The cannabis industry is in its teenage years and there is still a lot of change taking place. This essentially means that there is tremendous potential for growth, but it also comes with constant changes and new trends.
The new-comers to the industry quickly find out that the market is constantly changing and if you do not keep your wits about you, things can go south quickly. Innovation is the name of the game and if you can provide the latest and greatest in the cannabis market, then you are in for a prosperous future in the industry. So here are a couple of tips that will help you succeed as a canna-business owner.
- Keep your inventory unique
To carve a name for yourself in the industry, you need to ensure that your products are memorable. There are so many new dispensaries that shoot up, so you must be first in line and ready to leave a lasting impression. The easiest way to do this is to show your customers how easy it is for you to customize your products to suit their needs.
Custom rolling papers is one example where you can show your customers that their ideas and business matters to you. Being able to deliver on your promises is the key for securing a new customer for life. People of all kinds will enter your shop and being able to provide a unique personalized service will go a long way in keeping your clients happy and spreading the word at the same time.
- It’s not all about the weed
When people hear that you want to get into the cannabis industry, their immediate thoughts run along the lines of a dispensary that sells marijuana. Although it is a major part of the industry, it is not the ultimate part. There is still packaging, custom rolling paper, cannabis swag and a mountain of other fields that one can venture into.
Getting into the backend of pre rolled cones is where you want to be because dispensaries can switch to different strains of weed in an instant. When they find a distributor who can supply cones rolling paper and is dependable, they are not likely to mess with the recipe.
Proper and reliable cannabis packaging suppliers are hard to find, so when you can prove that your products are of superior quality, you will soon be supplying rolling paper for pre rolled cones wholesale.
- Do your homework
Starting a cannabis business is not a walk in the park, which is why you need to do your homework before setting up shop. Getting a grip on the legal aspects of the industry is only one aspect of running a successful business, many other factors also play a part. Every state, city and town has a different requirements. The demographics differ and what one location’s needs and expectations are, will differ from another location.
Your job is to spend your time and do local market research. There might be a shortage in dispensaries or there could be a disruption in the manufacturing process. The industry is still young and there will probably be a gap in every category or sub-industry. It might sound intimidating and like a lot of work, but if you put in the time before opening a shop, you could save yourself a mountain of money and make heaps more.
- Do not shoot out of your range
People can go crazy and blindly storm the green rush in the hopes of making it big, but the truth is that small and humble beginnings are more likely to grow into something sustainable and expandable. Going too big is very risky, especially if you have not weighed the pros and cons of the various areas of business.
The best place of departure for your canna-business is where the rest of the industry in your area is. Initially, your business will be built on fulfilling a need in the local market. When your brand is known and stable, you can start to think about innovation and expansion. The key to making it is by taking baby steps.
- Do not cross Johnny Law
There cannot be enough emphasis on the legality of your establishment and playing by the rules. Ignorance of the law does not exempt you from it. Your business plan might have a millionaire written all over it, but if it crosses a legal line (whether you know about it or not), then there are spectacular fines, shut down and even jail time on the horizon.
You almost need a law degree just to navigate the maze of regulations and rules of the cannabis industry. It’s either that or hiring someone who knows the law to help you build your business the right way.
- Choose your investors wisely
Einstein once said that all great ideas seem crazy at first. The cannabis industry is very much like that crazy idea, especially when it comes to investors. You are probably not in the position to fund the whole operation yourself. This leaves you at the mercy of investors because the bank is not going to fund anything that is still federally illegal.
If someone is going to bankroll your business, then it is going to be private and like-minded individuals who can see the potential in the business. If the local investors are still a bit scarce, then you could also consider crowdfunding to start it all up.
- Market like there is no tomorrow
The cannabis industry is very conservative in terms of advertising. That is why you should explore every option available to you that is within the law. Social media is your biggest asset when it comes to advertising.
Although it is highly regulated, you have the option to direct people to your website. This is where you will have more freedom of expression and room to promote your products. Speaking of promotions, branding everything that you can think of is great for getting the word out.