The cannabis industry is hot and trendy nowadays, so it is not suprising if many people want to enter into the business of selling cannabis products. However, beyond the promise of large profits, getting into a cannabis business also involves learning the rules, taking risks, and educating the self.
So, if you are thinking about opening your own cannabis dispensary or retail store, here’s a cheat sheet for you.
1. Find out first. Is it legal to open a marijuana dispensary in your area? If it is, you would need to find store space in a commercial zone. You should also know if there are special restrictions such as not being near a school or a residential area.
2. Decide if you can take the risks of running a marijuana dispensary.
3. Get trained on how to grow marijuana. You can also hire an expert to help you with the day-to-day operations as well as an expert in growing marijuana.
4. Lawyer up. Cannabis is a tricky industry. Having a lawyer to advise you on laws, regulations and even business matters will help a great deal.
Once you have decided…
1. Prepare a business plan. Your business plan should detail your new dispensaries, goals, plans, projections, and assets.
2. Get the necessary funding. Starting a marijuana dispensary can be very expensive. Some estimates say that you would need anywhere from $250,000 to $500,000 to open one.
3. Hire a CPA. Certified public accountants can help you deal with your business’ finances. They can handle your taxes, payroll and other financial matters.
4. Look for the right location.
On your way to success…
1. Always be aboveboard. Dispensaries might face a lot of opposition from the local community, so be sure that you maintain a clean and reputable image. It pays to be friendly.
2. Market your dispensary. There are several ways to market your dispensary. You can even advertise on CannabizDaily.com and list your dispensary free.
3. Research. There are always better ways to serve your customers and new things to try. With the differences in marijuana products, as well as how it is consumed, it helps to talk to your customers about their preferences so that you would know what products to offer next. For instance, if you learn that most of your customers like to vape weed, you might want to sell vapes alongside your products
4. Keep a lot of records. You should be able to keep a log of every transaction that you make, from what products you get from which supplier, what you sold to which customer, and other details. This will help you in the event that you have a run in with the law.
5. Price your products right. Medical marijuana is not covered by medical insurance. Therefore, you might want to give your customers the best price possible because they are paying for it out of their own pockets.
No need to write it all down. We have the cheat sheet infograph below.