The United States’ cannabis market earned a whopping $10.4 billion in 2018, and saw investors double investment in the North American marijuana industry to the tune of $10 billion. The cannabis industry is projected to reach $24 billion by 2025, making it a great time to open a cannabis business. Opening a small business isn’t without competition, but with the right steps, you can become a successful business owner in a high-demand market. Here are a few tips to keep in mind as you open a new business in the cannabis industry.
Start with a unique idea.
Every successful small business starts with a unique business idea that fills an unmet need. There are several sectors within the marijuana industry that you can pursue. The most common types of cannabis businesses are dispensaries and grow operations. The cannabis industry is also brimming with foodies who create edibles, open cannabis-themed bakeries, and open cannabis-friendly lodging. Tech-savvy cannabusiness entrepreneurs could create a product that helps cannabis users ingest their medicine.
Know what rules to play by.
Cannabusinesses are subject to complex and confusing laws, rules, and regulations. It’s not easy to get a cannabis business set up, which is why you should work with an experienced attorney who can help you register a legitimate small business. Both recreational and medical marijuana businesses require a license to operate in compliance with state law. Like any type of business, your cannabis company will need to carry some form of business insurance. Several types of coverage will help keep your marijuana business prepared for physical or financial setbacks.
E-Com Profits makes sense of comparing types of business insurance by explaining how each insurance coverage option works. Public liability insurance, or general liability insurance, protects you and your small business against injury claims by the public or another business. Professional indemnity insurance is a good idea for a startup that provides services.
Cyber liability insurance is a type of commercial insurance that protects you against cybercrime. Personal accident insurance is similar to workers’ compensation insurance and provides coverage for you and your employees in the event you or they can’t work. Having the right types of coverage is the best way to save money in the long run and be prepared for the unexpected.
Improve the customer experience.
The smart entrepreneur is always working to improve the customer experience. Utilizing online reviews and customer feedback is the smart way to create cannabis products that your target market wants and needs. As your cannabusiness grows, you may eventually invest in a customer service term or virtual agents. Knowing where and how your customers learn about your cannabis products can help you find new ways to effectively meet their needs.
Effective communication is essential to business operations and workflow, especially if you are operating an online cannabusiness. One of the best practices of problem management is to implement an IT service management software that communicates across voice and digital channels and provides the automation of call routing, incidents, business changes, service requests, and more.
Bright Pattern offers an AI-powered information technology service management (ITSM) solution that reduces call volume, reduces hold times, improves customer satisfaction, and improves service levels. Their ITSM tool streamlines problem and change management, gives employees and customers access to the service catalog, features a centralized dashboard, self-service portal, analytics, and a service desk. The right ITSM solution streamlines workflow while providing valuable incident management solutions that improve your ROI (return on investment).
The health and wellness sector is having a moment, and cannabis businesses offering quality cannabis products are in high demand. Cannabis products are known to help treat anxiety, depression, stress, insomnia, and chronic pain. Now is a great time to become a small business owner and run a successful cannabis business. E-Com Profits discusses three of the most important steps to keep in mind when starting a cannabusiness.
Hire a professional lawyer who can help you register a legitimate business that’s compliant with state and federal laws. You’ll need enough capital to get your cannabusiness off the ground, which means securing investors and a business loan. Leverage digital marketing to reach new customers and build customer loyalty while strengthening your brand to stand out in the cannabis industry. These three steps put together can help you build a strong business foundation and boost the sales of your cannabis products.