by Confia Development | Apr 11, 2022 | Blog
Leading entrepreneurs know that they can’t stand still even when business is booming. If you’re always on the lookout for new opportunities to branch out and expand your business, you can hope for longevity in the market. Because the cannabis industry is rapidly changing and growing, operators have to be ready to adapt and transform to new circumstances.
A forward-thinking mindset can push you to the top of the industry. From having a dependable cannabis dispensary commerce account to attracting top talent, read on to learn what tactics you can use to drive growth.
How to grow your business as a cannabis operator?
The goal of every entrepreneur is to boost profit and stay ahead of the competition. Even after you’ve set up a solid foundation for your business, there are always areas for improvement to watch out for. With an increasing number of ambitious go-getters joining the industry, thinking outside the box is more important than ever.
Here are some ways to increase your profit margin and do even better financially.
Cut down on operational expenses
While some costs are indispensable, operators often find that others can easily be reduced once they look into their expenditures more closely. Make sure you monitor your expenses and re-assess the need for each of them. By identifying the instances of overspending and finding strategies to reduce these inefficiencies, you may be able to save up a considerable amount and invest it more effectively.
Avoid running out of stock
If you run out of a product, you have to disappoint an eager customer who’s coming to you to purchase it. This could prompt them to jump ship and abandon you for good. Thankfully, these situations can be prevented altogether if you keep an eye on your inventory, identify sought-after products, and focus on them when restocking.
Diversify your products
To keep customers interested, provide products from different categories, including edibles, oils, and beverages, and release new product lines from time to time. It’s also advisable to offer a broader spectrum of price points, from affordable to high-end, so that you can cater to a broader range of customers.
Offer promotions and discounts
Everyone loves freebies and they’re an especially powerful tool for attracting and retaining customers. Gift cards, bundles, and discounts demonstrate your willingness to please your customers and can be a great incentive to encourage them to purchase more.
Build brand loyalty
A customer who trusts you is your best asset. Not only do they always come back for more but they’re also an excellent source of word-of-mouth recommendations. Show your customer base that you care about their satisfaction at every turn. From thoughtful in-store recommendations to promotional bundles, consider ways in which you can keep your customers happy.
Take advantage of all marketing opportunities
Creating a marketing campaign that showcases your brand in the best possible light is a crucial part of doing business in the cannabis industry. This includes taking full advantage of digital marketing and carefully curating your online presence. For example, interacting with customers on social media portrays you as an approachable, down-to-earth business that cares.
Use dependable commerce services
Cannabis operators still have limited access to financial services as banks refuse to work with them due to federal regulations regarding cannabis. However, specialized providers of financial services make it possible for these companies to stay compliant and keep their financial operations in order.
Confia helps cannabis dispensaries & other operators get a reliable commerce account
Growing as a company and garnering additional profits is only possible if you have access to streamlined financial services. Confia protects you from the common issues that plague the industry by offering targeted, affordable, and efficient solutions. Contact us to explore our membership options and enter a fruitful partnership that will move you to the forefront of the industry.
by Confia Development | Apr 1, 2022 | Blog
Since cannabis operators have to follow rigorous rules, juggle multiple legal frameworks, and handle the complex demands imposed on them, it’s unsurprising that many of them crack under pressure.
It helps if you have a few tricks up your sleeve when you’re starting your cannabis dispensary or another business. These include reliable commerce services, strict compliance procedures, and access to funding.
To make it in the cannabis industry, it’s vital for you to know what mistakes to watch out for. This way, you’ll find your way around the legal intricacies, gain a solid footing on the market, and create favorable conditions for your company to thrive.
What are the reasons new cannabis operators fail?
Many cannabis operators fail because they don’t consider one of the important aspects of running a business in such a highly regulated, competitive industry. Here are a few potential problems to keep in mind.
Ineffective leadership
Cannabis entrepreneurs often come from other industries, so they have experience with running a business, but they may not have a deep understanding of cannabis products. Others have a background in cannabis cultivation or sales but haven’t had a chance to run a business before. Managers need to integrate the knowledge of both fields so they can lead successful, well-rounded operations.
Disregarding compliance
Because cannabis is still considered illegal under federal law, operators face a multitude of unique regulatory obstacles. These rules are difficult to keep up with as they’re very susceptible to change. To complicate things further, banks also refuse to work with cannabis operators, denying them access to adequate commerce support. To avoid penalties like paying fines and having your license taken away, you’ll need to put maximum effort into staying compliant with the law. Reliable providers of financial services can assist with this.
Lack of staff training
Since cannabis is still a developing industry, entrepreneurs haven’t had time to develop structured procedures for onboarding and training their staff. This means many teams lack resources and support to do their job right. This can generally create issues in your daily operations as well as high employee turnover.
Failing to develop a good company culture
Cannabis operators can be so engrossed in compliance issues and other obstacles that they ignore the importance of creating a positive work environment. Your employees are the face of your company, and establishing a healthy atmosphere where they can thrive can’t be emphasized enough.
