While starting a business in any industry can be full of pitfalls, not all industries are created equally. Especially in the cannabis industry, regulations are changing rapidly and different laws affect individual businesses differently. As such, it’s important to stay on top of the market and figure out how different trends and rulings will ultimately impact the way your business functions. If you’re located in California, things are a bit laxer than other states thanks to the early adoption of legalization rulings, but that doesn’t mean that there aren’t still some tips and tricks that you should keep in mind as you work to grow your business. Here are some of the best tips for starting a canna-business in California.
Retain Legal Counsel
The law changes quickly, so it’s always good to stay up-to-date about how different legislation may impact your business and require you to change your business strategy. As a result, it’s a great idea to always make sure that you have a marijuana business attorney in California in your corner. A good firm can help you regardless of whether or not you’re selling medical marijuana or recreational marijuana, as well as other natural products containing CBD and THC. Many California-based attorneys in the marijuana sector are so knowledgeable about the industry that they even get retained by businesses in other states where marijuana is legal.
Experiment with Different Products
Knowing your customer base is an important part of any business model where sales determine your profits. That being said, it’s possible to get by with sourcing products in certain niches like CBD vape oil or edibles. Even so, it may not be a bad idea to experiment with different products if you think that your customers may be interested in adopting a new product into their routine, too. Starting small can help you test the waters without risking too much of your profits, and you might be surprised at the results that you get just by including a new product.
Differentiate Your Brand
As more and more states legalize marijuana, competition has started to increase, too. As a result, it’s important that you find ways to differentiate your brand from the competition. From picking a memorable name and logo to developing a brand voice that can be used in marketing materials via email and social media, it’s crucial that you have a strong brand identity if you want to stay competitive. Once you’ve landed on a brand that feels specific, you can leverage it to continue attracting the customers in your target demographic.
Invest in Good Design
Good design also goes a long way in helping you stand out against a growing field of competitors. There are a variety of things that you can accomplish with the right design, from educating your consumers about your brand and products to helping appeal to your customers more directly. If you match your product design to the goals of your brand and the type of audience you want to attract, you can really strengthen your brand experience. This creates a total package for your consumer and allows you to really leverage what makes you different in a growing market. Think about how packaging plays such an important role in brands like Apple and find ways to boost your approach.
While some of these tips may be things your company is already doing, it never hurts to revisit how you approach the way you do business. Talk over the above ideas with the rest of your staff at your next all-company meeting and you may be surprised by the sorts of conversations these tips spark.