When the first cannabis dispensary was founded in San Francisco, the history of cannabis changed forever. Back then, laws were stringent, and cannabis was majorly illegal. Today, however, over 33 states have legalized medical cannabis use, while 11 states now allow recreational use. As the market evolves, more people are opening dispensaries, but we have to admit, not all are made equal. Some are highly successful, while others are straining to stay afloat. So, what's the secret remedy?
- Get the structure right
- Have clear goals
Like any other business, money is probably the biggest hurdle for anyone who wants to invest in a dispensary. When you look around, you notice aesthetically looking stores whose business is booming and imagine that this could be you. While it's true, you must do your research into the target market, consider costs related to open and running a store, and distribution before you start. This way, you won’t be throwing your money in a sinking investment.
Granted, you may have to do a lot of the heavy lifting when you open your dispensary, but you should learn when it’s time to let go of some duties and leave it to more qualified people. Hiring professionals leaves you with time to focus on growth and marketing, which is the heart of any business. Also, rely on technology and make use of any program that will help you run your dispensary smoothly. For instance, POS software such as serviceganja.com helps you manage your inventory, saves you time, and gives you an accurate representation of how your business is performing.
There is nothing wrong with initially starting with a few products, but you'd be limiting yourself if you didn't diversify on the products you sell. Having diverse, high-quality products broadens your market and keeps potential customers in your store. It also helps you stand out from the competition. However, you should not copycat other business but look for a way to offer value uniquely. Capturing your customers doesn't apply to a wide variety of products alone. You need to provide excellent customer service, personalizing services to each customer, and building loyalty to connecting with your clients.
You may have heard the saying “failing to plan planning to fail” by Alan Lakein. If you work without a plan, you will soon feel like you are moving aimlessly, and it won’t be long before you start feeling anxious and defeated. Goals help you know when you are meeting your objectives, keeps each business wheel moving, and tells you where you need to make adjustments. Don’t start your dispensary and wish that things will somehow work out. Instead, have SMART goals you can use to benchmark and drive your business.
Finally, you can’t sit and hope the tremendous strain of marijuana you have will sell. Be ready to invest in marketing and draw attention to your store, build a brand, and connect with your target audience. Put money where it will yield the most value, and keep expanding your reach until you build a successful business.