1.Deciding what type of marijuana business to start – 2. Writing your business plan
Is it profitable to own a dispensary?
If you’ve ever been curious about their work and how much they make or are thinking about starting your own business, read on to learn a little more about this industry. Marijuana dispensaries fall into a very gray area in the business world, as they are technically federally illegal in the United States. An article published by Gary Cohen shows that when calculating the profitability of dispensaries, several factors must be taken into account. However, as with all business activities, not all dispensaries are profitable, but most are.
Building a successful cannabis business means understanding, before you even start, the many ways in which this industry is unique. Medical dispensaries work with patients who have a prescription for medical marijuana per doctor’s orders.
Is cannabis a good business to get into?
If you have time and space, you can have a marijuana farm, but you can also start your venture with just a few plants. To open a plant growing business, entrepreneurs often have to get licenses through an application process, which can be lengthy and expensive, with no guarantee of success. Growing marijuana can be harder than you think, so it’s important to educate yourself if you haven’t done it before. The legal cannabis space is getting crowded and consumer segmentation is becoming increasingly important, so understanding who your primary consumers are and what they want from your products is key.
If you don’t know how to make accessories yourself, you can open a resale shop where you sell items you have found.