Five Services for a Profitable Cannabis Retail Business
Opening a cannabis retail business might be the best thing you could do in 2020. Cannabis businesses are sprouting like weeds across the US because entering the cannabis industry at this moment could set you up for life.
But cannabis startups can’t run in an isolated business environment. They rely on different services to offer the best experience for their customers. Let’s take a look at five services profitable cannabis retail businesses use.
1. Security Services
Cannabis products have to be tracked from seed to sale. Video surveillance and store security are often not optional for cannabis entrepreneurs who want to meet the compliance standards of the industry.
Security for cannabis retail businesses comes in many forms, from nonstop video surveillance to armored trucks and armed guards. Most cannabis businesses can only accept cash, so having a security guard on location can keep your business license and cash safe.
Finding a reliable security service that provides solutions for your business needs should be of utmost importance for every cannabis entrepreneur.
2. Design Services
Your cannabis retail business shouldn’t look like a regular shop if you want to attract customers. On the other hand, your retail business shouldn’t look like a frat house on a Sunday morning, either.
A design firm could make your retail business look the part and stand out from your competition. Design is more than arranging your shelves and printing cannabis leaves on your walls. A good designer will also improve your business’ lighting, atmosphere, and ultimately your customer’s buying experience.
3. Marketing Services
You might believe you could create your own social media marketing campaign. Social media platforms offer detailed guides on how to create and display your ads, so you might pull it off.
But here’s the thing. Businesses operating in the cannabis industry face some compliance and marketing limitations when it comes to ads.
Cannabis businesses are not allowed to advertise their products on radio or television and can’t display ads on their vehicles because they might drive too close to a school. In addition, these companies can’t publish ads in print media because most media corporations don’t want to be associated with cannabis.
With those limitations in mind, you would think that social media ads could save your business. But social media ads for the cannabis industry face their own sets of compliance terms. Facebook and Instagram (owned by Facebook) are constantly blocking ads for cannabis products, even for CBD.
To make matters worse, publishing ads for cannabis products can get your account suspended, meaning you’d lose all your followers and previous posts. So it might be better to externalize your marketing services from the start.
4. Enterprise Resource Planning (ERP) Software
ERP software is an all-in-one solution for your cannabis business. This software tracks your products from seed to shelf and provides essential information such as CRM, accounting, compliance, delivery, inventory, and more for your cannabis business.
Your legal responsibilities as a cannabis entrepreneur vary according to your location, but you will surely be required to report to your local and state authorities on a regular basis.
The ERP software helps you keep track of traceability, regulatory compliance, inventory management, accounting, and more, making your life as a business owner easier.
Now, the state themselves use ERP software to monitor the compliance of cannabis businesses, so using the same software can make it easier to prepare the report you send to the authorities. However, there are a lot of different programs you can choose from, so find one that fits your business needs.
5. Waste Management Services
Cannabis waste management is often one of the services you don’t even know you need to have before starting a cannabis business. But the truth is that state and local authorities require you to have a cannabis waste disposal management plan.
Any business conducting cannabis activities must manage and dispose of its cannabis waste responsibly. Even though you might think your business would produce little to no waste, any material that made contact with cannabis or that contains cannabis is considered waste if you no longer use it.
For retail cannabis businesses the types of waste could be anything between flower (expired/returned), packaging, edibles, etc.