California residents voted to pass Prop 56, which will tax e-cigarettes as a tobacco product. It’s a sad day for vapers who are now bracing for the impact. However, there are ways to weather this storm until sunny days appear.
COPING STRATEGIES FOR VAPE STORES
The increase in taxes on e-juices will undoubtedly cause many small vape businesses to close. Store owners will face the challenge of how to divide the burden of the new tax. How much of it should the store owner pay, and how much of it should the customer have to pay? There is a delicate balance that needs to be found by each e-cigarette store.
Store owners who can afford to hire a financial consultant will gain help in figuring out the most cost-effective way to spread out the tax. The business needs to stay alive, but customers will be deterred by rising prices. Some store owners will be forced to relocate their shop to a smaller, more affordable place. Collaborating your business with a non-vaping business may allow you to dampen the price increase of vape products in return for a larger volume of customers. This is like giving a cheaper price in return for a promised large number of customers, which still brings you profit.
Vaping stores will benefit from learning about creative marketing strategies so that they can reach more customers. During difficult economic times, targeted marketing to specific groups of people has saved small businesses.
PROMOTE THE SUCCESS OF VAPES IN HELPING CIGARETTE SMOKERS QUIT
Vaping can help cigarette smokers quit, so the vaping industry needs to promote more of these success stories. Public opinion about vaping needs to be changed, such that it is protected in the future when nicotine continues to be attacked. Personal testimonies of success and triumph are great ways to educate people about the positive value of vaping. Society needs to see that vaping is a good thing. This can come in the form of commercials, local ads in newspapers, and real-life testimonies of coworkers, classmates, and neighbors.
Though not every vape store can afford to buy advertisement space, vapers and vape store employees can be ambassadors wherever they go. Vape businesses need to invest in the well-being of their local community. This will make people less afraid and more open to vaping as fun hobby. Local communities have cultural events, neighborhood meetings, and seasonal gatherings. These are opportunities for your vape business to be a supportive part of the community, which will change people’s perspective of vaping.
TRACK THE SPENDING OF TAXES FROM ON VAPES
Now that Prop 56 has passed, we need to keep a close eye on how the funds are spent by the healthcare industry, which created Prop 56. As in the past, money from taxes may not go where they were supposed to. Tracking this information will be crucial to prevent further taxes increases in the future, and will be useful to introducing propositions to redefine vapes as a non-tobacco product.