a sharper knowledge of what these regulations mean, you’ll be better equipped to find ways of making your business work which align with these rules. Lots of entrepreneurs have done that and are doing that, and continue to be successful.
However, the regulations are proving to be an expensive outlay. You may want to factor that in as a part of your start-up capital investment proposal, or crowd-fund a campaign to comply with the FDA rules so that you can deliver your awesome product or service to the market.
Know Your Competitors
Whatever you’re setting out to do in the industry, you’re bound to have a lot of competitors who provide a similar, if not the same, product or service. But that’s not necessarily a bad thing, in the vape world. It just takes a little bit of engagement with the vape community to know that it’s one of the most openly sharing communities out there. Sharing of ideas, sharing of experiences and, most importantly in your case, recommending products to others.
The nature of this community-driven industry makes it likely that it’s often your direct competitors who are bringing you business, in the way of product and service recommendations. And similarly, this is a reciprocal deal. The entire vape industry benefits when people help each other out in this regard.
The reason for this is that the industry is still one driven very much by a counter-movement to stifle off big tobacco interests in the business. Basically, the entire vape community celebrates every time an independent product or service comes to market - as opposed to one produced by a big tobacco company.
Whether you aim to be an independent vape distributor, manufacturer, marketer or if you want to know how to open a vape shop, knowing a few things about the business you’re getting into will prove helpful when dealing with the realities of the vaping landscape.
Long live vaping!
If you have any questions regarding how to tap into the vape industry, leave a comment below and we'll be happy to help. We'll also gladly assist with any vaping 101 or advanced queries on how to open a vape shop!