In recent years, many states have begun legalizing cannabis for recreational use. Marijuana is still considered illicit on the federal level, but with so much momentum on its behalf, federal legalization may be coming sooner than later. With that being said, if you’re a cannabis enthusiast with an entrepreneur’s mentality, starting your own business in the cannabis industry could be a lucrative move.
Even though being a business owner is a great experience, it’s also a lot of hard work. Startups don’t accidentally become successful businesses—it takes a lot of preparation and a little luck. Before you launch your own company in the cannabis industry, continue reading to get some sound advice.
Find a way to separate your new business from the rest of the field.
One of the hardest things about entrepreneurship is coming up with a business plan that differentiates your small business from your competitors. However, one thing that separates successful entrepreneurs from the not-so-successful ones is their ability to recognize a specific unmet need in their industry and fill the gap. The best way to attract potential customers is to go a step further than your competition as far as the products and services you offer.
A great way to go the extra mile and show appreciation to your customers is to offer them a smoke odor eliminator with any cannabis purchase over a certain amount. Marijuana may be legal in your state, but that doesn’t mean your customers want that odor in their homes, cars, and clothes.
At the end of the day, it’s about more than giving your customers a fragrance to mask the odor from their cannabis and cigars. Ultimately, it’s about offering them value and saying, “Thank you for doing business with my small business.”
Hire a lawyer to help you navigate the legal minefield.
With marijuana still being illegal federally, hiring a business lawyer to help you stay on the right side of the law is a great idea. The key is to find a lawyer who has experience in the cannabis industry and a reputation for being the consummate pro when it comes to representing their clients.
Many small businesses in the cannabis industry have trouble finding financial institutions to manage their funds. One of the main things a cannabis lawyer will be able to help you with is finding a local bank that’s willing to take you and your company on as a client. While most banks will close their doors to your business, your lawyer can help you find one that will roll out the red carpet for you.
Market your new company responsibly.
You may spend long hours trying to get your business off the ground, but your best efforts will count for naught if you don’t have a marketing strategy. However, as an entrepreneur in the cannabis industry, you have to take extra care to put together a responsible marketing campaign.
A few years ago, the government took the vape industry to task because their marketing campaigns made it look as if they had a business model that was geared towards attracting kids and teens. You don’t want that kind of attention to sink your venture before you have an opportunity to turn your startup into a viable, successful business.
Being your own boss means you have to be your own boss.
Often, entrepreneurs are their own worst enemies. When you have your own company, it can be easy to get complacent. However, successful entrepreneurs are the ones who work harder for themselves than they ever did for others. Solving a problem, doing what you love, and making a profit are the three main reasons you should start a company, but to succeed, you have to place high expectations on yourself and your small business. When you own your own business, there’s no one to whom you have to account, so you have to hold yourself responsible for becoming a successful business owner.
Being an entrepreneur is one of the surest paths to self-fulfillment. The keys are to enjoy what you do no matter how much money you make and work hard. Owning your own business won’t always be a picnic, but as long as you keep the motivation that led you to launch your startup, you’ll find great success in entrepreneurship.