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MAINTAINING COMPLIANCE WITH laws and regulations at all levels of government , not only now but as they evolve in the future , is crucial to success in the industry .”
• Networking : Possibly the most important aspect of a successful cannabis business , after product , is networking . The task of connecting all the dots required for your business to succeed helps separate successful business owners from those that fail . Having the complete pipeline in place before you begin will not only help you succeed but also ease stress , allowing you to focus on your operations . Look to network with those that have an eye for the future , not just the present .
• Business Partners : Selecting the right business partners is such a crucial component . Communication is key in this sphere . Ensure each partner knows their respective role and what is expected of them . It is important to put your agreement in writing , making the organizational operating agreement the single most important business document for any small business .
• Strategic Partnerships : Aligning with other organizations that share the same vision as your business can be the difference between make it and break it . Begin to think about this early and often . Reach out to those you view as industry experts and ask about their networks and possible partnership opportunities . Where networking helps you plan , partnerships help you achieve .
• Specialists : Do not make the mistake of thinking you can handle everything on your own . Identify the areas where you need the most help and seek out specialists . Attorneys , accountants , and consultants may be open to free or low-cost consultations where you can interview them and evaluate if they would be the right fit to help your company succeed . Remember , finding someone who specializes in our industry can be a huge plus , as our needs can be different than traditional organizations .
Major personal points to consider before entering the cannabis market as a business owner :
• Leadership Skills : There are several different styles of good leaders . While they can differ in style , they all share a few irreplaceable skills . Identify what style of leader you are and work to be the best you can be . Embrace your natural disposition here , and choose a style that is comfortable for you , as you will feel more confident .
• Confidence : At the end of the day , everyone looks to you for direction and support . You have to be confident in your decisions and direction , so much so that others feed off of it . Confidence breeds success and inspiration .
• Emotional Stability : Would your friends and family make this statement about you ? If not , identify and evaluate your unique situation . If you lack this trait , begin to problem solve and never be afraid to seek business consulting to assist with stability .
• Vision : You , as the business owner , have the final say for both short- and long-term operations . Ensure that you , from day one , not only have internal vision but keep your mind open both to new creative ideas and statistical market trends .
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