7 Key Considerations for Cannabis Start-Ups - Brink's Canada
7 Key Considerations for Cannabis Start-Ups
16 Mar 2021
As the cannabis market in Canada grows and more consumers embrace cannabis and cannabis products, new players are entering the industry. Though, many who have deep knowledge and expertise on cannabis don’t have experience running a retail operation. With so many new retailers in the same industry it is important for these new retailers to stand out from their competitors in order to ensure future growth and success. For those starting out, here are some key factors to consider for ultimate success:
Managing cash. Although you entered the cannabis market to build your brand, it is also important to consider payment methods, specifically cash. Many cannabis consumers prefer to pay with cash – perhaps more than any other industry – for privacy reasons. Brink’s can manage your cash safely and efficiently, so you can focus on making your business more profitable. With Brink's Complete, cash transactions cost you less than credit and allow you to spend more time thinking about your customers.
Focusing on today’s regulations. Although laws and regulations are constantly evolving, these processes are often slow and may not always work out in your favour. A major pitfall is planning your business’ success on future rules around cannabis, though you need a business plan that is realistic for success in today’s market conditions, not tomorrow’s.
Maintaining cash flow. Even if you have great sales, insolvency can kill a business quickly. This means it is crucial to to maintain access to working capital to pay expenses including rent and labour. Although, two years into the legal recreational market, accessing traditional financial services like lending can continue to be a challenge. Brink’s Direct Credit is included in our monthly subscription, so your cash can be put back into your business sooner, often in as soon as a day. With Brink's connected tech-enabled devices, we can process your cash as you make sales. We know exactly how much there is and we manage the liability of your cash right away.
Finding a niche. With more players entering the market, including small businesses with micro licenses, you need to fill a gap in the marketplace that no one else does. Discover what makes you unique and what you have to offer to consumers in a potentially crowded marketplace. Then figure out how you can offer this better than anyone else to ensure you are at a competitive advantage.
Create a memorable in-store experience. Today’s cannabis consumers have many options, especially online. Going to physical stores is no longer essential for your customers, so it is important to give them a reason to come to you in person. This is an opportunity to make sure you're providing the best in-store experience. For example, great customer service today and into the future includes offering customers the flexibility to use the payment method of their choice.
Safety and security. Cannabis products can be very valuable, and having a physical store presence can mean your cash, assets and property are vulnerable. This means security needs to be a priority to keep your customers, employees and inventory safe. Brink’s has been protecting, storing, and moving high-value assets for decades and we offer you the same security features we use ourselves. With noise and fog deterrents, plus our motion sensor alert system, you can rest easy knowing your stores are safe. With on device activation, the Brink's Barrier connected monitoring system will alert our Command Centre for action.
Learning from the experts. Cannabis is an emerging industry, though best practices are being developed by industry leaders on everything from transportation to marketing. Be sure to do your research to see what tools and solutions they are leveraging and do not reinvent the wheel if you are not required to.
To learn more about how Brink’s can help new cannabis retailer’s future proof their businesses, visit us here.
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