Starting a business is exciting for any entrepreneur. Starting a cannabis business in this new, ever-changing industry brings its own triumphs and challenges.
As a cannabis entrepreneur, you’ll quickly learn shortcuts and workarounds to get the job done. You’ll rely on experience from your past jobs as well as advice from those around you.
Yet overall, starting and growing a cannabis business is all about daily action. You put something in place. You wait for things to happen. You adjust.
For most entrepreneurs, it’s all about working on a shoestring budget. Do the minimum to get by. You can always change later.
Yet for technology, that’s not always wise. Shoestring technology can leave you vulnerable and inefficient. And when it breaks, fixing it can be a headache at best, damage your reputation, and even cost you your business.
Wouldn’t it be nice if you had tech tips you could really use as a cannabis entrepreneur as you start on your journey?
Building Your Tech Toolbox
You have a job to do. Technology must be a part of it. In order to meet federal and local regulations, you’ll need certain systems in place.
A Cannabis Point-Of-Sale System – the single most important piece of technology to operate your business. Yet not all are created equally. At a minimum, it should be available to run operations from anywhere, from tablets to desktops. It should sync with crucial systems, such as accounting, payroll, and other regulatory systems needed for accurate reporting. It should allow for growth as you continue to expand your business.
Websites and eCommerce – no matter if you sell online or not, you’ll need a web presence to attract business. And as you grow, eCommerce allows you to create sales online so your customers can order from you in many ways.
Inventory Management – daily, weekly, and monthly reports give you an accurate view of your products. You can use this to expand and grow, and to ensure you meet regulatory requirements.
Surveillance and Security – surveillance and security are required by law. They also help you resolve minor incidents, keep better tabs on what’s happening in your facilities, and protect your business.
Investing in Cannabis Technology – Is It Worth The Investment?
There are ways to integrate many of these systems together for more seamless operation and results. This is where it pays to work with technology experts who understand technology, security, and the cannabis industry.
It’s easy to start small and piecemeal strategies together over time. Yet this can be a costly mistake. You’ll end up with systems that are anything but efficient, and could put you at risk.
This is where planning comes into play. We have a few tips to help you grow your business the right way, no matter where you’re starting today.
Have A Clear Plan – it’s easy to get sucked into finding what you need today without thinking about how it will fit into your business a year from today. You’re starting your business for a reason. What is the overall goal? What do you hope to solve? How do you anticipate growth? The more you “see” early on, the better it can help you make the right decisions at the right time.
How Will You Be Different? – you’ve already noticed there are a lot of players in your marketplace. Why should a customer choose you rather than your competition? It starts with defining your customers, who they are, and what they need. Build a business around that strategy, then sell based on the problems you solve.
Assemble The Right Staff – talent comes at a cost. It’s easy to want to pay low initially – you’re living on that shoestring budget! Yet finding the right people can help you grow even faster. A diverse team will help you develop your vision and achieve it.
Building a Strong Network – it’s not just your employees; it’s also your team. This includes partners, vendors, suppliers, distributors – anyone who helps you craft your business and showcase who you are. Team members help you do your job better. They give you “inside” tips to help you be more efficient and more successful. Don’t be afraid to talk with partners early – it’s a way to catapult yourself to new places faster.
Cultivate Your Cannabis Business The Right Way
A strong future is all about being flexible. Cannabis entrepreneurs who adapt to change have the greatest chance of thriving in this ever-changing industry.
If you’re serious about growing your cannabis business, consider utilizing all the tips we mention here. Invest in technology to help you grow. Expand your resources as you gain experience. And partner with those who can help you achieve all you set out to achieve in the beginning. You’ve got this. It’s your time to grow.
For IT Strategy, Security and Compliance, or Help Desk Services, reach out to us at Cannabis Technology Partners 360-450-4759.
