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Any business owners out there? About to take the plunge!
In the final stages of getting ready to open up my own electronic cigarette store.
Profit margins are INSANE. 400%+ on all products.
Have a great business partner who already owns a couple shops, he's going to handle all the back end stuff (legal, accounting, ect). Any advice out there from business owners?
Don't have much advice but I do wish you nothing but the best. Hope everything pans out!
Partnerships rarely turn out well. 99% of the time one partner ends up getting screwed.
Also, I know you fairly well, and I have serious doubts that you possess the cognitive abilities to be a successful entrepreneur.
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This post was nominated 1
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People who nominated: TheMoneyShot
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SBR
Poster of
Year
2011
Most fail
Opie 100% correct
Bad move
So basically, youre the cashier?Originally Posted by Iwinyourmoney
Iwin, you gonna give people cancer?
Location, location, location. Advertising is key for initial success. Selection and price. Don't rip off your customers.
Do good customer service. Know your products. Have a liberal return policy.
Another poster in here has two smoke shops and is kicking ass. I forget who he is.
Talk to poster JMon, he know's what's up.
Electronic cigs are just a phase and will dwindle away or be banned. Owned Smokeshop, sold it. Not worth it. Best way to make money from Smokeshop is buy choirboy pack for 2.99, cut into hundreds of pieces and sell for $1 each for crack pipes.
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People who nominated: flyingillini
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what a terrible thing to sayPartnerships rarely turn out well. 99% of the time one partner ends up getting screwed.
Also, I know you fairly well, and I have serious doubts that you possess the cognitive abilities to be a successful entrepreneur.
I don't think vape shops are going anywhere. I was skeptical at first, but they powered through and stayed legit. I'm impressed.
Iwin, make SURE you are 100% up to speed on everything you signed from a legal standpoint. Hire a lawyer to look at it, it will be worth the cost. Partnerships don't fail as bad as opie says, but it is over 50% for sure. Know exactly what you're getting into.
BOL, and congrats on getting out of the rat race. Keep us posted.
Partner will screw/outsmart you. That is why he is in charge of everything important.
Vape shops are easy business to make a few bucks quick but have doubts on there ability to be much more.
If your serious have your own attorney look over partnership agreement (please tell us you have one)
Good luck
Exactly what I was trying to say, but downsouth said it perfect. I was in a situation like this a long time ago. There was a very long and detailed partnership agreement. So long, I didn't understand 100% of it, and when he bolted with the company's money, I was left with nothing.
Letting him handle all of the back end stuff is still okay as long as you know the contracts you all sign are airtight. Don't get screwed. Pay the one time lawyer fee.
I wish you the best. Yes, hire an attorney to look everything over. One that specializes in business transactions.
If you absolutely cannot afford one, there are other avenues.
Not ideal, but workable in a pinch.
always have a contract even with friends or family...make sure all expectations are crystal clear for both parties.
no money in it now
too late to the game
Late but the party is still happening....a disgusting amount of people vape that garbage...When I was in SC it seemed like every fuckkn person had one on the beach....fuckn smoke boxes......can still smoke cigs inside too...that was weird to me...
For contracts.....check out prepaid legal/legal shield....thats about they are really good for.....they exclude 90% of the things youd actually be arrested for...
I think it's a good business....only thing that could possibly hurt it long term is legality due to BS reasons (Most likely cigarette companies)
Walk around NYC and everyone has vapes these days
I have one myself that I use a little bit when home hanging out..I was never bad but I used to dip then moved to cigs and I feel infinitely better now even stopping 5 cigs a day...I play basketball for hours and don't feel tired at all
The disposable ones they sell in convenience stores are garbage....Look into the real deal as everyone I know that switched over loves vaping
Not one of those douchebags that acts better than normal smokers...
Based on your posting history, you don't appear to be that bright or good with money so I would advise you to not think of this business as your get rich scheme. Sounds like your partner has no need for you though since he is doing everything. Doubt he wanrs you as the face of the store either. Whatever the case, I wish you the best of luck.
where is that tubby bitch mug?
lol mug was a cool dude
Just sign over power of attorney to Auto Donk. At least that way, when you get fukked over, you get a facial too.
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People who nominated: BiTeMe UsAdOj
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Too late IWIN. Should have been in it from the beginning of the trend and cashed out already. You obviously haven't done your due diligence to see the FDA is about to crack the whip with new regulations basically shutting down suppliers as well as the smaller juice makers...couple that with D.C. taxing the penetrate out of them in the new budget same as other regions are doing just like regular cigs.
I'd say it's a losing venture.
More like a strawberry shortcake..those are more Donk's style.Just sign over power of attorney to Auto Donk. At least that way, when you get fukked over, you get a facial too.
Partnerships rarely turn out well. 99% of the time one partner ends up getting screwed.
Also, I know you fairly well, and I have serious doubts that you possess the cognitive abilities to be a successful entrepreneur.
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This post was nominated 1
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People who nominated: El Nino
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shut up Opie. You still live in your moms basement.Partnerships rarely turn out well. 99% of the time one partner ends up getting screwed.
Also, I know you fairly well, and I have serious doubts that you possess the cognitive abilities to be a successful entrepreneur.
Yeah. I learned this lesson the hard way when I was younger. Took me payong attorneYs a small fortune just to get our of the deal with maybe half my money.
what kind of business was this?
Where is Iwin? He asked a question and then was never heard from again.
Must have went to an all you can eat buffet with poster Mug. Might be awhile.Where is Iwin? He asked a question and then was never heard from again.
He's running the register at the vape shop which he co-owns, making $7.25/hrWhere is Iwin? He asked a question and then was never heard from again.
Opie said the magical words. "Never partner up with anyone." If you can't financially do it solo... it's a no go.
Reason being... all it takes is one misunderstanding... the dumbest misunderstanding... and you won't look at each other the same way again.
I knew this one person who was easily clearing 100k and his partner was clearing 100k... mind you... effortlessly. One guy didn't want to put the same amount of time into it anymore... and the other guy disagreed... said that wasn't part of the deal. It was like fireworks after that.
I would never go into business with anyone. I've been asked several times.
hope for your sake those partners are Armenian or Persian if not hard road
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downsouth gave opie1988 5 SBR Point(s) for this post.
