Maybe you started out in the DIY realm making your own e-liquids at home and thinking, “Wow, these are really good, I think someone may buy these.” Perhaps you give a sample to a friend and they are impressed by the flavour and texture of their vape. Maybe you always wanted to get into business for yourself but you were never certain which route was the best for you. If you are prepared to move towards starting your own premium e-juice business we have everything you need to know. But shhh - do not tell anyone.
The first thing you will want to do is to consider business costs. Depending on what country or state you live in this will vary. Once you start selling product you will most definitely require insurance so be sure to factor that into your calculations. You will also have to consider all licencing necessary to sell the products you wish to sell. It is also important to establish a limited liability company, which will cover your assets if things go wrong business-wise. According to the new guidelines in order to sell to the public all your products must be tested and approved before they can go to market, this is an additional cost along with all applicable taxes. Make sure to set aside a portion of your income every month to cover your tax at the end of the year. One good thing is that vaping businesses are now tax-deductible meaning that you can write things off as a business expense.
The next step to developing a lucrative premium e-liquid business is to consider your label options. Because this type of business is very brand oriented the importance of choosing a label design cannot be understated. A professionally designed beautiful label can help your product to stand out from the crowd. It is strongly advised to collaborate with a professional designer on this. You can go through online freelance sites to locate someone to work with but someone you can meet with and consult with in person is ideal. You will want to make sure that you avoid anything childlike in your design, as you will not want any anti-vapers to challenge you on your advertising approach. You will also want to come up with a distinctive name that is memorable. As well make sure that your labels are resistant to oil because they will evidently get product on them.
Next you will want to think about designing your website. The website should also be professional in appearance and you will want to work with a professional for this. Do not cut costs on developing a website because this will be your best way to reach your customers. The website should include all relevant payment options. Another issue of note is the make certain that you are aware of the laws in your location around advertising for e-liquids.
Make sure you consider how much storage space you will need for your business. This is something that can be an oversight. There should be a balance between having enough product to satisfy your customer base while also making sure that you do not have so much product that it may go bad before you sell it. Securing storage space is another expense to consider.
It then comes down to how you are going to make your product. You can only go solo in your kitchen for so long before the demand will become too much. If your business is going well you will likely look for people to manufacture the liquids for you. You’ll want to consider getting equipment that can make your business more efficient and investing in methods to make certain that you have quality and consistency amongst your products. At this point in time having a certified clean room is not a necessity but the need for cleanliness and sanitation is very important. E-liquid is something that people ingest and therefore you must work towards limiting any potential contaminants in order to have a successful business.
In this saturated market, marketing is an essential component of any e-liquid business. Get yourself out there to trade shows and conventions. Introduce yourself and give free product to vape stores in town or online. Although you will be hesitant to give away your goods, be aware that this is the only way people will be able to try your amazing product. Reach out to reviewers who have a good reach on YouTube and ask them to review your products. Organize contests and discounts that will get people motivated to try your product. Build relationships with people and they will be more likely to come back to shop at your business over another. Essentially the tactic here is to get your product out to as many people as possible.
If this sounds like a lot of effort to you (it is) there are other options to explore which will still allow you to be a part of the vaping business industry. You can consider outsourcing your manufacturing to a large manufacturing company. Essentially these companies will do everything for you from packaging to distribution and many times all you have to do is come up with a name for your business. When you outsource many of the companies require a minimum order, which can be among the thousands so this option may not be feasible for a smaller venture. If you are still not convinced that this type of business is for you, you can consider selling your recipes. Perhaps your DIY recipes are dying to get on the market but you do not want to invest the time and effort into developing your own manufacturing company. In this case you can look at selling your amazing recipes to other companies that are looking for new product.
There are many ways to become involved in an entrepreneurial sense in this burgeoning market of vaping, you just have to do your homework and planning and figure our which route is the best for you.
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