5 Tips To Help Your Cannabis Business Succeed
The cannabis industry is highly competitive. In this article, we’re going to share 5 simple, yet crucial tips for building a successful cannabis business. For more articles like this, remember to check out the business section of our blog.
1. Comply With The Law
This is by far the most important rule for anyone working with cannabis. If you want to secure your success in the industry, start by making sure you’re operating 100% above board.
The legal cannabis landscape can be murky and ever-changing, making it difficult to stay on top of recent legal developments or changes. So, there are a few things you’ll need to do help you wrap your head around marijuana laws.
First, do your homework and study both federal and your state’s laws until you have a solid understanding of both. Next, you’ll want to hire a lawyer with experience working in the cannabis industry. We know they can be costly, but trust us; legality is not something you want to be cutting corners on when working with cannabis.
2. Keep Your Books In Check
Once you’re confident your business can operate 100% legally, you’ll want to get your accounting department in check.
Most banks (even in places where weed is legal) refuse to open accounts or process payments for companies working with cannabis. As a result, many cannabis businesses have been forced to work almost entirely in cash, which is obviously a huge security risk.
There are also a ton of complicated laws regulating the sale and taxation of cannabis that vary from state-to-state.
Hence, to ensure your company runs as smoothly as possible, we highly recommend putting together a stellar accounting team. Make sure to work with reputable Certified Public Accountants, and keep your eyes peeled for anyone with industry experience.
3. Network Like Crazy
Once you’ve got your legal and accounting team in check, it’s time for the fun stuff. One of the great things about the cannabis industry is the community surrounding it.
If you want to build a successful cannabis company, it’s really important you immerse yourself in this community and connect with other people in the cannasphere. Thanks to the legalization of cannabis and the legitimization of the “weed” market, people are now confident and proud to talk about their passion for cannabis. And that’s great for the industry.
Today, the cannabis industry holds all kinds of industry events for businesses like yours to attend. These events serve as the perfect opportunity to meet some of the fantastic people working in the industry, as well as present your business and brand to the public. We recently shared a list of the top cannabis networking events that will be sure to get your business out there.
4. Get A Grip On Marketing
The cannabis industry is in full bloom. Every day, a new cannabis business is coming onto the market to fight for a piece of this billion-dollar industry.
And while that’s a good thing, it also means the weed business is becoming ever more competitive. So, what the best way to help your cannabis company stand out from the sea of other?
Marketing, of course.
Just like with any other business, a solid marketing campaign with clear, well-thought campaign is crucial to your cannabis business' success. Below is a list of some simple marketing tips to help you get started:
- Know your target audience. Are you trying to sell to cliche stoners, cannabis-loving businessmen, or stay-at-home moms?
- Build a strong brand identity. Once you know who you’re targeting, start building a brand that your ideal customers can identify with.
- Avoid these 5 marketing faux pas.
- Harness the power of social media to build, connect, and engage your audience.
5. Be Knowledgeable
Francis Bacon once said, “knowledge is power.” And he was 100% right. If you want your cannabis business to be successful, it is crucial that you're knowledgeable about your product.
Over the last years, we’ve come the closest we’ve ever been to understanding cannabis, the way it affects our bodies, and how we can manipulate and bend the plant to our will. As a cannabis business person, you’ll want to absorb all of this information like a sponge.
More importantly, however, is that your staff is equally knowledgeable about cannabis, too. Now, you obviously can’t expect that everyone on your team is a complete expert on marijuana. However, you can invest in your staff and make sure they are constantly learning about the cannabis plant.
Being up-to-date and knowledgeable about cannabis should be in your company's key goals/values. Make sure you do all you can to help you and your staff to fulfill this goal.
The Easiest Way To Purchase Cannabis
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