Now that vape shops are finding their way into many corner lots and shopping centers, many people want to know: How much does it cost to open a vape shop? Vape shop start-up costs largely depend on your location and the size of the shop that you are hoping to run.
Most people start out with a single shop and many try to work toward owning multiple locations. Most often this is done with the help of a franchisor who is looking to expand into the area.
The Cost of Opening a Vape Shop.
Vape shop price estimates range widely in different states, regions and towns. If you are able to rent out a suitable space that is already built out for a retail environment,the cost of opening a vape shop will be much less. To increase your chances of getting a great space, consider buying a vape shop franchise from an established brand. Landlords are much more likely to rent space out to popular and well-respected vape shop brands.
Obviously, the greatest expense will be from stocking your shelves with the hundreds of e-liquids and vapor devices that your customers are searching for. Keeping up with industry trends and ensuring that you have what is in demand will also require a significant amount of time. By identifying what products you will be selling and how often your inventory will likely change, you can better determine your average inventory cost.
What to Consider when Opening a Vape Shop.
If you try to start a vape shop alone, you will be faced with an uphill battle. Many banks are shying away from lending to vape shops, which could mean that you have to cover the full cost to open a vape shop on your own. In addition, new FDA regulations have made many investors wary about which direction the industry is going to head next.
To increase your chances of success and minimize potential challenges, it’s a good idea to consider franchising. If you buy a vape shop franchise like VaporFi instead of starting a new brand, you will gain the support of an experienced franchisor. Most franchisors will provide you with everything you need to succeed, including the proper resources, training and expert advice. As a result, you will face fewer roadblocks and be more likely to overcome the ones any that you do face.
Additional Costs to Consider.
In addition to finding a location and buying inventory, you will also need to consider the cost of insurance, payroll and taxes at your new shop. These items can be rather difficult to predict up front, so you should ask the franchisor to disclose this information for you.
In terms of starting a business in general, vape shops can be a very affordable option for many people. However, lack of bank funding can put a damper on your plans. Working with a larger brand to open a franchise is usually the best way to get your vape shop off the ground and gives you a strong place from which to ask for money from a lender.
VaporFi has a number of franchise opportunities available for anyone who is interested in opening a vape shop for themselves. To learn more, contact us today and see why a VaporFi franchise might be right for you.