How To Start Your Own Head Shop? | Developing a plan and setting up the budget is really important here. Do not forget to know about the laws and regulations. This is simply non-negotiable.
Are you thinking of starting a head shop? Well, then there are a lot of things that you need to take care of. In order to start any kind of business, there are a bunch of things that you need to take care of.
And when the business is starting a headshop, there is a hell lot of work you have in your bucket to do. In North America with the changing marijuana laws, it is expected that the cannabis industry will reach more than $20 billion by this year 2021.
How To Start Your Own Head Shop?
We all know that starting a head shop is not a joke, there are a bunch of things you need to be very careful with. Here, I will help you with a complete guide on how to start your own head shop.
- Set Up A Budget And Build A Business Plan
It does not matter what type of business it is, you will always need a plan along with setting up a budget for your business. Small, large, moderate every kind of business need this. You need to be very clear and specific about your budget.
Setting up a budget will help you to develop a proper business plan. You will be able to determine how much you can spend on whatever. You need to set a budget aside for the marketing purpose as well.
- Investigate The Laws
On the federal level selling marijuana for recreational usage is still illegal. So, it is vital to go through the laws and regulations. Do your research thoroughly not only for the current state laws but also for the upcoming laws if anything is on the news.
There are some states that have made the purchasing and selling of marijuana legal for recreational usage. On the other hand, some states also have a medical marijuana program in some or other form. So, make sure you are having all the up to date information.
- Open A Business Account, And Also Register For Taxes
Another most common thing that you need to consider when starting a business is setting up a business account and also getting yourself registered for taxation. A business account will always help you to protect your personal finances if anything bad happens to your business.
When you are doing any kind of business or starting a shop, it is obvious that you need to pay the taxes. And when your business is a head shop, you have to make sure that everything is in proper order to avoid any consequences.
- Register Your Business Name
Check the registry with your local government and find out whether your business name is already taken or not. In most cases, small businesses generally select a DBA name or “doing business as” name. It means you can register your business with your actual name.
But the DBA name has to be different. The DBA name is the name that your customer will know your head shop by. Keep in mind that DBA does not protect from another business having the same name. For copyright issues, you need to go through the USPTO.
- Select The Perfect Location
You need to make sure that your head shop is going to be located on the main thoroughfare in the specific community where you want to serve. For starting, a small pace of several hundred square feet will do great.
Pick a commercially zoned location that is centrally situated close to colleges. You also can go to areas that feed pedestrian traffic. In order to eliminate direct competition, make sure there are no other head shops around 20 minutes walking distance.
- Hire Passionate And Motivated Team Members
Do you know what will be the face of your brand and shop? Well, it is your team. So, you have to be well prepared for some really great staff. The first thing that you need to take care of is having passionate and talented people.
Head shops generally have a massive inventory along with product selection. You also need to keep the atmosphere comfortable and relaxed for your customers or clients. Your teams should be capable of giving answers and navigating customers for the shopping experience.
- Implement Some Marketing Efforts
You need to let the community know about the head shop you are going to start. So, start to do the advertisement one month prior to the opening of your business. Create social media profiles with your business name and connecting with your target audiences.
The way you are marketing your business will determine the type of client you will attract. Plan your marketing strategies around the customers you want to pursue along with what will be more attractive to them.
- Get Your Inventory Management System In Place
In order to set up your head shop with inventory, you will need several thousands of dollars. You need to offer hemp products, smoking devices, books, and media that are related to marijuana. Having a cozy place for people to relax is also a great idea.
Fostering a communicative environment is necessary for headshops; after all, you want your customers to be comfortable. Always keep proper track of your inventory and compare it to your overhead so that you can make sure that you are stepping towards profitability.
So, these are the things that you need to make sure you are keeping in position. Developing a plan and setting up the budget is really important here. Do not forget to know about the laws and regulations. This is simply non-negotiable.
Sofia Kelly is a passionate blogger. She loves to share her thoughts, ideas and experiences with the world through blogging. Sofia Kelly is associated with The Daily Notes, Content Rally, SB News Room, Online News Buzz, Top Preference, Big Jar News, Dream Land Estate & Finance Team.