Marijuana Business Development
Higher Yields offers marijuana business development services geared towards helping your canna-business succeed. It's hard enough running your business on your own, we offer everything from cannabis license support to financial networking, to website design and marketing services. Allowing you the time to concentrate on your business and garden operations.
Put Our Marijuana Business Development Services To Work For You
Higher Yields Consulting services can help your business in many different capacities. We can help you with implementing grow systems, website design, marketing strategies, and even help with small business loans. Marijuana business development services are the key to any successful business.
Our Marijuana Business Development team is comprised of experts in their fields, and also experienced with the product and marijuana business niche itself. Our team consists of lawyers, financial resources, marketers, and master gardeners, to name a few.
The fact that our team is also familiar with the marijuana business itself lends a feeling of comfort and professionalism that are seen in other more “acceptable” markets, but not always in the legal marijuana market. Many professional marketing agencies or recruiting agencies will not work with you even in a legal market, not only will we work with you, we have the real world experience you would expect.
With new opportunities there are new markets and avenues your business must be involved in, our Marijuana Business Development services are set up just for that very reason. Whether it be increasing your revenue stream through branded merchandise, or the experience one needs to design a commercial garden, Higher Yields is your best choice.
A Cannabis Business Guide to Business Development
The marijuana industry’s financial cannabis data prediction is expected to hit $25 billion in the U.S, as recorded by New Frontier Data. It’s a staggeringly large number and one that keeps growing year after year. Any individual hoping to grow a cannabis business from scratch now will see this as a good cannabis business opportunity.
However, only by speaking with Higher Yields Consulting, a cannabis consulting business, will the new cannabis business be implementing best practices of business development.
What are these best practices in business development?
These best practices are anywhere from writing a cannabis business plan to discovering the right cannabis real estate location for your business. Higher Yields Consulting will take you through the first step to enhance your business development by taking you through this cannabis business guide.
Cannabis Business Guide Development 101: Getting Started on the Cannabis Business Opportunity
Starting any type of cannabis business is intimidating whether it be a cultivation business, grow business, dispensary business, or a cannabis consulting business. Getting started on your cannabis business development is only one decision away. Those who’ve started the process may find huge obstacles hindering them, but we’ll cover the simple steps to getting started in this cannabis business guide from getting a cannabis software ERP for financial tracking to attracting cannabis investments.
1) Finding a Cannabis Business Idea that Sticks and Solves a Problem
There are several cannabis companies in the market every which way you turn. Therefore, you must differentiate yourself by creating a business that solves the customer’s problem, because in the long run it will be your business that they turn to.
Also, it’s important to discover an idea that sticks for the long term as well. These two factors will help in determining what type of cannabis business you’d want to operate.
Below, there’s a list of the type of business allowed in operation, depending on your state’s regulation requirements:
- Cannabis Transporter: Individuals deciding to operate as a cannabis transporter must apply for specific licenses that depend on the state your applying. Also, there may be transporter requirements whether you're in Washington, California, or another state.
- Cannabis Extraction Facility: Aside from getting a cannabis extraction license, it’s essential to discover how big your lab will be, types of equipment, and who you need to help operate.
- Lab Testing Facility: Like other facilities, it’s essential to get a cannabis lab testing license. Also, you need to understand the strict lab testing requirements by state.
- Dispensary/Retail: If you plan on operating a dispensary facility, then you will need to get a license and a seller’s permit in your state.
- Cannabis Edible Facility: If you plan on operating a edible facility then you must get a license and thoroughly understand packaging requirements.
- Cultivation Facility: In any cannabis facility it’s crucial to get a cannabis license, especially in operating a cultivation facility. Also, you must take care in deciding what type of cultivation facility you want and how large it needs to be.
Overall, the necessity in getting a cannabis business license is the most important factor in developing your cannabis business. Each business will bring on different challenges and will require you to do different things.
