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8 Ways to Make More Money with Marijuana

By Richard Farrell 04/24/2014

Businesses that make money – including weed dispensaries – do so because they are fleet of foot, savvy and know their markets well. In this article, we focus on hot tips to help make your business a real success. These ideas are fresh and harvested off breaking news stories, so read on.

  1. Quality is King: Although initial results in California suggested that potheads were only interested in price, American markets are settling down as buyers become more picky. Find yourself a good marijuana supplier who can advise you on your territory’s preferences.

  1. Keep Things Strictly Legal: One of the things that make the cannabis trade stand out is a complicated set of laws. Each State has its own take, and most still have no time for even medical marijuana. Some Cities add their own subtleties. Don’t get shut down. Obey the rules.

  1. Don’t be Too Ambitious: The word you want is scalable, so you can flex your business space, stock and staff as you ramp up. This helps you to make sure that you, Number One, earn enough money to pay for purchases and your own living costs. You need flexibility in an evolving market. Make sure you have it.

  1. Be the Servant of the People: This means supply what customers want, not what you think they need. Folks talk about things and you need good, not bad reviews. Make sure your place is neat and clean. Quality is conformance to customer requirements, and nothing else.

  1. Be Found by the Right People: The first thing you need is a website that’s right for Google, and has a presence on a major marijuana portal so you get discovered. Make sure your landing page is dedicated to the latest local news, and reports the buzz on popular weed strains. Become your City expert.

  1. Rubber Neck at All the Right Events: The American social and medical marijuana industry is gradually emerging from decades of oppression. Many licensed vendors have not yet ditched that mindset. Be different. Attend every cannabis event anywhere in the country. Networking produces results.

  1. Look Like the Success You Want to Be: When you engage with people at these shows or with your customers in the shop, exude success from every pore. Folk like to buy their marijuana from people they hold in high esteem. That’s why restaurants spend so much money to look the part.

  1. Watch the Foreign Exchange Rates: The chances are excellent that you will end up with some imported cannabis stock, whether you bring it in yourself or your supplier does. The dollar has been going up and down like a yoyo. Protect yourself. When you order in advance, agree a price in $US.

While we offer this advice with the best intentions in the world, the U.S. marijuana business is so new that there are few reference points. We have mentioned the need to remain hands-on several times already. We’ll say it once again. You cannot run a start-up business with any kind of proxy manager. You must be there in person, with Weed Lynx at your side.

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