Starting a dispensary is an adventure. With more states legalizing medical and recreational cannabis, the industry continues to grow. Current estimates show expected cannabis sales to be around $32 billion by the end of 2022 and between $57 and $100 billion by 2030. In other words, starting your business now means you have an excellent opportunity to do very well in a lucrative industry.
Typical Responsibilities of Owning a Dispensary
So, what’s it like to run a dispensary? While every shop is different, here’s a quick look at some of the typical responsibilities you might expect to handle:
Tackle Finances
One of the first things you might do is review your accounts receivable to see what bills you need to pay. You may also need to check your payroll. Cannabis-friendly banking and software solutions can help make these essential tasks easier.
Hold Meetings
Before opening the shop, you may start your day with a team meeting to discuss the day’s goals, review performance from the day before, and share any other information your employees need to know. You may also ask your budtenders about which products are selling well and which ones aren’t.
Hire Employees
Excellent employees are vital to the success of any business, including dispensaries. You may have one or two managers who help run things when you aren’t there and budtenders who educate customers and sell products. If you grow plants to sell, you’ll also need people to help with cultivation-related processes.
Ensure Compliance
Compliance is a critical component of owning a dispensary and avoiding hefty fines. With the cannabis industry being so highly regulated, you’ll have numerous regulations to know, such as:
- Licensing and permit requirements
- Product testing and labeling requirements
- Standard operating procedures
- Seed-to-sale procedures
- Inventory management
- Financial records
- Paying taxes
- Rules for creating a loyalty program
- Logo, branding, and advertisement rules and restrictions
Consider Ways To Grow Your Business
There’s a good chance that, like many businesses in other industries, you want to increase your profits and grow your operations. You may look at implementing strategies such as:
- Launching new marketing campaigns
- Implementing a loyalty program
- Adding new items to your lineup
Growing a dispensary often requires additional funds. With Bespoke Financial, you have access to several cannabis financing solutions, including dispensary loans, inventory financing, and lines of credit, to help you achieve your growth goals.
Make Time for Yourself
You can’t run a successful dispensary if you’re working nonstop. While your shop is important, so are you and your friends, loved ones, and pets. Even though you’re busy, remember to make time for yourself and those you care about most.
Starting a Dispensary? Bespoke Financial Is Here for You
Running a dispensary may require a lot of work, but it can also be highly rewarding. The right cannabis financing partner can make things a lot easier. If you need capital to help run and grow your business, Bespoke Financial is here to help. Visit us online to learn more about our financing solutions and apply today.
