I knew there was a market for cannabis, and was eager to get into the business. Wow, was I in for a surprise! There is plenty of learn with this type of business, and the more knowledge you have going into it, the easier it is to avoid common pitfalls. If you want the freedom to do as you wish, this isn’t the time of business to consider. There are numerous state and Federal policies and guidelines you have to be in compliance with.
It may surprise you to learn about the various types of cannabis that exist. Customers want a wide spectrum of items. Some like the taste of this one but not a skunky smell. They may be interested in something sweet smelling. Others like a stronger product that gives them an immediate high.
Some are interested in medical marijuana so they need to find out the strains to reduce pain. Others want something to help them feel energized or to help them relax. They will have plenty of questions when they come to your business, so you need to be prepared. All of your staff needs to be fully prepared too.
I wasn’t expecting so many people to be interested in the edible products either. We didn’t offer them initially at the cannabis business. However, we had plenty of requests for them that couldn’t be ignored. I also felt that meant customers were visiting other providers in the area to get those edibles. As a result, I added a new segment to the business about a year after it was opened.
You have to be very careful about under age people coming in to buy the products too. Some people look much older than they really are. If you get caught selling to them, you are the one held liable. You could lose your entire business so you must make sure everyone is ID’d as they come through the door.
Keeping the products in supply is also tricky. This isn’t your typical type of inventory that you can just leave laying around. You need to keep it all in airtight containers. You need to keep an eye on what is selling faster so you don’t run out of it. I had some issues early on with suppliers but got those kinks worked out.
Being able to get quality cannabis to offer at your business is very important if you would like it to be a success. You can’t sell people a product that they aren’t happy with. They won’t return to buy from you again. They will also tell other people they know not to come buy from you. If they love what you offer them and the price is fair, they will also share those details with others.
There is money to be made in the cannabis industry, but if that is the only driving force you have, this isn’t a good fit for you. There is plenty of responsibility, ongoing learning, and you need to select your employees very carefully. It can be a rewarding business if you don’t cut corners.