Your Guide to Promoting a Cannabis Dispensary

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!

Top Tips for Increasing Cannabis Sales

by Confia Development | Dec 30, 2021 | Blog

According to recent estimates, in 2020, the cannabis industry has accrued record sales of about $17.5 billion. However, even though quality product is in great demand, there are more and more dispensaries opening across the USA. This means that operators need to put in extra effort to attract consumers’ attention and grow their customer base. 

After opening the best transaction account for cannabis and making sure your financial operations flow smoothly, you can start considering the best ways to boost your revenue. Read on to get to know more about the crucial factors that may have an impact on your sales. 

How can a dispensary increase sales?

There are multiple aspects to think about when you’re fighting for more sales. If you play your cards right, customers will be flocking to your store instead of the one across the street. This is an ongoing process that may take some trial and error, but here are some general tips to get you started.

1. Improve your marketing strategy

On the plus side, cannabis products are already in demand, so you don’t have to work hard to convince customers to purchase them. However, with more and more operators getting their license and opening for business, you do have to persuade them to purchase it from you, not your competitors. Although dispensaries have more limited marketing opportunities compared to traditional businesses, there are still many options to consider, both offline and online.

2. Gather information and put it to good use

If you’re just setting up your dispensary, regarding cannabis sales. You can learn a lot from the experience of other professionals. Also, meticulously keep track of customer feedback and sales statistics because this information will be the cornerstone of your future strategy. As you slowly gain your footing, grow your brand, and find out more about your consumers’ needs, you can adjust your tactics accordingly. 

3. Offer superior product

You’ll persuade your customers to come back to your store only if you supply them with a top-quality product. Since the competition is tough, rest assured that your customers won’t settle for less. You can specialize in a certain kind of product not commonly offered by your competitors. This way, you’ll add extra value and exclusivity to your merchandise.

4. Provide the highest standard of service

Skilled salesmanship is another essential aspect of boosting brand loyalty. You need to make sure that they feel comfortable and appreciated at your store, and you can only pull this off if you have competent staff. You can also increase client retention by rewarding their loyalty with discount programs and freebies. 

How do I get more customers to my dispensary?

It’s the mission of every business to reach more customers, but this is easier said than done in a highly competitive market. Overall, it’s all about developing a tailored, in-depth approach to sales and applying it consistently. 

You should also tweak and improve your strategy as you gain a deeper understanding of customers’ expectations. In addition, keeping up with novel developments in the industry is highly encouraged, as it’ll help you update your marketing procedures.

Where can I get the best transaction account for cannabis operators?

Confia provides game-changing cannabis financial services that can enhance your commerce experience and push your business to the forefront of the industry. Our Transact Membership caters specifically to marketplace retailers. It covers effortless and secure marketplace payments, consumer Web/POS payments, payroll processing, and access to our loans program.

We’re committed to offering transparent, affordable, and dependable services that address the specific needs of cannabis operators. Contact us today to speed up your business growth!

A Guide to Getting a Cannabis Dispensary License

by Confia Development | Dec 8, 2021 | Blog

Can you see yourself running a successful cannabis dispensary? If you’re thinking about joining the rapidly growing cannabis industry, you’ll likely have to handle many difficulties, such as finding a cannabis-friendly bank where you can open a transaction account. However, getting your license is the first of these challenges. 

Licensing is usually a time-consuming and costly operation. You’ll need to go over multiple steps before you launch your dispensary and this helpful guide can be your starting point. Read on to get a deeper understanding of this extensive process and the requirements it involves.

How to get a license for a cannabis dispensary?

Obtaining your license and opening for business takes some patience and preparation. It usually happens in several stages:

• Researching your state’s specific requirements: While there are some conditions all businesses need to meet, every state has unique regulations surrounding cannabis. You’ll have to determine what your state government expects of cannabis operators.
• Pinpointing potential problems in advance: Double-check your business plan to determine if there are any potential issues. These mistakes could lead to your application being turned down, so work on them on time. 
• Putting the paperwork together: Next you’ll need to fill out necessary forms. Do it as honestly and directly as possible. In addition, you’ll have to provide the licensing agency with your tax ID number, proof of your ownership structure, and other documents. Make sure that everything is in order before submitting. 
• Waiting for approval: It will take some time for the licensing agency to process and examine your application. They will oftentimes then call you in for an in-person consultation. You’ll also likely be charged your application fee at this stage.
• Get final approval: Sometimes, your dispensary will need to be additionally approved by your local government. It’s advisable to check local requirements in advance and factor in the additional wait time. Soon you’ll be able to launch your company and start promoting it!

What are the requirements for a dispensary license?

There are several essential legal requirements that generally apply to all new cannabis operators. However, they can vary based on the location you’re in. 

For example, you and your staff will only have to undergo a background check in some states. Also, certain states approve many licenses in a given application period while others only give a limited number of licenses. In some places, you submit the documentation to the Secretary of State and in others, you go through a licensing agency. In California, for example, entrepreneurs can file their application with the Bureau of Cannabis Control.

