What should someone know before starting a cannabis business?
To help aspiring entrepreneurs plan their own cannabis business, we asked business leaders and other cannabis business founders this question for their best advice. From finding the right insurance to researching your competition, there are several tips that can help you start your hemp business successfully.
ALSO READ: How is recreational marijuana sales going after six months?
Here are 11 recommendations for starting a cannabis business:
- Find the right insurance
- Organize print materials
- Establish an organic growth strategy
- Create a solid business plan
- Work with a financial advisor
- Find out licensing
- Choose the best location
- Determine which suppliers you want
- Understand state and federal laws
- Assess the product shelf life
- Research your competition
Find the right insurance
The legalized cannabis industry is fairly new and here are some things to keep in mind: Life insurance for marijuana Industry policy. Although the industry is now legalized in several states, there are still some hurdles that many industrial companies have to overcome. This is why we at Marcan Insurance specialize in helping you find the right types of insurance you need to protect your business.
Chris Abrams, Marcan Insurance
Organize print materials
When starting a cannabis business, you should consider all of the supporting materials and printed materials you will need to train your new hires and inform potential customers about your products and offerings. As the cannabis industry grows and more people become interested in learning more about the benefits or side effects of cannabis products, resources will be needed to educate your staff and share them with your clientele. By creating and ordering brochures or product information packs early on, you can prepare for staff training and customer requests as soon as your business is up and running.
Eric Blumenthal, The print shop
Establish an organic growth strategy
Anyone starting a cannabis business should have a solid organic growth strategy for digital marketing. If it’s a local business, creating a Google My Business page with complete and relevant information can help increase visibility with nearby customers. Blogging about educational information and creating landing pages for services are also good content marketing moves to increase inbound traffic. Regardless of the tactic, you should come up with a thoughtful organic growth strategy to support your cannabis business for the long term.
Brett Farmiloe, Markitors
Create a solid business plan
The cannabis industry is not for the faint of heart. It’s a young, fast-growing industry that has attracted a lot of people looking to get rich quick. Many people will enter this space with little understanding or experience in the business world and without an adequate business plan. It will take time for the industry to mature.
Erin Stein, Hinderland Co.
Work with a financial advisor
As a new business owner in a relatively new industry, dealing with the complexities of fundraising, taxation, and other financial issues can be confusing. It helps to work with a financial professional who will help you find alternative financing solutions and understand tax laws and regulations.
Erin Zadoorian, Ministry of Hemp
Find out licensing
If you want to start a cannabis business, you need to know what type of license you need and how much it will cost. This varies from state to state. You can call your local licensing office to find out what steps you need to take to get your cannabis license.
Randi Shinder, SBLA
Choose the best location
The location is everything for a cannabis business. Know where your audience is and if your company would be welcome in a particular area. Cannabis is still a bit off-limits in some areas, so choose your location carefully. Do your research, find out what type of area it is and what total values it can have. This will be the key to your success.
Olivia Jung, Conscious objects
Determine which suppliers you want
Make sure you research the suppliers and local farmers. It is important to make sure that they are licensed and qualified to supply the plants and products to your business. This will keep your business safe at all times as there is always risk involved in starting a cannabis business. Have all of your ducks in a row.
Kiran Gollakota, Waltham Clinic
Understand state and federal laws
Before starting a cannabis business, you should understand the legal requirements to start a cannabis business in the state in which you plan to do business. Many states legalize the recreational use of cannabis, and the way you conduct your business depends on the legal requirements in each state.
Lauren Picasso, Cure hydration
Assess the product shelf life
One thing to know before starting a cannabis business is that your product has a limited shelf life. Cannabis is only fresh and can only be sold for a limited time, and you must do your best to keep your inventory as long as possible. The loss of inventory due to the deterioration of the product is not profitable for you in the long run. Think about this before you start your cannabis business.
Craig Carter, Jack Mason
Research your competition
The cannabis industry is growing fast and the competition is fierce. Before starting a cannabis business, you should know that there is a lot of competition. Make sure your brand is different from the market and competitive before starting your business.
Chris Gadek, AdQuick
Terkel creates community-driven content with expert knowledge. Sign in to terkel.io to answer questions and get published.
Comments are closed.