Advice for cannabis business entrepreneurs. Anyone who has ever attempted to start up a new cannabis business knows that it is anything but a simple endeavor! Cannabis business entrepreneurs compares it to driving through a fog, never knowing exactly what is ahead. The truth is, taking a leap into the cannabis business world can be frightening, overwhelming at times, and even exhilarating. Anticipating the pitfalls and navigating the challenges can be exponentially easier with the help of an experienced business attorney at your side.
Cannabis Business Entrepreneurs – Taking the Leap!
If you have got the bug to build your own cannabis company, paying attention to the advice of those who have walked that path before you can save you some trouble:
- Ignore naysayers: People will tell you about dismal failure rates, share horrible anecdotes about someone else whose cannabis business collapsed leaving them penniless, and sacrifices that were untenable for some other entrepreneur. Ignore all of it. Those stories are not your story. If you are truly committed, jump in with eyes open and a clear, smart management plan.
- Follow your passion: Is your cannabis business plan centered on something you love? Chances are, you will be doing this for a while, so make sure it is something you can be immersed in for more than a minute.
- Prioritize your activities: You need to think of a name and make sure it is not already trademarked. Then, register it. Figure out your business structure. There are licenses and permits you may need, and you will have to put some thought into advertising, business cards, personnel, location, taxes, accounting, products and customer service. What needs to happen first? You need to prioritize the many, many demands ahead.
- Accept the fact that you do not know everything: You are new at this! There is no way you can know every single thing you need to know to make it work. Go into it willing to get help and flexible enough to adapt to changing circumstances. Learn as you go. It will take time to develop a solid take on all facets of your cannabis business.
- Follow through: Give your best ideas time to work before you abandon ship and try a new tact. Many cannabis business entrepreneurs are creative thinkers and have many, many ideas about how to move forward. Do not get lost while going in a dozen different directions. Instead, focus on your finest plan, and go full speed ahead.
- Choose a cannabis business partner based on what they offer your company: Sure, it might be great to partner up with your girlfriend or uncle, but unless those people have viable skills to enhance your business, it is not a good idea to give them decision-making powers. Nothing can be more frustrating than having to share power with someone who does not share your vision and contribute to it.
- Learn how to manage and inspire workers: You will have a team of employees who will need guidance and support. Creating a positive environment is the only way to get employees to give you their best. So, take management courses if you need to, or figure out who can be the face of the business for employees. Do whatever it takes to keep the staff feeling good about their jobs.
- Remember, family is first. Enough said.
Cannabis Business Entrepreneurs – Get Going!
As you take on new adventure as cannabis business entrepreneurs, play it smart with the legal team at Canna Legal your side. If you are thinking about becoming a cannabis business entrepreneur in Sonoma County, Mendocino County or Lake County California, contact us in Santa Rosa for a confidential consultation today. Canna Legal is the Cannabis law practice division of Beck Law P.C., located at 2681 Cleveland Avenue in Santa Rosa, just south of the Empire College School of Law and north of Coddingtown Mall.