A dispensary on a budget is an independent brick-and-mortar, or at least mobile service, that offers the entirety of their medication for an affordable price. They either offer their medication for free to carelessly high school students who can prove they are capable of maintaining themselves with cannabis responsibly, or they offer lower rates for people who have shown proof that they’re struggling financially. These midland dispensary offer a wide variety of different types of cannabis products and strains, but ultimately provide quality medicine at an attractive price.
8 tips for setting up a dispensary on a budget are:
1. Know your budtenders.
Always ask for recommendations. If there is any dispensary on the planet that knows their weed, it’s probably a budget dispensary. They know their stuff, and they want to pass that knowledge along. Know the difference between a strain (how much THC and CBD it contains), and a variety of products (i.e. flower, edibles, capsules, concentrates). This will help you determine which products to choose for different customers, as well as how to price your products appropriately.
2. Start small
This is a tip that many people familiar with cannabis often follow. The idea behind starting small is for you to only be able to afford the smaller amounts of medicine and products, as opposed to having access to all of your inventory. When opening a dispensary on a budget, start small. On average, according to the Colorado Center of Cannabis Business Development , “75% of new dispensaries fail within their first year.” It’s true that opening up a dispensary can be high-risk and high-reward, so start off small at first and then expand when you know you’re ready for it.
3. Hire the right people.
Find employees who are passionate about what you’re trying to accomplish, and who will work well with your team. Your employees should be helpful and trustworthy – people who enjoy helping others and have a desire to educate patients on the benefits of medical marijuana, as well as being wary of your dispensary’s financial investments. You can always find good people when you look hard enough!
4. Price products ahead of time.
You will have to look at certain strains and products in the market, and price it reasonably. When weighing these prices, you must consider what you’re trying to accomplish: flexible pricing for people who can’t afford cannabis right now or high-quality medication at an affordable price. Before you open up your dispensary, set a reasonable price for each product, so that your customers feel that they’re receiving value for their money when they come in. Try to price between 30% – 40% less than other dispensaries in your area!
5. Be creative.
Find creative ways to advertise your business. For instance, if you’re trying to start a dispensary on a budget, try keeping your advertising costs extremely low and focus on word-of-mouth. Not all of your customers will be able to pay through traditional methods (i.e. cash, credit card, debit card), so you can be creative in ways that you accept payment! For example:
– Use an app called Square to accept credit/debit cards on your smartphone/tablet
– Find a bank that offers accounts with no fees and a low minimum balance
– Accept cash only, and waive the transaction fee (for banks like this, check out Radius Bank )
6. Advertise effectively.
Find the best possible way to advertise your dispensary so that the word spreads on social media, in local newspapers, and even word-of-mouth. In return for an advertisement in your local newspaper, you can request a branded label that will appear on every copy of your publication. Make sure that your advertisement is clear, concise and reaches as many people as possible. You might want to look into social media ad platforms like Facebook and Instagram.
7. Be patient. Be consistent
It’s important to be patient, because it takes time to set up a dispensary on a budget that will have proper reviews and attract patients who will become repeat customers. Make sure that you offer high-quality products at a fair price, so that you don’t lose any customers! Also try to be consistent in your products, so that you’re not constantly having to throw out expired medicine – this will cost you money!
8. Consider your team’s experience
You may have a dispensary on a budget, but you can still work with experienced budtenders who have worked in the medical marijuana industry for years. If your budtenders are able to help all types of customers, find ways to keep them around. While hiring your budtenders helps, it’s important to make sure that you hired people who are experienced with medical marijuana. It can be overwhelming for somebody to start working as a budtender, so having a buddy or two around to help them learn the ropes can really help.
It’s important to keep in mind that when you’re setting up a dispensary on a budget, you can still be high quality! High-quality medicine at an affordable price means that you’re making your customers happy, and happy customers lead to repeat customers who will help spread the word about the amazing dispensary that you’ve created!