At one time, cannabis was considered a danger to society. There was a well-established propaganda campaign against its use that ranged from cannabis turning people into lazy hippies, to cannabis use turning otherwise good people into communists. Thankfully, today, most of the stigmas against cannabis use have been eradicated.
We’ve come a long way since then. With over 7,000 dispensaries in the United States, it’s safe to say we’ve turned a major corner as far as how we view marijuana use. Launching your own cannabusiness could be very lucrative, so continue reading to learn what steps you should take in order to do so.
1. Write your business plan.
Could you imagine contractors trying to build a home without a blueprint to guide them? That’s what starting a business without writing a business plan is like. Without a plan to guide your operations, marketing, and spending, you’re planning to fail.
The first thing you need to do when you begin planning your business is to decide what type of cannabusiness you want to run. Your first significant choice is whether you want to be a grower, run a dispensary, or both.
You should also use your business planning time to decide on what products you’re going to sell. If you’re opening a smoke shop, you should diversify your products. You’ll have some customers who want pre-rolled joints and others who prefer vape pens. The Monarch vape cartridge is definitely a product you’ll want on your shelves for vape pen enthusiasts. With the Legion of Bloom’s high-quality cannabis oil and terpenes from the most iconic species of cannabis plants, your vaping customers are sure to love it.
2. Hire a cannabis lawyer.
Being that marijuana is still illegal at the federal level, many cannabusiness entrepreneurs have found it difficult to navigate the regulations that govern the cannabis industry. In addition to regulations, dispensaries and growers also have a hard time finding banks that will handle their finances.
Hiring a cannabis lawyer is like having a business partner who already has the inside track within the industry. A cannabis lawyer can help you with everything from remaining compliant with regulations, to finding banks that are willing to work with the cannabis industry. The key is to find a lawyer who has experience and success working with cannabis companies.
3. Find suppliers.
Finding the right suppliers is integral to the success of any business, so do your due diligence to find suppliers who have a reputation for being reliable and having high-quality products. Believe it or not, having the highest content of THC isn’t the only indicator of the potency of marijuana. Plenty of people like their cannabis with a nice balance of THC and CBD and others want all THC. The key is to find a supplier who can meet your needs.
4. Develop a marketing strategy.
Marketing is one of the most important jobs of entrepreneurs. When you launch a business, your top priority needs to be spreading the word and drumming up interest in your company. Your goal should be to have customers anticipating the launch of your business as much as you are.
One of the best ways to market your smoke shop is to release your own line of products. With a CoolJarz shrink sleeve machine, you can create your own original packaging for your products. If you’ve ever wanted to see your brand name on pre-roll tubes and vape cartridges, you should invest in your own packaging and label your containers using the CoolJarz shrinktunnel.
5. Hire trustworthy people to help your company grow.
One of the hardest things about running your own business is finding the right people to help your company flourish. You have to be even more careful than normal when trying to hire people for your cannabusiness.
The best way to find qualified candidates is to go through a temp agency. The benefit of going through a temp agency is they do all the groundwork for you when it comes to the hiring process. You simply let the temp agency know what you’re looking for in employees and what qualifications you want them to have, and the temp agency handles everything from there.
The most important thing to remember about running a cannabusiness is to have fun. People in the cannabis industry are expected to be easy-going and knowledgeable. Running a business comes with frustrations, but the key is to remember why you started it and maintain your love for what you do.