How to Make Money Selling Cannabis Products
With the increased interest in the cannabis industry as of late, prospective business people have been keeping their eye on ways to make money in the industry. And rightly so: there is going to continue to be a lot of money made throughout the entire cannabis industry. However, that doesn’t mean that aspiring business owners need to actually grow, harvest, and sell cannabis. Rather than have to get into the strict and restrictive licensing, growth processes, and safe harvesting practices, those interested in growing a business in this industry can choose another path: cannabis product accessories. Check below for some tips on how you can begin to make money selling cannabis products and accessories.
Do Your Homework
Starting a cannabis accessories retail store is no different than starting any other kind of store. Whether you want to host your products using an online website and drop shipping to fulfill orders or you want to set up a physical shop in your hometown, the starting points are the same: research.
Before investing your money and effort into any business, you need to determine if there is a market for what you want to offer. And while we can confirm that yes, the cannabis industry is on a hot streak, the methods and mechanisms with which you acquire and sell your goods may greatly impact your ability to be successful. Along with your market research, you need to also research suppliers, delivery options, and storage options for your cannabis accessories. You might find that not all wholesalers offer the same supplies: wax rigs come from one supplier, while bongs come from another. You might have to figure out how to ship from one country to another for a themed product and deal with the local supplier for another.
Figure Out Marketing
Like all business ventures, it is going to be your responsibility to figure out how to market what you are offering. When it comes to cannabis and cannabis-related products, that market research you did will come in handy. You might find that there are multiple options for marketing your accessories but you’ll need to make decisions about how to approach those avenues correctly.
For example, if you are thinking about offering cannabis product accessories to other retailers, you’ll need to think about direct marketing or mailing, or targeted email, Facebook and other social media ads in order to connect with them. If you are going to work locally and run your own shop, you’ll need to consider more traditional methods of marketing and advertising such as local newspapers, sponsoring events, and holding open houses so that citizens can become familiar with your brand, your product, and what you and your business stand for. The most important thing is to get your messaging right and be consistent with what you want to offer your customers.
Sell Only the Best
There are a lot of cannabis accessory retailers out there because of the boom that has happened in the industry. There is a low barrier to entry but that doesn’t mean the products need to be of low-quality. In fact, with so much competition, the quality of the offerings should go up! While you will be in heavy competition for an audience and customers to buy from you, especially with the uptake of online giant Amazon, you can stand out from the crowd with superior customer service and add-ons that make it worth your customer’s time to shop with you. Offer insight, advice, training, education, industry information and more when your customer comes to your shop or lands on your website. Don’t just assume they know how to use the products you’ll offer: show them how. And most of all, work to ensure that your customers and potential customers see the quality you offer.
If you aren’t selling a good quality product, it doesn’t matter how great your website functions. Sell only the best products and guarantee what you offer and you’ll be ready to invest money and build a business in a growing industry that serves millions of people the world over.