Here is the general rundown of some common requirements:

• Business plan, which is the outline of the basic elements of your business.
• Proof of funding, which proves that you have the necessary capital to fund your dispensary.
• Staff list, so that background checks can be conducted, if needed.
• Location of your premises, which need to be compliant according to local regulations.

Where can I open a dependable cannabis transaction account?

The goal of the licensing process is to determine that you can do business within the legal framework. Having a reliable commerce partner and a transparent transaction account are essential elements of maintaining this legal compliance.

With Confia’s Transact Membership, you will access a robust set of financial services, including streamlined cash deposits, incoming and outgoing ACH and wire transfers, payroll processing, a fully compliant BSA program, and more. Our assistance is reasonably priced and easily accessible thanks to our straightforward onboarding process. 

Take one of the first steps toward opening your dispensary by forming a reliable partnership with us. You’ll be able to focus on marketing your products and increasing revenue instead of worrying about the compliance and efficiency of your financial operations. Contact us, opt for one of our membership options and overtake the competition!

Opening a Cannabis Dispensary: What You Need to Know

by Confia Development | Nov 26, 2021 | Blog

With the legal cannabis market flourishing, there’s a surge of interest in opening dispensaries. While the process does come with its fair share of challenges, you can handle it successfully if you carefully navigate the industry’s requirements. If you’re a forward-thinking entrepreneur interested in joining this growing industry, getting to know the steps involved in the launching process can make the experience much easier. 

With a solid strategy and access to dependable cannabis transaction services, this could be the best business move you’ve ever made. Read on to discover the ins and outs of the pre-launch stage of your journey.

How to open a cannabis dispensary?

There are multiple details to think about when you’re preparing to launch your dispensary. Handling them properly will set you up for success and pave the way for smoother operations down the line. Here’s what to consider.

1. Are you eligible and ready to commit?

Although it can be very lucrative, the cannabis industry is also highly regulated and fraught with multiple challenges. Jumping into it casually is unlikely to bring in the profit you’re hoping for. You need to make sure you’re ready to make a serious commitment. You’ll also have to check that setting up a dispensary is legal in your state and that you’re eligible for it in case a background check is required.

1. Are you familiar with the legal framework?

Before you actually start doing business, you’ll need to research the requirements for a dispensary license and gather the necessary materials to meet them. Once you’re in operation, you’ll have to continue keeping up with ever-changing federal, state, and local laws to maintain the legality of your business. 

1. Have you found a suitable property?

Research what constitutes a compliant property in your state and set out on your search for one that meets all the requirements. Be upfront with the property’s landlord and make sure they agree to how you’re going to use it.

1. Do you have a well-thought out business plan?

A business plan that’s carefully put together shows your professionalism and integrity as an entrepreneur. It should include several parts that explain your strategy, ownership structure, financial plan, and other elements of your business.

1. How will you cover your expenses?

You need enough capital to cover multiple expenses, such as rent, licensing, employee salaries, storage, transport, and more. You can get access to a lending program by working with reliable financial networks, such as Confia.

1. Is your license application in order?

You’ll have to invest some time and money in the licensing process. It typically requires extensive resources and strict adherence to compliance laws. However, it’s an indispensable part of running a legal business.

1. How will you access quality products?

Needless to say, you have to offer quality products to get your dispensary off the ground. Whether you’ll be selling oils, edibles, or other cannabis products, get in touch with reliable cultivators who can supply you with them.

1. How will you reach your customers?

You’ll ensure sales and increase profit by making smart marketing choices. Knowing how to promote your dispensary will keep it competitive and set it apart from other similar businesses. These strategies include regularly updating your social media profiles, keeping your website SEO-friendly, and more.

Who offers reliable cannabis transaction services?

Confia is a trustworthy financial network that offers comprehensive commerce support to the members of the cannabis industry. Our automated compliance procedures ensure rigorous adherence to the law, keeping your new company safe from legal issues. This is especially important during the launching stage, since it gives you protection and reassurance during this vulnerable time.

We have multiple membership options, including our Transact Membership, which covers streamlined payment processing, payroll management, access to our funding program, and other services. We ensure rapid and unrestricted workflows at reasonable prices. 

Take advantage of our effortless onboarding and robust service suites. Get in touch with us to select your preferred membership option. Your efficient financial operations will soon be in full swing!

Top 5 Commerce Hurdles for Cannabis Operators | Cannabis Commerce Help

by Confia Development | Nov 3, 2021 | Blog

When it comes to cannabis commerce, it is no secret the industry is riddled with hurdles that usually are a challenge to jump over. From lack of capital to the inability to easily pay employees, the federal government and banks continue to make it difficult for cannabis-related businesses to run their operations. 

What are some of the more common commerce-related hurdles cannabis operators face? Let’s take a look.

Lack of Access to Loans

One of the biggest clouds hanging over the industry is the lack of access to cannabis business loans. Unlike other industries such as clothing stores or restaurants, there are a finite amount of cannabis lenders willing and able to fund the industry, and with that being said, cannabis companies are subject to risk premiums. Historically, operators have tried to rely on self-funding to kickstart their company in hopes to attract external funding sources after the fact.

