There is no surefire way to become instantly successful in any business. But from years of being in the cannabis growing business, we can confidently tell you that the tips we have provided here are proven ways to more than double your cannabis cultivation in a short time!
Smart entrepreneurs understand what it means to get valuable advice for free after launching a new cultivation facility. As the industry continues to expand and become increasingly competitive, operators cannot afford not to take advantage of opportunities to maximize their profits and boost their investments. So, if you want to multiply your growth rate on your cannabis growing business, these amazing tips will help!
1. Utilize Hang Harvesting Systems
One of the leading tips to grow your cannabis business successfully is to consider innovative methods of harvesting and drying cannabis to save time, money, and space.
The hang harvesting method of drying cannabis developed by Driflower has been around for quite a while, but unlike the traditional drying pattern, everything is being revolutionized, leveraging our years of experience in cannabis cultivation.
Hang harvesting involves crops being harvested and hung immediately on specially designed hangers.. This process allows you to harvest faster and more efficiently than ever before. It also helps you reduce potential damage caused by nets, totes, and excessive product handling while not compromising the quality and integrity of your flower.
Growers, cultivators, and cannabis investors can leverage our tool to maximize space available to them, reduce labor costs, and ultimately improve product quality. Hang harvesting kits are designed with the core goal of increasing the overall efficiency of your cannabis business.
2. Carve Out Your Niche In The Cannabis Industry
Carving out your niche in the cannabis market requires that you have a good understanding of your offering and target market. Some important things to look at include which area you have unique expertise and experience in, how you can transfer the expertise into the industry, and the resources at your disposal? And what about your capital, teammates, staff, and equipment?
While considering these questions, it may turn out that you are already equipped with the needed tools to excel in the industry in a unique way. And understand that it will not always be rosy. Those who establish themselves today will be in charge of the future of cannabis business
3. Don’t Join Policy Violators
It often seems as if the government policies and regulations in the cannabis industry are a major reason for the poor growth rate of cannabis businesses. However, it is still important to set your business apart by fitting into these laws and regulations.
Prepare your cannabis business processes and ensure that every player in your business understands what is required and are familiar with the regulations for improved outputs.
4. Get Smart With Handling Liquor and Illegal Market
The competition from illegal market sales and liquor can pose a threat to the industry. It may appear difficult to prevent users from patronizing these markets. But you can scale up to enjoy higher user attention by offering extra benefits to your customers and get them making repeat purchases.
Also, commit to embracing originality. It has been discovered that being authentic in providing products to your customers will help you earn your customers’ trust and give you an edge over illegal cannabis business operators. Additionally, cannabis CEOs are advised to create personalized products/services lacking in the illegal markets that will be delivered to customers.
5. Get an Investor
Your business will thrive better in the industry when you have deep-pocket investors backing you up. The popular reason why many businesses find it hard to get investors’ support is because some still consider the industry illegal even after being legalized. Another reason is that many are not patient enough to wait for a good period to see significant ROI in the business.
In essence, cannabis entrepreneurs must have an in-depth knowledge of the business and a revenue-centric business plan required to generate higher ROI to convince potential investors.
6. Plan For All Hidden Costs Including Taxes
Many cannabis business CEOs fail because they refuse to plan adequately for settling taxes and covering hidden costs in the business. For instance, as a part of the licensing processes, some States will need you to prove you have sufficient capital to thrive in the business. You will also need to pay for an adequate security system as dispensaries are often in the predatory eyes of thieves who want to hijack quality products for the black markets.
Finally, as a very critical aspect of your business, you’ll need to consider operating unbanked services as most national banks will not get involved with cannabis business operators to avoid getting on the wrong side of the Federal laws.