Breaking into the cannabis industry is a big step and a great way to capitalize on a booming industry that’s only forecasted to grow even further in the future. But just because marijuana is thriving doesn’t mean running a dispensary will be easy. Like any business, running a successful dispensary relies on many factors and your willingness to make it happen. Still, selling cannabis is no longer the uphill battle it used to be. As long as you know what you’re doing and have the drive to succeed, getting into the dispensary business can be quite lucrative. These are the seven biggest considerations to keep in mind when starting your business.
Know Your Local Cannabis Laws
Not all jurisdictions agree on which plants or products can be sold or even what kind of regulations on those plants there are. Just because a certain product can be sold in California doesn’t mean the same thing can be sold in Colorado. Plus, you need to ensure you have all the right permits to legitimize your business, which will also vary from state to state. Take a minute or longer to do your research. It’ll absolutely be worth it.
Get a Killer Team Together
Unless you’re some industrial machine or an expert at multitasking, odds are you can’t run your dispensary alone. So you want to make sure you have a team you can trust to help you tackle this challenge, as well as employees who can help you deliver on your vision. Ideally, you want your team to have good attention to detail and understand what they’re doing. They should also be friendly and calm under pressure, because sometimes unexpected things happen, and you need to be able to respond to them properly.
Have a Business Plan
Like doing your research, this step is on the more boring side, but it’s incredibly crucial. Most state laws require dispensaries have proof of capitalization and a set amount of liquid cash available. So you’ve got to have all your resources assembled. Also, being organized is the key to success in every business. Know how to compete with other businesses, know what you need to get yourself off the ground, and know your specific audience and how to cater to them.
Pinpoint the Right Location
Just as with any business, location can be vital to your dispensary’s success. This can be even more burdensome with cannabis, as states often impose additional regulations on where they can be located. Often, dispensaries can’t be near churches, community centers, or schools. And, they have to be their own building – no shopping complexes allowed. You have to balance these with the common location troubles: parking, traffic, competing businesses. You want your dispensary to be in the right spot, so when your clientele is craving their next high, they know you’re in the area, ready to serve.
Source your Inventory Properly
Figuring out where to get your products from is always a challenge, but it’s even more so given the number of cannabis growth and distribution regulations. Did your supplier follow all the proper protocols and your states’ regulations? Do their practices line up with yours? Are they ripping you off? Make sure to do your proper research and networking and maximize your profits while preventing yourself from ending up in a risky situation.
Establish Your Niche
A marketing niche is essentially what your biggest selling point is – why your buyers should choose you over your competitors. For example, some companies’ selling points are that they are the premier California cannabis delivery, offer high-quality custom blunt wraps, or have unbeatable terpenes for sale. Know what specifically you want to deliver on with your dispensary, and strive to be the best at it.
Generate a Following
Maintaining an online presence that stands out amongst the competition is more vital than ever to a successful business. The first step has a superior, easily navigable website that acts as an anchor for yourself on the internet. Next, give potential customers info on your products, your company, and all the essential channels to get in contact. More than that, I know how to take advantage of social media. Of course, how exactly you do depends on your market, but having a thriving Twitter, Instagram, or TikTok page can be a gateway to success.
Bring it All Together.
So there you have it. Starting and running a cannabis dispensary isn’t the easiest thing in the world. You need to have the right knowledge, people, inventory, and marketing skills to thrive. But that’s far from impossible, and it’s only getting easier as cannabis becomes more mainstream. If you are motivated to make it happen and have a little start-up cash to get there, you can make it happen. So go ahead, found the prosperous cannabis dispensary of your dreams!