Complicated Compliance and Regulations

With more regulations than alcohol, cannabis remains incredibly complex when it comes to compliance. As State laws change and, hopefully soon, federal law, oversight and regulations are expected to remain in place. The regulatory complexity creates an increased cost to any organization, as a single misstep could lead to punitive or operational trouble.     

Inefficient eCommerce and Payment Processing Options

Right now, mainstream eCommerce platforms, such as Shopify, do not allow the sale of cannabis. Due to federal law, big banks and payment processors are not comfortable engaging in the cannabis space. This leaves cannabis operations, whether B2C orB2B, using cannabis-specific payment systems and or simply transacting in cash. The industry has first-hand experience with the public safety risk that cash imposes on their business and their employees, as well as the risk and inconvenience to collect and deposit it into their bank. 

Inability to Deposit Money

Going hand in hand with the issue of managing a business with cash is the expense and nuisance to deposit this cash into a business account if the cannabis business has a bank account. Unlike traditional retail businesses that can go to the bank and deposit money as part of a normal course of business, cannabis operators oftentimes succumb to holding hundreds of thousands of dollars in cash on-site to avoid the hassle and fees.

Employee Suffrage

One of the most astonishing issues cannabis operators face is how difficult the banks make it for employees to receive their paycheck. In an industry that supports 321,000 jobs, one would hope paying hardworking employees would not come with so much scrutiny. Employees are often questioned by their banks on their employment, and often times have their personal bank accounts shut down as a result of their employment in cannabis. 

While these hurdles can oftentimes seem impossible to cross, there are solutions – like Confia. Designed for B2B and B2C transactions, Confia was born out of the vital need for cannabis operators to have low-cost and efficient financial services that can support the compliance and transactional complexity of the cannabis industry. From direct deposits and automated compliance to access to capital, Confia is the solution cannabis operators need. 

Want to learn more about how Confia can help alleviate your commerce issues? Contact us today.

4 Tips for Getting Cannabis Funding From Investors

by Confia Development | Oct 22, 2021 | Blog

Cannabis operators typically need reliable financing to cover their many expenses, including property lease, equipment, inventory, and other vital resources. Looking for suitable funding options as an aspiring entrepreneur can be daunting. You’ll need to live up to the investors’ expectations to earn their trust and secure your funding.

Investors are proficient in the field of finance and know exactly what constitutes a promising company. Read on to learn how to successfully answer their questions and push your business forward. To get expert assistance in obtaining suitable funding, you can also partner up with a sophisticated cannabis commerce service like Confia.

How to answer tricky questions from investors and get funding?

Attracting investors can be a tall order. Your managerial team needs to impress them with their skills and presentation. It’s also important to assess and show a thorough understanding of  your business risks. In addition, you’ll have to show that your financial operations are transparent and meticulously reported. Finally, your ownership paperwork has to be in order, too. Here’s how to complete these essential steps.

1. Prove that your management has what it takes

Investors are very discerning when it comes to your management’s strengths and weaknesses. They want to see confident, cooperative, and knowledgeable professionals who know exactly what they’re doing. Poor management doesn’t only drive investors away, it also spells trouble for your business in the long run. So, make sure that the team is well-prepared and has the subject matter down pat.

2. Be extra careful with managing your finances

Investors know the ins and outs of business finance and they will most likely expect you to keep up. Make sure that the financial side of your business is in order because investors want to see an immaculate track record. You’ll need a reliable bookkeeping system and all of your financial statements carefully filed and organized. You’ll need to submit your performance metrics to show you have potential to achieve great things. 

3. Get a good understanding of the business risks involved

It’s essential for you to painstakingly examine and acknowledge the potential risks your business may face. Although you’ll work tirelessly to succeed, you can never be absolutely sure that it’ll happen. And if things go south, your investor can sue you for failing to disclose the risks. By presenting them openly, you’ll be protecting yourself and your business from future difficulties.

4. Make sure your ownership structure is fully transparent

It’s important to have the details of your ownership structure in black and white. First, ensure that your ownership agreement is in mint condition. It should be rooted in the reality of your business and based on industry-specific concepts. Also, all partners have to be on the same page regarding key points that will be presented to the investors. If they notice any worrying discrepancies, they will be unlikely to offer funding.

Where can I find a comprehensive cannabis commerce service?

Confia offers a robust suite of financial services to cannabis operators. Our innovative toolkit enables budding businesses to conduct financial operations in a streamlined and transparent way. Keep track of your transfers, offer your clients the option of effortless digital payments, use automated payroll processing, and ensure stringent legal compliance with current regulations. 

On top of this, Confia also provides access to reliable lending solutions, which can make it easier to obtain your cannabis license and get your business off the ground. Optimize your business operations, grow your brand, and earn top dollar by selecting your custom membership option. Get in touch with us to fast-forward into the future of the cannabis industry.