Is the Vaping Market a Good One to Target with Your Start-Up?
Starting a business takes a lot of things, but probably chief among them is a good idea with a confirmed potential market. When it comes to new trends that have taken hold in the past decade and remained popular, the top are naturally smartphones and tablets, but after these, a very strong candidate for second place would have to be electronic cigarettes.
Vaping has become something that is not just for people trying to quit smoking, or for trendy hipsters who’ll jump on any fad and abandon it just as quickly, but has become a lifestyle choice people from all walks of life have become fans of.
Vaping with flavored e-liquids – whether with or without the nicotine component used by people trying to wean off from tobacco – is a big part of what the vape community is interested in. E-liquids are fairly easy to manufacture, and as consumables, are something that people tend to buy on a repeat basis. This can potentially make them a good idea for a start up.
The market is certainly there, and with good recipes and interesting flavors, or other selling points like organic ingredients, luxury packaging or even certifying products as vegan or halal, it can be possible to differentiate a new e-liquid brand even in the fairly busy market that currently exists. They are also small products that are easy to ship, and tend to be sold primarily online, so you only need a good ecommerce site and strong marketing once you have your products developed.
The Challenges of Starting An E-Liquid Business
This is not to say, however, that there are no challenges specific to the e-liquid ecommerce sector. E-liquid, and vaping as a whole, is not legal everywhere, and so you will not be able to market and sell your products to just anybody – you’ll need to know the regulations in different states (and different countries if you plan to make your business global). Equally, even where completely legal, vaping products are regulated. There are some claims you cannot make in your marketing, and you generally cannot sell to minors.
This doesn’t mean you can’t create a profitable business, but that you will need to be compliant with a lot more regulations in your products and marketing than with non-regulated product retail. Luckily, there are companies like Eventige Vape Marketing who specialize in this sector, and know how to ensure you market your business legally and compliantly.
While with any trend, it can pay off to cash in while it is big, it can also mean you end up with a business that is only profitable for a short time. As yet, there are no signs of the vape trend losing steam (pun intended), however it is something to be aware of – watch out for signs the market is in decline, and have plans for ways to diversify your business later if vaping stops being the done thing!
As you can see, an e-liquid business can be a good start-up if you have good products, however there are some considerations specific to the sector that you shouldn’t ignore.