Whether you just launched your operation or have been around for a few years, running a cannabis business can be chaotic. To roll with the punches and thrive within the chaos, utilizing cannabis consulting services is a smart, sound option. The industry can throw various obstacles in your way, from the price of flower crashing to saturation in your market, creating plenty of challenges. Sometimes those bumps in the road can grow into more complex problems if you do not handle them correctly. With the unique perspectives of cannabis consultants, you can discover innovative solutions that will allow your cannabis business to thrive and find sustainable success. Consider the following benefits of using cannabis consulting services for your organization.
Cannabis Consulting Services Process
Some people believe that consulting is just about giving advice, but there’s more to it. However, not every consultant is the same, so it is important to know what a solid consulting process is like and what can be done with it. Before we jump into the benefits of cannabis consulting services, let’s look at the general process of an effective consultant. When looking to hire an expert for support, discuss what their system is and how they’ve implemented it in the past. Here is a basic list of a consultant’s objectives:
- Inform the client about their process/approach
- Analyze the problem and redefine it if necessary
- Provide a solution based on analysis and observations
- Help with the implementation of recommendations
- Support commitment to adjust to new strategies and methods
- Teach the client how to solve similar problems in the future
Consultants with a similar process are typically the most effective. Learn how to choose the best consultants for your cannabis company and goals to benefit from the service the most.
Identify Innovative Business Solutions and Emerging Opportunities
Seasoned cannabis consultants have worked on diverse projects with a wide range of clients. They can provide you with an honest, unbiased look at your business and suggest creative solutions that can pull you out of a rut. Management consultants can develop business strategies and analyze your systems to see what is holding your company back. Additionally, niche experts can provide you with critical industry information to help your company make informed decisions. There are new developments and trends in cannabis every day, and it’s time-consuming to keep up with all of them. Experienced consultants can monitor consumer, cultivation, marketing trends, and more constantly, allowing them to give you the vital information and data that can revitalize your strategies and help you capitalize on emerging opportunities.
Set Up Your New Cannabiz for Success
Setting up a new cannabis business can be a complicated nightmare in the industry. Although cannabis has come a long way, there are still plenty of challenges to deal with as a new business owner. Along with the many factors you must consider, there are complex regulations you must follow. Based on their past experiences, cannabis consulting partners can guide you to set your company up for a higher chance of success. Here are some of the ways cannabis consulting services can help your new business:
Budgeting: Expert partners can help you find out the costs for build-out/internal operations, application costs ($10-$100,000 depending on municipality), cannabis industry marketing, legal support, and employee compensation. Furthermore, they can aid with calculating real estate costs and finding investors to source income.
Licenses & Permits: Consulting partners can help you create a solid business plan and obtain a license for operation, which is a heavy workload. They can also assist with agreements with equity partners or other strategic partnerships. Additionally, they can help you understand how permits are granted. You can find an expert experienced with all three: lottery system, first come, first serve, or merit based.
Staying Compliant: Adhering to local and state regulations is critical for your cannabis business, and consultants can ensure you do so. There are a variety of compliance sectors to attend to, including the following: product testing, square-footage caps, property security, inventory procedure, sales procedure, seed-to-sale tracking for products, and marketing laws.
Improve Your Chances of Getting a Cannabis License
It is often the case that there is an incredible number of entrepreneurs and only a limited amount of cannabis licenses. Whether you are trying to launch a medical or adult-use program, obtaining a license is a complicated process. A cannabis consultant with expertise in business development can assist you at each stage of the application process, where you must document every side of your operation. Here is some of the documentation you must submit:
- Standard Operation Procedures
- Sources of funding
- Business strategy/plans
- Real estate for your business
- Cannabis products to be sold
Remember that licensure requirements often vary on a state-by-state basis. By partnering with an experienced cannabis application writing expert, you can present the best version of your proposal. A proven consultant can also show you how to improve your business structure and win a cannabis license. You may have all the ingredients for an exceptional company. However, consultants can help you voice and package your business plan in a way that regulators will hear you out.
Grow Your Cannabis Network
Cannabis consultants have connections with a wide range of leaders and innovators in the industry. Whether you are starting a new business in the marijuana space or looking to grow your company further, partnering with the right experts will help you make quality connections. It is a complex challenge navigating the cannabiz world alone. When you have the right connections, you can learn about the inside scoop on new trends. Additionally, you may receive quality mentorship, find opportunities for company growth, and even generate business leads. For example, if you run a dispensary, you will need to build relationships with a variety of wholesalers. However, if you are brand new; you may not know which wholesalers to partner with. A cannabis consultant can connect you with the ideal providers to get the products you need and negotiate the best deals.
Help Your Leadership Staff Evolve
The right cannabis consultant can be a coach for the leaders in your staff. Although it’s not a direct mentorship role, their methods, attitude, and approach can be learned by your management team. With their consulting knowledge and leadership abilities, they guide the business owner, their management team, and in-house resources through each level of the project. Not only is there an opportunity to learn specific problem-solving methods within a particular field, but also essential leadership skills that can benefit anyone. For example, a consulting partner can bring their experience to the table and show and/or explain how they listen with empathy, make sound decisions, utilize a growth mindset, or inspire their team. Leadership coaching may be a bonus and come along with their cannabis consulting services for a specific problem. However, you can also find an expert that specialize in leadership mindset and strategies.
Cannabis Consultants FAQs
What does a cannabis consultant do?
Overall, consultants provide businesses with expert analysis and recommendations. They are objective troubleshooters who give you a unique perspective of your cannabis business. Cannabis consulting partners can also help you strategize to fix and prevent problems and improve performance.
What are common types of consulting?
There are several different types of consultants in the cannabis industry, ranging from cultivation to business development. The four common types of consulting are business strategy, operations, financial, and human resources.
How do I become a cannabis consultant?
If you want to start your cannabis career as a consultant, you’ll need extensive skills, experience, and expertise in a specific field. Find your area of expertise, choose a target market and create a method of approach and offerings. You may also need to get certified. It would also help to create a website to explain your offerings and expertise.