Tuesday February 12, 2019
The cannabis industry has proven to be a prosperous venture for many entrepreneurs and, with the continued success of progressive marijuana reform, there are more opportunities than ever before to get involved and start a business. It’s true, the opportunity for success has never been higher – but the same can be said for the amount of competition, too.
In the cutthroat world of marijuana, businesses that succeed are ones that stand out from the crowd and display a sharp, put together approach that is attuned to the nuances of a burgeoning industry. This is much easier said than done though, and many companies utilize resources to help them achieve goals and scale their business. As legalization spreads across the United States and beyond, prospective entrepreneurs are seeking out companies who can help improve their overall cannabis experience. Luckily, there are plenty of great resources out there for people trying to start their own marijuana business and become successful.
Starting a Cannabis Business
If you’re looking to get your cannabis company off the ground quickly, employing the expertise of a consulting firm can be one of the most effective routes to take. Not only will you save time and resources but you will also be able to focus on larger business goals without worrying about finding your path in the startup world. There are plenty of cannabis consulting firms around, but perhaps none as accomplished as Higher Yields. Higher Yields’ team of cannabis business consultants have years of industry experience and have helped hundreds of clients take their businesses to the next level – especially in the beginning stages of operation. They were even crowned one of the top 7 consulting firms in Denver by expertise.com.
Higher Yields offers 4 distinct “Higher Enlightenment” consulting services, with the first being Find Your Path. Find Your Path focuses exclusively on marijuana startup services and provides business owners and operators with the foundational tools needed to successfully navigate the cannabis industry’s complex nature. Higher Yields’ cannabis startup services include:
Application and License Acquisition
The only way to enter the cannabis space legally (unless you’re an ancillary business) is by obtaining a license from the state(s) you’re looking to operate in. Cannabis licenses are not easy to come by these days and utilizing the help of experts can ensure your spot in the competitive market. Higher Yields has an experienced team of application writers and consultants who are well-versed in the tedious nature of cannabis licensing. They’ve won both merit and non-merit based licenses for both adult-use and medical markets.
Ask any cannabis business owner and they’ll tell you that compliance is one of the most important keys to success in the marijuana industry. After all, without a compliant business, you won’t be able to operate legally.
Higher Yields offers extensive compliance services to help businesses run smoothly and up to code. Laws and regulations change frequently in the cannabis industry so trusting a team of experts to keep your business on the right side of the law can be extremely useful.
Cannabis laws vary from state to state, however, all of them have one thing in common: seed-to-sale tracking. While not every state uses the software developed by Florida-based company Franwell, METRC is currently used in 11 legal cannabis markets across the United States. METRC is an important aspect of compliance, and any discrepancy within the tracking can result in steep consequences for a marijuana business. To help ensure accuracy and overall compliance, Higher Yields offers METRC reconciliation services and even training and auditing.
280E Tax Structure
Not many entrepreneurs consider the tax burden of the cannabis industry before starting a business. However, it’s important to be aware of the restrictions surrounding marijuana and abide by effective accounting practices. Higher Yields offers years of cannabis accounting experience and can help your business effectively navigate through all the intricacies – including the 280E compliance tax!
Business Plans, Financials and Real Estate Negotiation
When starting a cannabis business, having an effective foundation is key. Higher Yields’ business development services can help you get up and running in no time and include major staples like business plans, financials and real estate negotiations – all of which are extremely important in the cannabis space.
With the increasingly competitive nature of the cannabis industry, coupled with a plethora of restrictions and regulations, it can be an arduous task to start up a successful cannabis business. Utilizing resources to help you succeed just might be the deciding factor on whether your business makes it or breaks it after becoming operational. Plus, among all the things to focus on in the startup world, you still need to allot enough time to focus on advancing your business or risk being left in the dust by competitors.
Focusing on Your Business
To stay current in the ever-changing cannabis industry, it’s crucial to differentiate your business from others. Employing the expertise of cannabis consultants can help you shave time off of tasks like business development, licensing, and compliance, opening up more time to innovate and explore new possibilities for revenue and exposure – like online marketing.
Competition in the cannabis industry is at an all-time high. Worrying about competitors can eat away at new business owners and detract them from focusing on larger goals like building up a brand and gaining market share.
Running a business in that manner is extremely difficult and counterproductive to progress as well. Instead of worrying about the competition, it’s important to make sure that your business is firing on all cylinders and that you’re confident it can take on any opposition. This usually takes years to garner, but using resources like consulting services can help you jumpstart your business to new heights quickly and effectively.
Getting Your Business off the Ground
The legal cannabis market is expected to hit nearly $150 billion by 2025, making now the perfect time to seize the opportunity and get in during the early stages. You’ll want to get your business up and running soon though, as more and more prospective entrepreneurs (and even large corporations) are entering the space each and every day. Want to solidify your brand’s status in the industry? Consider exploring the various consulting services that are available and take your business to the next level!
Do you have any tips for entrepreneurs looking to start a cannabis business? Share them below!