The cannabis industry has taken off in recent years with a lot of interest from consumers and even more so from entrepreneurs, who are finally able to turn their passion for pot into a legitimate business.
While still not legal at the federal level, states in the US continue to vote for the full legalization of marijuana for adult and medical use. In the recent 2020 presidential election, a few more were added to the growing list of legal cannabis states, namely Arizona, Montana, New Jersey, and South Dakota.
Today, about one in three Americans are able to legally buy pot in their home country, opening doors to new markets for entrepreneurs. There is a growing demand for marijuana businesses of all types, especially in the e-commerce and delivery sectors, which have increased significantly due to the ongoing pandemic. These types of businesses cater to the modern consumer and focus on convenience, two characteristics that will continue to be important even after COVID-19 is under control.
Here are some 420 business ideas to get the ball rolling.
Cannabis industry statistics
It's amazing when you think about the fact that pot is still illegal federally, while the cannabis industry in the United States is booming. While big companies like Philip Morris and Scotts Miracle-Gro have entered the marijuana world, small businesses still have a lot of potential to find their niche and thrive. With two in three Americans In support of legal weed, views and cultural norms regarding the green goddess are shifting in favor of business owners and entrepreneurs. Now legal across the country, it is estimated that CBD alone will grow to a $ 1.3 billion market by 2022, with some expecting those numbers to approach $ 22 billion. On the other hand, the marijuana industry as a whole is expected to grow 18% year over year and be worth an estimate. $ 73.6 billion by 2027. In 2019, North America held 88.4% of the global market share, making it a prime target for investors and cannabis companies who want to get their foot in the door.
Cannabis Business Opportunities 2021
Hemp business ideas
- Start an online hemp clothing store using wholesale and private label products.
- Create an online home decor and accessories store using hemp products such as hemp rugs, tea towels, etc.
- Create and sell hemp beauty and skin care products.
- Cook with hemp and start a food truck or restaurant.
- Manage a hemp farm and sell the seeds and oil. It is legal in the United States to grow hemp, which is naturally low in THC.
Cannabis events and tourism business ideas
- Run a Cannabis Bed & Breakfast or a 420-friendly Airbnb.
- Become a marijuana event and wedding planner.
- Make and sell gifts for events. Infused chocolates, anyone?
- Create a cannabis tour business such as a party bus, dispensary and hop bar, 420 guided hike, farm tour, baked city tour, or pot and food tour .
- Perfect your edible recipes and start an infused catering business.
- Develop a private budtender service for events and weddings.
- Host marijuana cooking classes or flaming and painted parties
- Open a cannabis florist business and partner with local farms to have a constant supply of the leaves.
Creative Marijuana Business Ideas
- Create a cannabis-focused marketing and social media agency.
- Explore the world of marijuana counseling.
- Produce a weed podcast, website, magazine, book or trade journal that follows the cannabis industry.
- Focus on jar photography or videography for business, events or even private sessions.
- Become a marijuana influencer via social networks or a blog.
- Start a branding or PR agency for marijuana businesses.
Business ideas for the health and wellness of marijuana
- Host a marijuana-focused wellness retreat.
- Create CBD products for pets.
- Run a flamboyant yoga business.
- Teach workshops and sell products specially designed for athletes who could use the health benefits of cannabis to excel in their sport.
- Start a CBD supplement business or open a CBD cafe.
- Open a social ganja club where potheads can hang out and relax.
- Build a health and nutrition consulting agency focused specifically on cannabis.
Weed cultivation and supply chain ideas
- Franchise a dispensary in a new area.
- Develop courses on growing and harvesting cannabis.
- Team up with local dispensaries to create a jar delivery service.
- Open a private cannabis testing lab. Third-party testing is mandatory in many legal marijuana states, so this industry will see exponential growth in the years to come.
- Creation of a cannabis processing agency that places temporary workers on farms when plants are ready for harvest and pruning.
- Create a safety consulting firm for dispensaries.
- Create a temp agency that employs dispensaries or pot farms.
- Start an extraction business where farmers can bring their buds to you to create sought-after marijuana concentrates.
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Are you a retailer ( or retail sales associate ) who’s struggling with how to approach shoppers ? Worried that you lack the magic touch, or that you’ll come off as an annoying salesperson ? Would you rather be awkwardly staring at your store’s point of sale software screen than actually talking to the customer in front of you ?
You should keep reading because, after years of being one of the strongest sellers at my store, I can garantit you : anyone can sell. That’s not to say it’s not going to take a lot of practice. But over the years, I’ve found that a customer will tell you verbally and/or physically how to sell to them. If you’re listening properly and looking for the right cues, you can always tell if a customer is interested in what you have to say, what approach to take with them, and what exactly they’re looking for.
Check out the tips below, put them into activation, and you should find yourself successfully closing sales : Practice Active ListeningActive listening isn’t just about standing in front a customer silently. There are a few important things you should be doing to engage in this practice :
The most important part of réactive listening is to not form a response while the customer is speaking. This is really to do, and is going to take a lot of practice. It’s very natural to latch on to one part of a comment and form a response to it, and then shut out the rest of the comment. to become a good listener, a sales person must resist doing this. Active listening should engage your whole body. Things like nodding and having an open stance show the customer that you are listening to what they have to say. Once it’s time for you to speak, give the customer a quick summary of what they said. This has a few purposes. First, it allows you to come up with a response post-comment without things being awkwardly silent. Second, showing the customer that you heard everything they had to say will often open them up to providing you with more information than they initially supplied.
Practicing réactive listening means that you are fully engaged with learning what the customer wants. This engagement makes a huge difference. Not only will you understand what the customer wants in a deeper way, but you also gain their trust easier.
