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    3 Replies Latest reply on Apr 3, 2015 10:24 AM by Moderator Ilona

    STARTING MY FIRST BUSINESS ..HELP

    empirevapory Wayfarer

      MY QUESTION IS SIMPLE .. WHERE DO I START ..

       

      I AM PLANNING TO OPEN A VAPE SHOP ..

       

      I HAVE TALKED TO THE CODE ENFORCEMENT AND THAT IS DONE ..

      ALL I HAVE TO DO IS FIND A BUILDING AND HAVE THEM INSPECT IT ..

      BUT $$... ARE THERE GRANTS .. WHERE DO I GET THE LOAN .. DO I NEED A BUSINESS PLAN ??

       

      SO LOST ..

       

      BRITTANY

        • Re: STARTING MY FIRST BUSINESS ..HELP
          LUCKIEST Guide

          Welcome Brittany to the Community.

          When you say Vape shop, you are talking about electronic cigarettes, e liquid cartridges,

          e cigarette starter kits and other vaping products. Right??

          Please share more with the community.

          Do you have all the necessary licenses and permits needed by the town and state??

          If you are looking for a loan, yes you need a business permit.

           

          Do you have funds for inventory, rent and the first few months.

           

          Good luck, LUCKIEST

          • Re: STARTING MY FIRST BUSINESS ..HELP
            SBC Team Guide

            empirevapory,

             

            Sorry to hear your frustration.  Starting a business can be very stressful (as you know).

             

            Regarding a business plan, Steve Strauss just posted an article about this (link).  I think this article could be helpful to you.  We've also got a ton of other great articles in the community, just search for them in the search box in upper right hand part of the page.

             

            Thanks,

             

            SBC Team

            • Re: STARTING MY FIRST BUSINESS ..HELP
              Raul Adventurer

              Hello Brittany,

               

              When it comes to starting a business the hardest part in my opinion is actually starting.

               

              Think about cost.

               

              Heinz and Kraft recently merged and the main goal of the new investors is to control cost.

               

              My favorite business motto is KISS. Keep it Simple Silly.

               

              What is your ideal method of running your business? ( Online sales, retail store, retail store plus Vape Lounge, Mall Kiosk, out of your car, etc)

               

              Each avenue has a different cost. I usually suggest starting with the most simplistic and cost effective avenue possible. Once you turn a profit scale up and getting a bigger nicer location.

               

              How many different brands of vape pens and juices are there?

               

              what is the online retail price of each vape pen and vape juice?

               

              What is the wholesale price?

               

              What brands are selling the most?

               

              How many Vape Stores are there in your area?

               

              What type of products do they sell and for how much?

               

              Will you be the only employee or will you hire other people?

               

              These are just a few questions to ask yourself to determine the cost of running a business.

               

              If you sell 100 vape pens to 100 customers you will make $10,000.

               

              Depending on taxes you may walk away with $6000.

               

              However you still need to pay for rent, supplies, utilities, insurance, etc.

               

              By knowing the cost for everything in your business you can determine if 1. it makes sense to pursue the business and 2. whether or not the juice is worth the squeeze.

               

              If you have to work 60+ hours a week for a couple of grand how much does that break down on an hourly basis?

               

              I have worked in the finance sector for over 10 years so if you have any questions feel free to contact me. I love helping people out and seeing them succeed. Good Luck.

               

              - Raul

               

              www.merchantcounselor.com

              • Re: STARTING MY FIRST BUSINESS ..HELP
                Moderator Ilona Ranger

                Hi Brittany

                 

                Welcome to the forum, you have come to the right place and as I can see have already received some great advice. Please let us know how things are going and if the advice you got is/was helpful. Best of Luck and keep checking back often, I am sure our other posters will be glad to help with all the questions you might have.

                 

                Ilona