Not having a vision for the future
Planning for the future means preparing for the worst-case scenario while also being able to spot advantageous opportunities and growth potential. Even if business is booming right now, it’s your responsibility to think ahead and predict prospective developments. You can do this by keeping an eye on the market, attending industry events, and communicating with other entrepreneurs. The ability to spot future trends is what can set you apart from the competition.
Who offers support for my cannabis dispensary & other commerce services in the industry?
To dodge mistakes and succeed in the cannabis industry, you’ll need to work with a trusted provider of financial services. This is especially important for businesses that are just starting out. Confia brings you the ultimate solution to the uncertainties and intricacies of the industry. Our system merges reliability, financial expertise, and cutting-edge software to provide you with extensive support.
Gain access to comprehensive financial assistance and speed up the growth of your business and revenue with our help. Reach out to us today to choose the membership package you need and get the best chances for success.
by Confia Development | Feb 15, 2022 | Blog
From eye-catching marketing to establishing a relationship of trust with your clientele, a lot goes into running a successful dispensary. For example, having access to a dispensary commerce account is vital to streamlining your financial dealings and securing legal compliance. However, offering consumers high quality products probably tops all of the other requirements. Without this element in place, you’ll have trouble retaining customers and growing your business.
If you’re interested in where dispensaries obtain their products and how the supply chain works, read on. You’ll find out how to manage supply more effectively and boost your profit.
Where do dispensaries get their products?
Show-stopping products are the crux of every retail operation and selling cannabis is no different. Dispensaries generally acquire theirs in one of these two ways.
1. Cultivating their own plants
Some operators both run dispensaries and cultivate cannabis on their own. They only sell products manufactured from the plants they grow. This gives their offer an air of exclusivity, which can give them a competitive edge over other retailers.
These dispensaries typically cater to high-paying clients and the customer experience is above par. The products usually come in sophisticated packaging and the retail spaces are curated to reflect their unique brand image. While their goods come at a higher price, many consumers value having a one-of-a-kind brand experience. Cannabis connoisseurs also appreciate the chance to find out in-depth information about the product, such as its CBD percentage and cultivation process, which these dispensaries are able to provide.
Because they merge cultivation and retail, they’re perfect destinations for cannabis tourism. Visitors can learn more about growing the plant as well as sample and purchase it all in one location. This has proven to be a successful business model.
2. Buying products from cultivators
Since cultivation and retail require very different skills and resources, most cannabis operators focus on either one or the other. The majority of dispensaries actually purchase products from manufacturers. However, this option isn’t without its challenges. They have to select the right supplier in order to meet the needs of their consumers.
Dispensaries need to determine how a grower’s product fits in with their consumer base. They do this by keeping in touch with cultivators and manufacturers, exploring samples, having the product tested in a laboratory, and taking other steps. It’s also important to keep an eye on your consumers’ feedback and take it into account in the future.
While dispensaries that sell their own products are typically high-end, those that get them elsewhere can have varying pricing and product quality. These features often depend on the source of their products. For example, those sourced from organic farms tend to be pricier.
After a while, most dispensaries establish lasting connections with cultivators and producers and this mutual relationship facilitates operations on both ends of the supply chain. This can also give the dispensary access to multiple perks, like lower prices and a better insight into product details.
Where can you open a reliable dispensary commerce account?
Apart from knowing how to identify the best products, dispensaries also need to make their brand experience as streamlined and enjoyable as possible for the consumer. Maximize your customers’ satisfaction by giving them an easy and hassle-free way to purchase their favorite products. With Confia’s secure POS payments, you’ll be able to increase your sales and enjoy a financial boom.
We’ll offer you three versatile packages to choose from. Reach out to us to explore your membership options and make the right decision for your business. We’ll be your trusted ally on your way to the top!
by Confia Development | Feb 7, 2022 | Blog
Getting started in the cannabis industry takes courage and commitment as well as access to the right information. If you’ve been toying with the idea of venturing out into the field of cannabis, now is definitely the time as industry forecasts are very promising. There are plenty of advantageous opportunities for entrepreneurs to jump at.
No matter which direction you decide to go in, you’ll need adequate support, such as streamlined dispensary and other cannabis commerce services. Fortunately, there are now more and more possibilities when it comes to cannabis financial services, so you can find a reliable partner to maximize your operations.
To take a closer look at the different routes you could take in the cannabis industry, read on for a rundown of the paths you could explore.
What are the types of cannabis businesses?
While the lines may seem blurred to an industry novice, every cannabis operator has a clear role in the supply chain, which is reflected by each of their licenses. Firstly, there’s a broad distinction between two major categories of cannabis operators: plant-touching and ancillary. Here’s how they differ and what businesses fall under each category.
Plant-touching businesses
Plant-touching businesses handle the plant itself from its cultivation to its ultimate delivery to consumers. They also have to deal with multiple regulatory complexities and may have trouble finding funding and financial services. These operators are:
- Cultivators: These operators plant, grow, and harvest hemp plants, which are then either distributed to dispensaries to be sold raw or sent to manufacturers to be made into different products. They need to develop effective SOPs, strictly follow propagation schedules, implement stringent quality control, and take other measures for successful cannabis cultivation.
