I want my first post to be about my experience in the cannabis game. And no, I don't mean drug dealing. With the hype surrounding the growing cannabis market (no pun intended), and youths getting more involved in the more 'laxed weed society that is being forged, more and more high school and college kids say the same words every day about their aspirations; "When I grow up, I'm gonna open up a dispensary!" Are you now? Are you really? Do you understand the licenses needed and the cost of acquiring them? How about the competition? Do you know anything about running a small business?
Well, I was that young dumb kid. Before I go on, I would like to point out that I am a successful business owner. I don't drive a Ferrari, but I make ends meat doing what I want to do, which is nice, to say the least. I started my cannabis venture at age 19 where I partnered with Chinese manufacturers and purchased bongs, bowls, accessories, and more. I spent my savings and bought thousands of dollars worth of product. In this growing market, I knew that if I could put on my salesman hat and undercut the competition, I could make millions selling these products to headshops and dispensaries. Boy was I right and wrong!
These products were "good," but that is all they were. These specific products shown were around $4.50 each after shipping. I managed to sell them for about $9 to stores.
This is where things get interesting. After nailing down an income of $1,000 per month, I thought I was on top of the world at age 19. Was I near my goal? Not even close. But, I learned valuable lessons about business, so that is always a great takeaway. I quickly learned that loyalty is everything. Because I was driving around and hand delivering everything, shop owners started asking me if I carried other products. I then went to my Chinese connections and asked for a catalog. I simply rebranded it to look like my business's and showed it to each store. MY PROFIT TRIPLED! I was making around $3,000 per month after a year.
Currently, I have someone else running this business for me while I am working on another venture that I will get into later on a different post. The point that I want young kids getting into this business to know is, learn first, start small, and work your way up. Did I achieve my dream of running a dispensary? No, I did not. But I make around $500-$1,000 a month in passive income while a college kid runs my business. Will I start my own business? I already have and it's making me stupid amounts of money for only being 23.
Start small and work your way up. Plus, if you fail, at least you're a loser who actually tried. Maybe next time you won't be a loser.
tight! welcome to Steem. If you have any questions, or need help navigating here, come to our Discord. One thing you should do is use the tag weedcash along with cannabis for canna posts, so it will appear on the Weedcash Network.
awesome! Thanks for the info! I'll check it out.
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Great story man. Congratulations on your success so far. Sounds like you have a great start understanding how difficult and competitive this industry is. I love how you mention loyalty. That’s the secret weapon for this industry. Hard to find, but if you lead by example and give and deserve loyalty you’ll find it. From me to you, look into supporting small local glass artists. You’ll never find a more loyal business partner than the one that you help to make their dreams come true. You build together, with the same goals.