The vast majority – at least 75 percent – of our inquiries come from people who are curious or interested and are investigating what it takes to start a vape space business. That includes brick and mortar locations and e-liquid companies.
|If You’re:||You Will:||We Recommend||Why?|
|Curious||Just be starting your search||Read “Vapreneur” ($9.95 for the e-book, $14.95 for hard copy)||This is a broad overview of the industry and what it takes to succeed in the vape space.|
|Interested||Have done some research and are fairly certain you want to proceed, but you’re unsure how or where||Enroll in one of our VAPE U programs. The Archives will include both the brick & mortar and e-liquid session.||These six-week online program covers all aspects of the industry and offers access to the “Masters of Vape” who are crushing it in the vape space|
|Committed||Have done your research and are certain you want to start a business. You probably have ideas on how to proceed, but need guidance or support||Partner up with our consulting team:|
3 hours $495,
5 hours $1,000
10 hours $1,500
|We offer programs that help you create your business from the ground up. Or, if you already have a shop, we can help you maximize its potential.|
But if you fall into the 25 percent of people who are serious about their commitment to starting a business, the good news is:
- There’s still room for you to start a vape space business. While parts of the country are flooded, there’s still plenty of opportunity for anyone who knows how to differentiate their business from the rest.
- You can open a business in the vape space without having tens of thousands of dollars. That’s what this report is all about.
In fact, most people who contact us don’t have the required amount of money to open a store. The good news is that you can still realize your dream. You just have to be a bit more creative. You also must be willing to give up some control.
If you don’t have the money (see our special report, “How Much Does it Cost to Open a Vape Shop”) to open your own shop, you still have several options:
- Secure capital from a lender
- Find a partner
- Find an investor
- Get a job at a vape shop
Each of these options merits a separate conversation, as each requires a different strategy and comes with a unique set of challenges.
Regardless of which option you choose, you must develop basic business sense and skills to get a vape space business up and running. While you may know how to build drip atomizers and love sharing this expertise with friends, that doesn’t qualify you to run a business.
In the book “The E-Myth,” Michael Gerber explains the difference between a technician and a business owner. If you are skilled as technician but lack business experience, we recommend finding someone to complement what you lack, namely money and experience. We also recommend you enroll in a VAPE U course.
Of course, you could try to get a conventional loan, but banks will put you in a high risk category and charge you exorbitant rates. That is, if they’ll even give you a loan.
We recommend working with our trusted colleagues over at Ventury Capital, who have helped launch dozens of vape shops and vape space businesses that are in expansion mode. They will walk you through the process of raising the capital you need to meet your business needs and help you to succeed.
If you’re a new entrepreneur and want to finance your first vape shop, you will need a good credit rating. Ventury offers low rates, fast approvals, flexible approvals and a streamlined process.
For more information, check out our Financing page at www.vapementors.com/financing.
Find a Partner
People with money are always looking for opportunities and the vape space offers terrific upside potential. A partner will usually be hands on and will want to participate in the business.
You’ll need to negotiate a split or equity ownership. Don’t expect the split to be equitable if your partner brings cash and experience to the table. “He who has the cash rules.” Ask yourself: What’s in it for them? How can I make this worth their while (and money)?
The advantage to your partner is you’re going to do most of the work while they simply put up the cash. Your partner may work in the business as well, but in many cases they’ll be more of a guide than a hands-on partner. They may be just doing it for fun, but they certainly don’t plan on losing money in the deal. What security or assurance can you offer to make them commit to you?
Find an Investor
An investor will be less interested in the business than the upside potential. They’re simply in it for the return on their investment (ROI). This is a different conversation that needs to focus on the expected rate of return.
An investor may simply make you a loan, but they could also ask for equity in your business; in that case, you need to have a clear exit strategy such as selling the business or taking it public.
Investors will want to have their loan secured. What can you offer them in case your business doesn’t pan out? Think of it like a car or house loan. They probably regard your business is risky, particularly if you have very little business experience, so factor that in to the proposed rate of return.
NOTE: If your potential partner or investor is a relative or good friend, it’s especially important to put everything in writing. Nothing will destroy a relationship faster and create more long-term damage than money conflicts.
Get a Job at a Vape Shop
Working in a vape shop enables you to see what works and what doesn’t work with little to no risk. Be a sponge and absorb everything you can about the business. You could even be candid with the shop owner about your ultimate goal; who knows, you may end up working as partners.
Even if it doesn’t pan out, your experience in a vape shop will show potential partners or investors that you’re truly serious, knowledgeable and passionate about the industry and are willing to do what it takes to follow through on your commitment.
Norm Bour started VapeMentors in 2013 and since then has consulted in every sector of the Vape and CBD space worldwide. He is a recognized author, speaker, and trainer.