Where do entrepreneurs get their business ideas? Some search for problems they can help solve. Others look for booming markets to find opportunities. There are also those who study social trends to find business ideas. The growing cannabis industry provides plenty of room for entrepreneurship for all three.
As a new industry, the cannabis trade is experiencing growing pains. And it’s growing a lot — the bigger the number of states that legalize it, the bigger the market gets. There’s also a strong social trend to support legalization, with 64% of Americans being in favor of it.
Still, starting a cannabis business can be difficult. It’s a heavily regulated industry. It’s also an industry that still isn’t legal under federal law. But if you live in a state that legalized marijuana, you’re free to exercise your entrepreneurial spirit. Here are a couple of examples of the types of cannabis-related business you can start.
Edibles are one of the ways to partake in marijuana without having to inhale smoke. They are also very convenient to carry and use. Edibles are among the favorite products on the marijuana market. There’s also plenty of them too choose from.
So why should you create a business that’s bound to face tough competition? It’s about margins. In cannabis cultivation and retail, the margins are dropping as more businesses enter the market. Edibles have a different outlook. They are one of the most branding-friendly parts of the cannabis industry. Your line of edibles is a product you can brand, adding to its value in the process. You will, however, need to meet certain regulatory demands to create your edible products. Still, you can always rely on MJ Freeway cannabis consulting services to help you start your business.
Marijuana Subscription Boxes
Subscription boxes come with several distinct selling points. Customers don’t need to go to the store and buy them. They contain a variety of interesting products. Best of all, they come with an element of surprise — it’s like getting a birthday present every month. Subscription boxes are a booming business for a reason.
The subscription box business model works particularly well for cannabis products. There are many different strains of cannabis plants. There’s also a lot of paraphernalia cannabis consumers use. Cannabis can also come in the form of edibles, as we mentioned. And when people consume cannabis, their appetite for the food that doesn’t contain marijuana is increased. What all of this means is that you can run a marijuana subscription box business for a long time without having to offer a same combination of products. Plus, it can be a great way for your customers to explore out different strains of marijuana, different edibles, and paraphernalia. The only downside is that you’ll have to meet the regulatory demands.
Software and App Development
No matter how exotic they might sound, cannabis businesses are still just businesses. However, they operate in an industry that has an apparent lack of support from other industries. It’s the growing pains of the cannabis trade. It’s also a great opportunity for anyone with expertise in certain areas. Areas like software and app development, for example.
Like any other businesses, cannabis businesses depend on software for many different things. Whether it’s inventory tracking, onboarding support, or app development, cannabis businesses are facing a shortage of software. And that can be your opportunity. Designing software solutions specifically for cannabis businesses is something you can do from home. So is developing an app for a cannabis dispensary. And the best thing is — you don’t have to get any licenses to do it. While businesses that handle cannabis have to be licensed, you don’t because you’re only handling your keyboard.
Marketing and Branding
The situation with marketing and branding in the cannabis industry is the same as with software development. There’s a demand waiting to be met. Some parts of the industry might not need the whole range of marketing and branding services, but others do.
Even if you’re a marketing professional, you would first need to learn a lot about the cannabis industry. You want to know what type of legal space you’re about to starting working in. However, it might be worth the effort. Marketing and branding professionals who specialize in cannabis are few and far between. With the industry growing, cannabis businesses will look for ways to differentiate themselves from their competitors. And that’s where you can come in.
The cannabis industry is still very young. As such, it attracts people with entrepreneurial spirit who want to be there when the industry really lifts off. If you’re such a person, remember this. You don’t have to work with marijuana to benefit from the industry’s growth. But if you want to, you’ll need to go through a licensing process.
- 10 Ways to Keep Your Entrepreneurial Spirit Strong
- What Small Businesses Need to Know about Employee Drug Testing
- Unleashing Your Entrepreneurial Spirit
- What is Branding?
- Shattering the Branding Myths