Tips To Help Your Smoke Shop During A Recession

by Ian Black

Tips To Help Your Smoke Shop During A Recession with man drawing an upwards-motion graph in front of blue studio background

From the ashes of disaster come the Smoke Shops of success! Despite the doom and gloom of a looming recession it’s important to keep our spirits held high and our ambitions higher. While things will slow, it won’t be a halt which means it’s time to pivot and double down on what works. That’s why at Got Vape Wholesale we wanted to give some suggestions to help get over the hill and to stay one step ahead of the curve!

Table of Contents:

Getting an Online Presence
Loans, Loans, Loans
Build Trust with A Loyalty Program
Don't Panic, We're All In This Together
In Summation...

Getting an Online Presence

A great way to boost sales is to increase your Online footprint to get more customers coming into your shop for basic needs or larger purchases. As spending money will be down during the recession it’s important to advertise your sales, new items, and unique inventory online to catch eyes while scrolling. Try creating your own instagram, starting a website, or increasing your advertising budget to push through the chaff and get buyers in store spending cash. Feature your unique products and new arrivals to bolster attention and have customers start planning their next purchase while sitting at home. By exploring your own inner creativity it will help grow your customer base and will create a snowball effect with word of mouth. The world is your oyster when it comes to posting content so follow your niches and make yourself stand out from the pack by highlighting the strengths you already have!

Rubber Stamp with Loan Approved on white sheet

Loans, Loans, Loans

Borrowing for the long term can help avoid short term cash flow issues that may arise during a recession, although every store’s finances will differ so it is best to completely review your finances now and make a plan. If it comes to borrowing money, make sure to check out the Small Business Association’s website to find lenders that meet specific federal guidelines so as to reduce the risk of predatory loaners. Check out the Lender Match Program featured on the SBA to submit an application for a loan and receive federally approved matches who have expressed interest in your loan. No matter what, make sure to consult with a trusted economic advisor before you enter into any deal no matter how ironclad it looks, it always pays to check twice and cut once especially when your shop’s life is on the line.

Build Trust with a Loyalty Program

While you maintain your very own garden of Eden in your Smoke Shop it’s important to make sure that you have a recurring flock of customers to bolster your bottom line. There’s no better way to make your shoppers feel seen than to start a loyalty program of sorts, whether that’s a punch card for number of times in or a set % off products when you spend a certain amount; the bottom line is you are giving people a monetary reason to return to your shop. This can be the step that pushes you over the edge and gets those customers to return time and time again. In a recession people are more cognizant of the fact that their shopping is the difference between shops going under or managing to stay afloat so make them feel good about supporting you by making them feel like family. A wise person once said “treat others how you want to be treated” but an even wiser person came along to say “Treat your customers correctly, and your smoke shop will stay open”. So listen to that second one and never lose sight that people want to spend their money even if there’s less of it to go around.

Business professional selecting loyalty program from holographic list of options while in a park

Don't Panic, We’re All in this Together

Whether it’s a near future A.I. apocalypse or a looming recession, never forget that these economic forces are larger than all of us and affect customers, stores, and the world simultaneously. The tightening of the economy is going to lead to tough times for everyone and as a smoke shop owner you can be the beacon of light in these dark times by offering customers a positive outlook and helpful cost saving tips. Try pitching high end products on the value that they save customers over time by being more effective or explain how a cheaper product can still get you through your day to day needs.

In Summation…

Recession’s are hell but with the right moves your shop can get out of the frying pan, skip the flame, and land safely on the other side of this thing. While things may seem uncontrollably bad, it's important to invest in the things that we can control like boosting your online presence, applying for safe economic aid, and building your bond with customers through a loyalty program. So stick with us and don’t let the world get you down because when the going gets tough, it’s time to get smart.

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