How to Turn Your Passion for Vaping into a Profitable Business 97

How to Turn Your Passion for Vaping into a Profitable Business

The following article is a guest post.

You know it’s serious when the Oxford English Dictionary names it word of the year. And so was the case with “vape” way back in 2014.

Since then, the popularity of vaping has only soared. The vape industry is estimated to be worth $2.5 billion, with some estimated it will grow to a whopping $32 billion by 2021.

More people are vaping now than ever before. When you see naughty schoolkids smoking vapes instead of cigarettes, you know there’s been a massive cultural shift. It’s been estimated around 10% of American adults use a vape. Popstar Drake even hired a vape trickster to fly to his Calabasas mansion, so he could learn some cool vape tricks himself.

As vaping becomes cooler with the young and rebellious, who are more health conscious than the rebels of days gone by, there seems no better time to capitalize on the trend on go into the business of vaping yourself. But please, no selling to school kids!

If you’re passionate about vaping for whatever reason, because it helped you quit smoking and you turned your life around, or you just like the cool tricks, the secret to your fortune could lie in the profitable vaping business.

How to Enter The Vaping Market

1. Prepare for the Costs.

Like any business, opening a vape shop means spending a lot of money. First, you need to secure a premise. Then, make sure you have adequate stock.

This is costly, but to make money, you must spend money.

Be prepared to invest all the capital you’ve saved so far. But getting ahead of a trend in a growing industry – and establishing yourself on the ground early – means securing customer loyalty and reaping high profits in the years to come.

Getting funding through conventional banks can be difficult when opening a vape shop. Banks are still lagging behind the curve, and put vape shops owners in the same high-risk category for loans as irreputable businesses like pornographers.

However, you can get grants from small capital investment organizations like Fundera and Ventury Capital, who have funded a fair few vape businesses. It’s often smaller startups who see where the trend is going, so funding is not out of reach.

2. Get Knowledgeable.

If you want to go into this field, you hopefully already have some kind of passion for vaping. If not, you should develop a passion quickly, because the likelihood is that some of the people who visit your shop will be real vape enthusiasts.

The vape shop can become a sort of social hub for the vape enthusiast. And they’ll want to be able to discuss all the new developments in vaping, like rising vape stars, new flavors, new devices, and features like the best box mod. If you don’t have a genuine interest in this, your business will suffer.

You need to know what you’re talking about to be able to convince those who come to your shop because they’re curious about trying vaping as an alternative to smoking. To convert these would-be quitters, you need to be able to sell them on health statistics, as well as being passionate about the experience.

If you believe vaping is just as pleasurable as smoking, you’ll be able to sell it.

3. Be Business Savvy.

It’s been said “If you build it, they will come” – but really there’s no guarantees.

If you invest the time and money into opening your shop without doing any publicity for it, your grand opening won’t be that grand, and you will be disappointed.

Make sure your shop is active across social media channels even before opening, to build a hype around your business.

Committed vapers love attending vape conferences, so make sure you go to as many as possible and publicize your shop. If you can sell yourself and your shop as a community hub to the vape community, people will travel far and wide for a slice of the action.

Make sure you get your business into the public eye in every way you can, all the while promoting the health benefits of vaping in contrast to smoking, and you’re onto a winner. Combine passion with business savvy and be prepared to reap the financial rewards of this growing industry.

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One Guy’s Journey from a Work-at-Home Transcriptionist to Starting an Educational Institute 7

One Guy's Journey from a Work-at-Home Transcriptionist to Starting an Educational Institute

This is an interview-style post with Mahesh Kumar.

Hey Mahesh. What do you do?

I’m the Spokesperson of the Transcription Certification Institute, an Ellensburg-WA based educational institution that provides an in-depth online transcription training and certification course.

The online course, which is created by industry leaders, enables transcriptionists to gain a well-rounded understanding of the field and become a professional transcriptionist for better job prospects and higher wages.

How did you start your career?

I’ve started my career as a home-based transcriptionist and have experience of 8+ years in transcription industry. I’m currently on a mission to help work from home moms and make them aware of one of the straightforward and lucrative way of earning money from home, i.e., transcription.

I love writing and so I regularly share my words through my blog. At present, I am working as the spokesperson of Transcription Certification Institute.

What inspired your journey?

I was not cut out for regular jobs because of health and family issues. But, I wanted to earn decent money.

Most work from jobs required me to be online during fixed hours. That did not work for me.

A friend referred me to a copywriter who needed transcription services in an extended time frame. This was my first assignment and exposure to the industry. I had issues with grammar and lots of difficulty in understanding accents. My transcriptionist friend gave me the very first lesson in punctuation. It was a great lesson.

That was the aha moment!

I wanted to share it online with all other new transcriptionists. My expertise in transcription was still limited but my interaction with other transcriptionists. And other work from home professionals found that there was no organized information in this industry.

That’s when with the help of the team we created an ebook as would serve as a handbook to transcriptionists. It was called Everything You Need To Know About Work From Home: General Transcription Business Opportunities.’ It’s available on our website for free.

What is the transcription business about?

It’s a dream that allows parents, caregivers and those with disabilities to stay at home and earn.

We call ourselves Team TCI. None of us has complete skills but together we have made a dream into a business that is sustainable, profitable and manages to help others earn more.

We like to think of ourselves as not just one single successful business owner but a team of accomplished transcriptionists and hedonists who have come together to share their expertise on a platform that is globally accessible to all.

Our objective is to make you a better transcriber so that you can earn more at the same time. 

Through our internship program, we ensure that new wannabe transcribers get a foothold in the industry. Our job board aims to bring transcribers and employers together on one platform to make hiring and finding jobs easier.

We are 9+ years old but the journey has only just begun.

What were your biggest challenges when setting up the institute?

How to Write a Successful Business Plan

Together, we had 2,459 dollars to spare!  This was just enough to put up a website and host it for a year.

We had no budget, no marketing plan and no strategy.

More than money we invested our skills, time and above all intent. When we launched, making money was not the objective. The objective was to share information, educate and in the process recover the costs.

We were totally bootstrapped. In fact, we all transcribed extra hours to generate money.

Each year we invested the money earned in the course, it’s upgrade, website upgrade and more. All exams are manually graded and that is expensive.

What do you offer on the website and who can benefit from it?

We offer a course in general transcription.

Our course is for anyone who wants to work from the comfort of their home, enjoy flexible timings and the ability to choose workload. The course is very popular with parents of young children who want to be around when they grow up, ex-serviceman with disabilities, single moms and others who want to work from home.

Some would say that there is nothing to be learned in general transcription but that would not be true. I did start out without training and if it not had been for the help I received my career would not have been successful.

In fact, as the popularity of transcription as a career option grows getting a foothold in the industry is becoming tough. That is why we came up with an internship program that gives hand on experience to new transcriptionists and exposure to the industry.

The job board benefits them by bringing employers and transcriptionists on the same platform.

What’s one thing you do to unwind?

We were introduced to meditation a few years back and to unwind we like to meditate.

What’s your favorite book?

It keeps on changing but time and again for inspiration, I find myself reaching out to The Alchemist by Paul Coelho. Never stop dreaming! Give context to your dreams!

Check out the story of how one guy went from a work at home transcriptionist to setting up a transcription institute and help others start working from home.