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Tips For Starting A Cannabis Business

Any entrepreneur looking to get onto something big should look at the opportunities that the cannabis industry offers. Concrete extraction technicians, researchers, marijuana cultivators, marketers, marijuana processors, cannabis branding and developers will all have a place in the industry.

There are professionals from a range of backgrounds that are seizing the opportunity offered by the industry, Wall Street Daily has stated that there are over 300 publically listed businesses within the cannabis industry and this increased from 13 just 2 years ago.  One of the best things is that almost all of these businesses have generated profits with relatively small capital amounts.  If you are considering entering this industry then you should consider some tips to help you get started.

Determine What Business You Want

You do not have to open your own cannabis dispensary to get into the market.  There are a number of ways that your skills can be used to develop a business.  You could look ay business management, cultivation, design, marketing, financial services, activism, security, computer programming and content creation.  If you are able to do it then you can make a business out of it in this market.

Otherside Farms marijuana dispensary
Otherside Farms marijuana dispensary

Be Active In The Community

One of the best parts of the cannabis market is the community that drives it and you need to use this to your advantage.  Join MeetUp groups, participate in rallies and volunteer in the community to get your name known.  This will help your business visibility and will help you develop the connections to the community that you need to be successful.

The community also offers start-up businesses the opportunity to become a part of a larger collective.  There are groups like Canopy Boulder and Women Grow which have specific missions which help cannabis businesses start.  Women Grow is a network for female entrepreneurs and mentors, while Canopy Boulder has investors that are looking to sponsor the next big company, as long as they do not work directly with cannabis.  The methods will also help ensure that your company prospers.

Research Your Competitors

If you want to have an advantage then you need to keep close tabs on your competitors.  This will help you target your audience and find new customers.  You should also look at the services, products and prices that your competitors have to determine what your business model should be.

There are a few ways that you can track your competitors including:

  • Online searches
  • Engagement on social media
  • Conferences
  • Inquiries from customers
  • Online surveys

Create And Maintain A Website

Regardless of the type of business, you are looking at you need to have a website.  This will offer business credibility and allows you to reach a larger audience.  You can educate your customers, provider customer service and save money with advertising.  There are some things to remember to get the most out of your website.

You should educate your readers by answer questions potential customers have before they actively ask them through the use of searchable keywords.  Of course, you should not stuff your website full of keywords or phrases because the search engines will penalize you.

You should showcase your service and products.  Many people like to compare products and services before they buy so you need to have an online portfolio and some testimonials.  This could transform a visitor into a paying customer, but only if the information is up to date and attractive.

All of your information needs to be accurate and fresh.  Fresh content helps you get leads, but it will also help your ranking on the search engines.  You need to update your website regularly or create a blog for the site if you cannot update the website itself.

Connect to social media by integrating your accounts into your website and offering share buttons and ensure you get some Facebook and Instagram followers.  Engaging with your customers on social media is free, takes little effort and will help your customers share your business with others.

Implement a Cool Design

There are tons of dispensaries out there, but to keep customers, you have to have good product and a memorable experience.  Part of that memorable experience includes cool interior design.  Part of that design should include professionalism and a fun atmosphere.  Automation is also a great way to show customers that your shop is hip and up to date.

Marijuana Menuboards for example, can give an impressive look for advertising your menu, while  enabling budtenders & dispensary employees to manage in-store menus with ease, allowing them more time to for the dispensary’s clients and customers.

The system filters, categorizes, colorizes, and sorts the menu data and delivers a beautiful display to in-store screens, with automation, flexibility, customization, and plug & play functionality.

Adopt New Technologies Like Blockchain

A Blockchain is a public ledger database of digital currency transactions that have ever been executed in a particular digital currency network.  It is the protocol that digital currencies such as Bitcoin and Ethereum are built on top of.  It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings.  The blocks are added to the blockchain in a linear, chronological order.

Some cannabis dispensaries are trying to adopt such technologies and have taken an approach to the blockchain.  For one, it runs separately from banks, who have given cannabis businesses a difficult time to establish accounts, with high rates, penalties, hold times, and more, due to the high risk nature of the business.  Applications like PotWallet, for example, is helping to lead the way.

The blockchain protocol is here to revolutionize financial systems, title companies, and any other value and ledger-based system.  It’s already making its mark, infrastructure is continuously being invested in, and is here to stay.

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