Starting a marijuana business isn’t easy. Research has it that up to 40% new cannabis businesses fail within the first three years of inception. Another 20% fail along the line to success and only 40% live to maturity. Even so, these numbers shouldn’t get you down. Success starts with hard work, clear objectives, and laying down realistic goals. Here is a simple success recipe on how to open a dispensary in Florida.
Harmonize Financial Records
Because banks are wary of trading with marijuana businesses your financial records will be up to you to manage. You will need to understand what’s coming in, going out, and possibly balance the accounts at the end of every financial calendar. You will also be responsible for the payment plan that your marijuana business uses. Many pot businesses promote cash payments which also poses significant risks. So keep track of all your financial transactions and get the right advices for business tax strategies.
Know Your Boundaries
I have seen many cannabis business owners who failed to excel because they didn’t realize the main boundary between their business and their lifestyle. Your business is a business like any other; respect and treat it as one – unless you’re running a head shop incognito. Put a specific boundary between your personal finances and that of the business, keep in mind all specific variables that can affect your business including climate, lighting, bacteria, soil chemistry and be prepared to address them.
Know All The State Policies
No doubt many states have approved medical marijuana today but their policies differ a lot. The federal law is still a gray area and many dispensaries continue to be shut because of some pretty small legal details. It could be as simple as putting up noisy dispensary, suspicion of laundering, to a complex matter such as locating your business next to a juvenile institution. My advice for you is on spot, know your policies, watch out for amendments and get an experienced consultant.
Have The Right People Around
Bring only the right people on board. Does your marijuana consultant have the right experience; has your marijuana lawyer specialized in marijuana laws? Are your employees professionally trained? All these are questions that you should ask if you want to determine the efficiency of your team. Working with the right people will help you to get a smooth operation and leave you on an updated level of business operation always.
Always Have A Positive Mindset
Positivity is key, up to 60% of new marijuana businesses are expected to fail, well that’s just what the statistic says, how about you? Do you want to fail on how to open a dispensary in Florida? If not, have a positive mind set and work with an intention to win.
Knowing what to prioritize is extremely important. It will help you to realize amazing results and without doubt assist you on expanding your business. But in order to ensure success in the weed