There’s a lot to be said for people who open businesses - it takes a certain amount of courage, know-how, and pure risk-taking to make the jump into entrepreneurship. To be truly successful, it requires more than just a good business plan, an attractive storefront, or eye-catching signage. As a business owner, you need to plan for every contingency possible.
When it comes to opening a marijuana dispensary, the planning and preparation need to be even more thorough, as it’s an industry that’s constantly changing. Before embarking on a cannabis journey that's complete with its own unique set of challenges, ask yourself the following questions.
Can I afford to do it?
Opening a business can be expensive no matter what industry you’re in, but there are a few key pieces of information to be aware of when talking about dispensaries. First and foremost, it can be very challenging to secure financing from traditional methods, so it will take some creativity (and maybe even your entire savings account) to get the ball rolling. Before you even get to design your shop and open for business, there are licensing and permit fees as well as other financial stipulations to contend with.
How will I be received by the community?
While cannabis is becoming more and more socially acceptable across North America, you should think about how your new dispensary might be perceived by both residents and fellow retailers. Take some time to study the demographics of particular areas and think about where you might find the most success. If you have your heart set on a particular location, meet your neighbors before moving in and try to gauge their level of receptivity to your business.
Am I comfortable owning a risky business?
The marijuana industry is innately filled with more risks than many other types of operations, mainly because the cannabis is still considered illegal by the federal government. Many banks don’t want to work with you which might mean you operate on a cash only basis. This can make you a target for theft from the outside or can even create internal temptations.
Will I be able to depend on my staff?
No one can work every single day, and even business owners need to take time off every once in awhile. Do you have the skills to discern how your personnel will handle the business when you’re not present? From hiring a store manager to supervisors and budtenders, you need to be able to count on your staff. Thankfully, certain POS systems will allow you to check your numbers remotely, so you can still keep an eye on things from afar.
Is opening a dispensary my passion?
Like many great things in life, it takes a lot of time, money, and effort to see your dreams become a reality. Opening a marijuana dispensary is possible as long as you have the ability to finance and run the business, but is it really something you’ll live for? This might be the most important question of all before you move forward in the process.
After having a heart to heart with yourself and contemplating these five questions, are you still excited about opening a marijuana dispensary? If the answer is yes, then it’s time to celebrate and get moving toward making your dream a reality!
Opening a dispensary requires you to stay on top of a lot of moving parts, so for a clear guide that gives you helpful tips and tricks, download our ebook today.