The 10 Most Unanswered Questions about Businesses
What You Can Learn From Successful Marijuana Companies
Since 2012 when the recreational use of marijuana was legalized in Washington and Colorado, the industry has by far grown. Numerous states have legalized the use of this drug for medical and recreational use with 64 percent of Americans supporting the move.
The new industry has created different business opportunities including cannabis dispensaries to cannabis oil distilling and industry consulting. As an aspiring entrepreneur, there are many things that you can learn from successful marijuana companies before you make a move.
Government Changes Can Make or Destroy an Industry
Governments have a role in creating an enabling regulatory environment for organizations. It is the work of the federal and local governments to set up the regulations for opening and running businesses. As such, a single regulatory change can greatly affect the manner in which companies operate.
Over the years, marijuana has been labeled as an illegal drug in the USA, and it is not until recently that lawmakers legalized it despite research showing its medicinal benefits.
In 2012, Colorado legalized marijuana, and since then the sales have topped $ 1 billion. The lesson here is that it is important for you to analyze the regulatory environment. Once you have all the information, you can make sound business decisions.
The mention of weed dealer evokes visual images of a shady-looking person with an afro, baggy t-shirts, ripped jeans and sneakers.
What people miss out is the fact that successful marijuana businesses are operated by entrepreneurs who wear the part. They normally dress up expensively and show up at conferences and trade shows ready to hand out business cards.
If you want to succeed in this industry; you must abandon the weed dealer stereotypes and dress up like you are anticipating to score big deals. By doing this, your name will easily attract the modern pot consumer who prefers brands that reflect their style.
Consider the Product Quality
It is no brainer; quality products sell fast. The social stigma on cannabis users is still high, so you could assume that the consumers don’t bother to inspect the quality of the product before making a purchase.
This is a wrong assumption as most successful marijuana companies cultivate or sell high-grade cannabis and cannabis products.
As an upcoming cannabis entrepreneur, there are many opportunities to invest in. You could choose to grow the plant, be a licensed distributor, begin a delivery service or trade edibles like weed cakes and weed sauce.
Regardless of what you choose to do, don’t try taking shortcuts by selling cheap, low-quality products for quick profit. You will only be tarnishing your name, and in no time you will be out of business. Be sure to offer high-quality products that will keep your customers happy and coming back.
You must provide great customer service even when offering digital service like LeafBuyer.