With the new legalization laws on CBD and its distribution, windows are opening for eager entrepreneurs to make their mark in the retail business. However, starting a new business is daunting. We want to help you put your plan together and implement good practices to ensure the success of your company.
Let’s have a look at seven ways for you to run a profitable cannabis dispensary and keep your customers smiling.
Regularly update your stock
Keeping your stock updated and eye-catching is a great way to encourage customers to make a purchase. New stock, as well as a wide range of quality products, allows your customers to walk through the door and feel as if their every need can be catered to. Stock up on other appealing cannabis products, such as custom pre-roll tubes, rolling papers, pipes, grinders, and other accessories. These items are a great way to bring more people to your store, and offer a unique way for you to educate people on the different options available for cannabis consumption.
Another great product to keep on the shelves are edibles, as more and more people are looking for alternative ways to ingest cannabis without having to smoke it. Each customer has their own needs, and providing a greater amount of choices gives you a better chance of meeting these needs. CBD and wholesale terpenes products also cater to clients who don’t want to experience the psychoactive effects of THC.
Set an average basket size per customer
Setting an average basket amount for each purchase ensures that your customers make a substantial purchase each time they visit. You can also offer your clients low-end, mid-tier and high-end price ranges with your products so that you’re able to cater to a varied range of budgets.
Setting up your different pricing options and payment plans is easier with the correct payment platform. Invest in a great POS system to help each of your payments happen smoothly and efficiently.
Have A Strong Online Presence
Starting a CBD business is a whole other ballgame when it comes to having an online presence and makes it even more important. However, having an online presence is vital, even if your store isn’t an online business. Digital marketing will help your business grow and is by far one of the best ways to reach a broader audience. Your online platform is your tool in creating a customer base, a brand voice, and a personality. You’re easily able to share news about new products, sales, and other important updates to keep clients engaged.
Your online presence can be made stronger by making regular high-quality posts, answering client questions, and even sharing your interest with other companies and making partnerships.
Avoid Inventory Stockout
Keep your stocks full and try to anticipate which items are likely to sell out before they do. Not being able to offer your clients a popular product, or a specific brand they desire, is a sure way of getting a bad reputation. Avoid this at all costs and keep an eye on your sales so you’re able to place new bulk orders timeously and meet the demand.
Read more about Four Financial Mistakes You Should Avoid if You Are A Small Business Owner to get better insight.
Offer delivery and pickup services
Providing services to your clientele that assist them in making more convenient purchases is a fantastic way to encourage sales. For example, some companies make it their priority to allow customers to make orders that are efficiently delivered to their door.
Even if you just have one bike to start out with and offer local delivery to start with, you’ll notice very quickly that people much prefer not having to leave the comfort of their homes — especially since we experienced the stay-at-home order.
Set Up A Loyalty Program
A loyalty program gives your clients an incentive to make more purchases and stay involved with your company. Showing your appreciation for consistent support will give your clients a feeling of their importance and role in your company’s success. You can also provide specials, gift cards, bundles and discount deals to promote your products. Introducing buy 3, get 1 free and gift-card top ups will increase your sales and keep your clients happy.
Showcase Your Menu
Making your menu easy to read and see is an excellent way of enticing customers to purchase your products. Display your product options clearly on your menu so that it’s easier for clients to browse. Adding high-quality images will also spark interest and give visual appeal to those delicious edibles or crystalline medical cannabis buds.
Last Words on Running A Successful Cannabis Dispensary
As with all successful businesses, it’s always important to keep your unique signature and provide something original to your clientele. Passion, dedication and vision are bound to assist you along the journey of establishing yourself in the world of the cannabis market. Be sure to follow your own intuition, and keep this list handy to give yourself the best possible shot.
Katie Tejada is a writer, editor, and former HR professional. She enjoys writing about events, travel, decorating trends, and innovations for the home, but also covers developments in HR, business communication, recruiting, real estate, finance, law, and investing.
CBD Dispensary stock image by Brandon Crawford/Shutterstock
