The marijuana industry is doing well at the moment. However, this description is not doing any justice to the future of space. The New Frontier Data predicts that the cannabis sector globally will hit around $51.2 billion by 2024. Not to mention, there are more than 500,000 full-time marijuana jobs.
The industry of cannabis roots is growing stronger and deeper each day, even with marijuana restrictions and regulations still in some places. No wonder many individuals want a piece of the pie of the cannabis market.
But if you are looking to legally start a canna-business, you will require a well-crafted business plan. According to George Scorsis Florida, a cannabis expert, every dream starts with a dreamer, and to achieve it, you will need to consider the following tips:
1. Decide What Type of Cannabusiness You Want to Start
Usually, one of the first steps for starting a canna-business comes with a business idea. However, if everything is set to start the business, you will have to determine what kind of canna-business to be part of.
Perhaps you want to grow cannabis, start a marijuana dispensary, deliver products, or handle all of them. Your business can’t progress until you decide on that aspect.
2. Know the Regulations and Rules
Even when you have an excellent business plan, customers to serve, and enough capital to start, you will eventually shut down the venture, go to jail, or get hefty fines if you don’t abide by the regulations and rules.
The regulations, rules, and laws for starting a canna-business are incredibly complex and confusing. For instance, even setting it up may mean accepting payment will be challenging. This is why it is advisable to work with the best lawyer to help you navigate the entire process and ascertain the venture is legit.
3. Determine the Startup Costs
Let’s face it. Starting a cannabusiness is expensive. Though this shouldn’t scare you from achieving your dream. According to The National Cannabis Industry Association’s reports, starting a business, like a cannabis dispensary, can be between $245,000 and $745,000.
You will not just pay for your worker’s salary and the company’s overhead. There will also be some expenses in legal fees and getting a license, which comes with the entire process.
4. Use Influencer Marketing
In order to make your business successful, you will need to consider opening every available avenue for your products and business. Selling products on a few digital forums and social media marketing have their advantages and disadvantages.
However, in the marijuana industry, promoting and marketing across different social media platforms is not allowed. This means you can’t possibly place paid ads.
Fortunately, you may circumvent this issue by partnering with a few influencers on platforms such as Instagram, Twitch, and YouTube. You may market legal CBD oil tinctures as well as other products through marketing channels in some states of the US and Canada.
The marijuana industry is an exciting and dynamic field, which promises a lot in the future, if not now. As with all emerging markets, the early bird will always get the worm as long they guarantee on delivering quality services and products, backed by a great business and sound financial strategy.