However, if you stick to the basics of developing a cannabis business founded on your state’s regulations then your operation will run effortlessly.
2) Research Your State’s Cannabis Legalization or Regulations
Another important factor is ensuring you understand all the medical and recreational cannabis compliance regulations in your local and state government. The best recommendation from us is to find an attorney to go through all the necessary challenges and outcomes before filing a cannabis business license application.
Higher Yields Consulting can help any type of cannabis business find an honest attorney. We understand the regulations from top to bottom to keep any business secure and compliant.
3) Keep in Mind the Starting Costs
The industry is booming, and the costs are only rising. Any type of business will require start-up money, but it may be higher for the type of cannabis business you’re operating. Fees for registering a cannabis business license application and permits may involve hundreds to thousands of dollars based on the business’s state cannabis regulations.
It’s best to discover new outlets of funding such as crowdfunding, bank loans, and attracting cannabis investments to fully fund your cannabis business opportunity.
4) Create Your Cannabis Business Plan
After you’ve registered for a cannabis business license application, it’s best to get started on developing a strong cannabis business plan. It’s a requirement for getting a state license and it helps pull in cannabis investment from investors to your business.
Investors looking for a cannabis business opportunity only want to invest in high quality, intelligent cannabis companies. If the business has a detailed and well-structured cannabis business plan, the easier the business will find investors.
5) Finding the Prime Cannabis Real Estate Location
Another cannabis business opportunity is to find the right cannabis real estate location to build the framework. According to CannaLaw, it’s necessary to get a location that complies with your state’s legal distance limits from schools. There are specific requirements for getting a cannabis real estate location for any type of cannabis business whether a cultivation business or a dispensary business.
It’s hugely important to get the right people to help you find real estate as some individuals may not want to sell you land due to cannabis being a federally illegal substance under the Controlled Substance Act.
Lastly, it’s necessary to calculate the cannabis real estate costs and requirements as you decide to plan out the structure or architecture of your cannabis business.
6) Register for a Cannabis Business License
All cannabis businesses must register for a cannabis business license. It doesn’t matter what type of business you’re operating, because the regulations require all types of cannabis businesses to apply or register. The cost to apply may hold up to $5,000 to as low as $500 for cultivation facilities, dispensary facilities or any other brick and mortar business.
7) Get Financial Tracking Cannabis Software ERP and Find the Right Cannabis Accounting Service
It’s important to keep track of transactions, inventory costs, equipment costs, cannabis real estate costs, and other mandatory finances. In this area, you may want to consider utilizing cannabis software such as an ERP. It can track finances and costs all while giving you full visibility.
Also, to operate a cannabis business you’ll need a cannabis accounting service to understand the tax law cannabis regulations or wade through the paperwork yourself.
Higher Yields Consulting can help financial frustrations by finding the right financial cannabis software and getting a cannabis accounting service who’ll relieve you of the pain of doing yourself.
8) Reel in Cannabis Investments from Investors
The more you thoroughly investigate each of the six steps of this cannabis business guide to improve your cannabis business development, the more cannabis investments you’ll receive. As you look for options in developing your business, getting cannabis investments is a great place to start.
Moreover, getting cannabis investments will help move your business in the right direction. If your cannabis business is adequately prepared, then it may attract more cannabis investments from investors.
Discover the Cannabis Business Opportunity
All in all, this cannabis business guide is the first step in the right direction toward an effective cannabis business development structure. We hope this cannabis business guide helps you improve your business from creating a cannabis business plan, finding a cannabis real estate location, finding cannabis investments and to start utilizing a cannabis software.
Moreover, finding a cannabis consulting company such as Higher Yields Consulting will push your miles ahead of your competitors. Whether you’re looking to improve your existing cannabis business development, or you are just starting, we will help create a well-planned cannabis business plan and guide you through every step of building your business.
Contact Higher Yields Cannabis Consulting whether you’re looking to attract cannabis investments or track your finances with a cannabis software.