- Labs: They conduct testing and research to analyze the composition of hemp-based products. For example, they may test for the quantity of CBD and THC in a product. Also, they could evaluate the quality of a product to confirm that it’s safe for consumption. They need to adhere to strict protocols to get precise results.
- Manufacturers: Manufacturing facilities process hemp to create a wide range of products, including tinctures, topicals, edibles, vape pen cartridges, beverages, and more. This requires access to modern equipment as well as extensive knowledge of production processes and packaging guidelines.
- Distributors: Cannabis plants and products go through several checkpoints before they reach the consumer and this requires timely and streamlined transportation. Distributors cover this part of the supply chain by connecting cultivators, labs, and manufacturers.
- Dispensaries: These businesses sell the goods to consumers. They’re either run as stores or delivery services. They have to make sure that the consumer has a seamless customer experience as well as rigorously manage their inventories and stock up on top-quality cannabis products.
Ancillary businesses
Ancillary businesses provide services and products that help products reach the consumer in an indirect way. Some of these are:
- Packaging
- Legal advice
- Accounting
- Software
- Accessories, like stash boxes, bongs, and pipes
Because they don’t handle the hemp plant directly, they don’t face the same legal hurdles as plant-touching businesses.
Who provides cutting-edge dispensary commerce services?
Whether you go into cultivation, manufacturing, distribution, or retail, Confia offers a robust suite of financial services that cater to the specific needs of your business. Since plant-touching operators often have difficulty finding proper support, our comprehensive services can provide you with much needed relief.
Based on your requirements, you can choose between three targeted membership options. For example, if you run a dispensary, our POS payment system will help you make a favorable impression and allow your consumers to purchase products effortlessly. Enhance the efficiency of your business operations by contacting us today!
by Confia Development | Jan 6, 2022 | Blog
Dispensaries have to overcome many industry-specific hurdles. Not only is it tricky to obtain a transaction account for cannabis, but it’s also difficult to keep up with complicated compliance regulations. In addition, when it comes to advertising your business, cannabis operators have a harder time than entrepreneurs in other industries. This can pose a big problem because it may halt the growth of your company.
Keep reading to find out how to navigate these obstacles and find the best tactics for marketing your dispensary. With well-thought out advertising, you’ll have more customers lining up at your door and your revenue will increase.
How do you promote a dispensary?
Advertising for cannabis operators is just as heavily regulated as licensing and other aspects of the industry. For example, you can’t count on:
- Social media ads
- Google Ads
- TV commercials (they may be permitted in some locations)
- Print advertising is only permitted under certain conditions
These restrictions make it particularly difficult to reach customers, especially if you’re new in the industry and still looking for your niche. This means you have to get creative and find novel ways to expand your customer base and keep existing customers coming back. Here are a few ideas that you may find useful.
1. Take advantage of digital marketing
These days, what happens online is what truly matters. There are multiple possibilities for marketing your brand on the Internet, like:
- Informative and up-to-date website: Potential customers will typically first go to your website to search for relevant information. Since it’s their introduction to your brand, make sure that it accurately reflects it and generates leads.
- Public relations: Raise awareness of your brand and educate the public about your product with a comprehensive PR campaign. It will maximize your reach and convey a message that accurately depicts your company.
- Search engine optimization: Drive more traffic to your website by making it SEO-friendly. The most effective way to get results fast is to hire a skilled specialist who can rank you higher on Google.
- Organic social media advertising: While you aren’t allowed to pay for ads of social media platforms, you can still post about your brand and engage your customers this way. Stay active and reply to comments to maximize engagement.
- User-generated content: Tell customers that you’d appreciate their feedback on social media and hand out business cards that contain your social media handles. Authentic comments send your prospective customers a clear message that you’re a reliable company.
Your tactics should generally be geared toward raising awareness about your product and addressing common misconceptions about cannabis.
2. Establish a loyalty program
A great way for a dispensary to boost sales is to set up a customer loyalty program. Once you’ve established a relationship of trust with your consumer, you need to keep them interested. There are many possibilities that you can consider, such as membership perks, freebies for long-time customers, and discount cards with points.
3. Start a referral campaign
Word-of-mouth recommendations are genuine and people tend to trust them more than any other kind of marketing. You can give customers a gentle nudge in the direction of recommending your business. Encourage them by giving them a special discount if they refer their loved ones to you.
How can I make my dispensary stand out?
If you couple proven marketing techniques with a quality offer, you’ll have an excellent chance of making a name for yourself in the cannabis industry. Develop a comprehensive strategy for your business, apply it consistently over a longer period of time, and tweak it as necessary.
Where can I open the best transaction account for cannabis dispensaries?
All the marketing in the world can’t help a business that doesn’t have its financial operations in order. To make sure that the financial needs of cannabis operators are fully met, Confia has created a system of streamlined services.
By working with us, you’ll be able to offer your clients an optimal customer experience. They’ll purchase quality goods using our secure and effortless POS payment system. This can make a favorable impression and contribute to building your reputation.
Reach out to us to receive honest, reasonably priced, and industry-specific financial services. Stop worrying about inefficient and sluggish solutions and take a shortcut to success!
