Starting your own cannabusiness could be the best decision you ever make—if you take the right steps to prepare. See, while prospective entrepreneurs get swept up in the idea of a cannabis cash cow, the reality is that the market faces some stiff competition. That’s why it’s so important for potential business owners to learn the industry and know what it takes to succeed.
Whether you’re picking out a POS system that works with cannabis brands (because, naturally, some don’t), or you’re trying to scope out the competition and take stock of the latest industry trends, here’s what you need to know.
Understand your local, state, and federal markets.
Some cannabis brands will start local and stay local, resistant to second locations and expansion. Others will want to capitalize on the nation’s growing population of cannabis enthusiasts and expand as much as they can. While there’s no “correct” business model, there are certain tactics that you can leverage regardless of your approach. For instance, no matter how large your cannabusiness is or will grow, it’s still important to understand your competition and take a closer look at the health of various markets.
If you need some help taking stock of the industry, you can turn to sites like Bloom & Oil, sometimes spelled Bloom and Oil. This site offers industry news, discount opportunities, and industry trend analysis to help business owners, buyers, and distributors alike.
While the site doesn’t often break out hard analytics, it does make it easier to see which products are performing well and why. this is especially helpful if you’re looking to develop an eCommerce retail business. As an eCommerce vendor, you’re not only competing locally but nationally as well. Therefore, you need to find key ways to edge out other eCommerce cannabusinesses.
Select the best POS system for your market.
POS retail integration can make or break a cannabusiness. After all, some retail POS software brands are still hesitant to partner with cannabis and hemp companies. Other POS software options seem open and inviting but use that as a front to distract you from high fees, monthly dues, and limited service options. To start, you need a retail POS integration that’s willing to work within the cannabis industry. After all, you’re starting a small business, and you need someone who understands your market and can scale alongside your brand.
You should also choose POS software that enables mobile integrations. A mobile POS or retail management system allows you to check in on your business from anywhere. For example, if you have to drive out to your grow and meet with the team there, but you want to keep an eye on the store from afar, you can check-in through your mobile device.
You can also set up inventory alerts and develop point of sale reports that give you greater insights into your business data. The right point of sale system can also work alongside your customer relationship management (CRM) platform and provide barcode scanners, credit card readers, and printers for your retail store locations. There are also eCommerce point of sale systems that streamline online ordering and work with top eCommerce platforms.
Don’t be afraid to experiment.
While it’s always smart to master the classics, the cannabis industry thrives on innovation and competition. Innovation can also encourage customer loyalty. If your brand is willing to try new things, you stand a chance of creating new industry staples, influencing your local market, and attracting word-of-mouth referrals. This can benefit your sales pipeline, from the first customer contact to the checkout counter.
When you’re starting a cannabusiness, it’s important to seek out the right resources. With some smart tools and platforms, your business can thrive.