169 years ago, James w. Marshall discovered a new way to get paid. I am talking about California’s gold rush. Today, America is witnessing a new gold rush. The thing is 90% of the country now supports marijuana legalization, if that happens in all states the marijuana market will explode. If you put yourself in the right position in the industry right now, you may end up becoming one of the people who truly benefit from the marijuana trade in the future.
It’s kind of like bitcoin. Most of us ignored it when it cost $0.08 in 2010 and ended up bashing our heads into our desks when it hit $10,000. Imagine getting paid to smoke weed, sounds like your dream job doesn’t it? The truth is your dream job doesn’t have to remain a dream. You can turn it into reality starting today.
Under federal law, marijuana is still illegal. However, under state law, weed is legal in some places. Here is the current map:
D : Decriminalized. Grey: prohibited for any use. Dark green: legal. Light green: legal for medical use.
The way I see it, the mounting public pressure will eventually force the federal government to legalize marijuana in the remaining regions. The question is. Where should you place yourself in the food chain if you want to get paid?
Be the middleman. Why? A middle man’s work is to connect buyers and sellers, if you can grow and sell your own product that’s an added plus. But if you can’t, the benefit of becoming a middleman is. You will profit from other people’s work. Middleman positions in the weed industry may include:
- Dispensary owner.
- Cannabis expert/writer/critic.
- Become a cannabis blogger/product reviewer.
If you want to get paid to smoke weed all day, you can volunteer as a test subject for clinical trials. But don’t expect this option to last very long.
Let’s assume that you want to build a marijuana business from the ground up, where should you start?
Start by Planning your Finances
To make money in the future, you will have to spend some now. The best financing option you have if you want to start let’s say a weed dispensary is saving. By now I’m sure that you’ve noticed that banks and finance companies such as Diamond Business Loans and Loan Builder have started offering loans to cannabis businesses. But there are requirements such as:
- You must be in business for 1 year.
- You business must generate annual revenue of at least $100,000.
- You must have good credit score.
These and other financial requirements will disqualify lots of people from getting a loan, if you cant get a loan the best alternative you have is to save money or to find a rich sugar mummy or daddy. Curse you Lana Del Rey for making that a financing option!
One of the the biggest hurdles most people face when starting a new business is the start up cost.
Startup cost will depend on which state you are in, for example if you are in Massachusetts. To get a license, you will need at least $18,000. Here is the breakdown:
- Initial application $3,000
- license for retail marijuana store $15,000
Other costs you should consider are:
- Display cases
- Office supplies
- Hidden fees
- Contingency money
Before you start making plans in your head, figure out where you are going to get the money needed. If you have a job, set some money aside every month until you reach your goal. Here is a trick that always works, create a list of everything you need. Then walk around and compare prices, look for deals and if possible buy second hand.
I have all that’s needed, how do I get paid?
Differentiate your Product
The problem with most new business owners is. They copy. In legal states, the marijuana market is very competitive. If you don’t get your marketing right, your marijuana business may end up becoming just another weed dispensary on a street corner. Ever wonder why a bottle of Jack Daniel’s costs $25 and a bottle of Canadian Club 100% Rye costs 19.99?
The answer is very simple, marketing. How you market your dispensary will determine if you get paid or not. According to marketing experts, the trick is to focus more on customers. Loyal customers will keep coming back even if ten more marijuana dispensaries open on the same street, why?
If you treat your customers the right way , for example, smile and answer questions no matter how stupid they are without losing your cool and present your product in the right way. You will create a bond with your customers.
You want your customers to see you as a person not a marijuana business. To do that you should:
- Never show indifference towards your customers.
- Give your customers the feedback they want (be a resource).
- Under-promise and over deliver.
- Check your mail and return phone calls
Generally, it’s all about treating your customers the way you want to be treated. When a customer walks into your doors, he or she should have a unique experience.
- The setup should be different.
- the logo and name of your business should be easy to remember.
- the person behind the counter should look presentable.
Take time each month to visit marijuana businesses in your state and other states if possible. The idea is to find out what they are doing wrong and use it to your advantage.
When starting a new business, there is always something you can do better than the competition. If not, then you are not in the right line of work.
How long have you been using marijuana? In that time you must have identified a hole that your business can fill. Think back and pay attention to your stoner friends. If you need some help with setting up your new marijuana business contact us or join us today.