Next : Pay Attention to Body LanguageAlong with active listening, you should be practicing ‘active looking. ’ ( Yes, I just made that term up. ) People will betray a lot of what they’re thinking in the things that they do with their body. A lot of body language experts will tell you some odd things to look for, like watching if someone scratches their nose, but I don’t think that level of depth is necessary. In fact, I think that if you’re watching for a customer to scratch their nose, you’re probably not practicing active listening.
However, there is still plenty of body language you should be paying attention to while you’re actively listening. Let me give you a short list of tells you can easily pick up on during a conversation with a customer. 1. Eye ContactWhere a person’s eyes are looking is one of the easiest ways to tell what they’re focusing on. If the customer is looking at you, or the products you’re working with, that’s a good sign. It means they’re engaged with you and are interested in what you have to say and sell.
If they’re looking around, at someone else, out the door… anywhere that’s not where you are – that’s not a great sign. Usually if this is the case you should say something like, “Let me know if you need anything else, ” and let them do their own thing. No eye contact doesn’t mean you won’t be able to close the sale – but it could spell trouble if you don’t pay attention.
Hands/ArmsAnother important thing to pay attention to is what people do with their hands and arms. Typically, if someone’s arms are crossed, they are uncomfortable and probably not interested in what you have to say. You should tread gently : let this customer know you are there to help. If you’re talking with a customer who is clearly shy and uncomfortable with talking to you, I recommend acting in a more reserved manner and avoiding things like answering questions the customer has yet to ask. In addition, because this position reflects a closed off mind, I mostly suggest avoiding suggestive selling. Suggestive selling does not work well on someone who is not interested.
Open arms and palms facing towards you, however, are an excellent sign. If your customer has taken this sort of forme in your conversation, you’re doing well. In fact, I would definitely recommend going for it with suggestive selling. ( Of course, make sure you’re showing them items that are actually related to what they want, not just some pre-placed item that your manager wants to get rid of. )
Facial Expression—Particularly the Curve of Their MouthLastly, you should be paying attention to the locutions you customer is making. This seems like a no-brainer, but it’s important to pay close attention to your customer’s facial locutions. Even if a customer is pulling a straight face at you, most people’s mouths are fairly expressive in small ways. Often, the corners of the mouth will be curving slightly up or slightly down. Down is not good for you – it indicates frustration or annoyance. Curving up, though, is an super sign. Additionally, you should pay attention to how tightly the lips are held. If they’re pressed tightly together, it can mean the same thing as crossed arms.
That’s the three major areas of body language you should be paying attention to while actively listening to your customer. Keep in mind that while the customer’s body can give you an indication about how they feel towards you and your product, it’s the listening that is going to yield you the important information about what they want. Now that we’ve established good customer reading techniques, let’s talk about what to do with the information you pick up :
Respond With Similar Body LanguageOne of the easiest ways to set someone at ease is to “mirror” their body language. You don’t want to go overboard on this – that can seem creepy or just mean. But little things are really important. Start with pace and timing. Is the customer in a hurry ? Or do they want to take things slow and steady ? Speak and act at the same pace as the customer. If she’s in a hurry, speaking quickly and speed walking across the store, then you should speak quickly and speed walk across the store as well. If she’s speaking slowly and moves slowly, your speed talking and walking will only come across as aggressive to her.
In addition, you can do subtle things like adopt a similar forme, or use similar hand gestures. With the hand gestures, be careful. You don’t want to come across as mocking your customer. Don’t make juste replicas of hand gestures, keep it general. Determine if someone is ready to buy ( or not ) based on non-verbal cuesHere are a few more tips to help you differentiate shoppers who are ready to buy versus those who aren’t interested.
According to SCORE contributor Lee Perlitz, signals that shoppers are interested in a product include : Spending time looking at or discussing one product type – When a customer spends time focusing on just one product, there’s a good chance they’ve already set their sights on that one and are interested in purchasing it. Looking around for somebody to help them – Catch the shopper’s gaze when you see them looking around. According to Perlitz, you can approach them “if they sustain the glance or raise their eyebrows. ”Body language – A shift in body language signals “a change in esprit state that may well indicate readiness to buy. ” For example, if the shopper suddenly looks relaxed after you’ve answered their questions, that could be an indication that they’re ready to buy.
Be sure to approach customers once you see them exhibiting these signals. Failing to spot these signs or not acting in time could result in you missing out on the sale. On the flip side, here are the non-verbal signals indicating that someone isn’t ready to buy. Avoiding eye contact – If a customer doesn’t hold your gaze when you look at them, it likely means they’re not ready to make a purchase yet. Making ‘not now’ excuses – Statements like “just looking” or “not now” are clear signals that they aren’t ready to buy. Perlitz recommends that retailers “make an encouraging remark to keep them looking and back off. ”Looking at many different products – Not being focused on just one product is another indication that shoppers should be given space.
When you see or hear people exhibiting the signals above, then it’s best to hold off on the sell. Figure out the type of customer that you’re dealing with and respond accordinglyAs you know, there are several types of customers who walk through your doors, and you need to tailor your approach accordingly. tera help you do that, we’ve put together a quick slideshow summarizing the most common types of customers in retail. Check it out below :
More tips ? Those are our tips and tricks to help anyone become a good sales person. It’s important to remember that truly good sales people work on creating trusting relationships with their clients before they sell them anything. If you are capable of creating a trusting relationship, you are capable of selling. These tips are intended to help you create that relationship.
What tricks to reading customers do you employ ? Let us know in the comments below ! Author Bio : Cara Wood is a digital administrative assistant at Capterra, a company that puts business software buyers in touch with business software vendors ! When she’s not hard at work at Capterra, she can be found horse-back riding, reading and just generally having a good time at life.