They say success is built on the shoulders of repeated failure. Benjamin Franklin said it best “I didn’t fail the test, I just found 100 ways to do it wrong.”
You may have heard that the cannabis industry is booming, and it’s true. But it’s also a highly competitive and constantly evolving market. If you’re not careful, you could quickly and easily fall into some costly mistakes. Some of those failures could result in reduced speed to market, misuses of resources, and set your business up for a greater possibility of failure, rather than the success your passion and hard work deserve.
One common mistake that many new cannabis business owners make is poor use of capital. It’s easy to get excited and overspend on things that may not necessarily benefit your business in the long run. A good consultant can help you create a budget and find ways to stretch your dollars, so you can maximize your profits.
Another potential mistake is not understanding trends that have been successful in other markets. Just because something worked in California doesn’t mean it will work in New York. Skilled operators who already have experience across different regions and license types can help you navigate these nuances, and find strategies that work for your specific market. Sometimes finding someone with that type of experience and skill set may be more difficult than you may think.
Finally, small mistakes at the start of a cannabis business can create long term negative effects. It’s important to take the time to do things right from the beginning, such as creating a solid business plan, designing your facility to maximize efficiency, launching a brand correctly, obtaining the necessary licenses and permits, and hiring the right team. Consultants can help you avoid these mistakes and set your business up for success.
If you’re considering starting a cannabis business or are already in the industry, you don’t try to go it alone. Working with experienced cannabis consultants who can help you avoid costly mistakes and achieve your goals faster may be an option worth exploring.
High Guide Cannabis Consulting. Cannabis Consulting Services for Extraction Labs, Retail, Manufacturing, and Cultivation. Our expertise has taken multiple vertical cannabis operations from the start-up phase through operations and eventual profitable exits.
