You’ve moved past startup status. Congrats. Nicely done.
But now you’ve officially got a business to run. Maybe your business is at the beginning of lift off. If you’re lucky, it’s already starting to soar.
Whatever your situation, you need to stay on top of things if you want to continue to scale your cannabis business.
Because if it stalls out and you don’t have the fuel to keep it, at the very least, sky high, you could end up grounded. And not in that good sort of meditative way.
What Is the Fuel That Will Scale Your Cannabis Business?
It’s not all that complicated. In fact, a lot of it is Business Management 101. But just in case you bypassed the business degree, we’ll lay it out for you.
1. Mo’ Money
If you went about things with some business savvy, you didn’t blow the whole wad on starting up your business. Because the truth is, your expansion and growth are dependent on how much money you have access to right now.
Of course, there are always unexpected obstacles when starting a business. So it could be that you don’t have quite the capital you were planning on having at this point. It happens.
If that’s the case, you need to raise some money to grow and ramp up capacity. Just be certain about your source. Ditch the “get rich quick” shysters and hook up with well-connected investors instead.
Or if well-connected investors aren’t exactly falling from the sky, consider raising capital from a smart partner who can contribute in other ways. Yeah, you might not have the most favorable terms in this situation, but there’s something to be said for having someone constantly pressuring the company to demonstrate and meet short-term goals.
2. Mo’ Help
Are you resistant to help? Get over it.
Because as your company scales, your daily operations are going to become far more complex. That’s just the math. So don’t be a super hero control freak. You need to bring on some fresh meat.
Start laying out departments, hire qualified folks for those departments and learn how to delegate responsibility.
If things are going well, it might be time to bring on a chief operating officer, or COO. Along with the calming and gentle sound of the job title, a COO can help out big time with managing the internal planning.
This is important because a COO is going ensure that all the gaps are filled. And just one unfilled gap could take down your business. No matter how small.
Once things start going really well – i.e. the capital is flowing, you’re offering employee benefits, dealing with a variety of taxes and a more complex payroll – you’ll need to hire a chief financial officer. Not a poetic sounding title, no. But a CFO could save you A LOT of headaches.
3. Mo’ Originality
You’ve probably already established some regular cannabis consumers. But what about getting hold of those mainstream customers who can really fuel your growth?
Obviously, destigmatization and education are crucial to getting the mainstream to understand that cannabis isn’t about getting high, dude. But beyond that, how do you differentiate? How do YOU stand out?
You can’t be a shrinking violet if you want to scale your cannabis business. So be sure to communicate what makes your product or service unique. Is it better prices? More expertise? The ability to stay crunchy in milk?
But seriously, there are a gaggle of ways to differentiate your business. For example, you could consider offering:
- Super cool packaging
- Online tracking
- Certified organic products
- 24/7 customer service
- Cryptocurrency integration
- Subscription to blockchain control services
And that’s the shortlist.
Also, enlist the services of experienced marketing professionals who focus on the cannabis industry specifically. They’ll help get you noticed.
Just remember that whatever you’re doing to differentiate now, it’s important to have a plan in terms of how you’ll maintain that difference over time. Things change fast in the cannabis industry, and you don’t want to get swallowed up by a larger, shinier competitor.
4. Maybe Mo’ Locations?
As your scaling takes on Olympic proportions, you can continue to grow your business by physically expanding to other locations.
Of course, the success of adding locations will depend, to some extent, on the state where you live. There are many different restrictions unique to cannabis companies. In states where the vote to legalize marijuana has been successful, there will be fewer hurdles.
Fortunately, that list is growing.
Get Your Cannabis Business Noticed
No matter where you are in the scaling process, it is crucial to have good public relations and solid media coverage. This one isn’t debatable.
So if you’re looking for PR and marketing to help you scale your cannabis business, contact us today. We’ll discuss the specifics to help your company get the exposure it needs to grow.