After owning a cannabis business, Moodporium, for the past four years, I have a lot of experience with running a small business. While It’s not always glamorous, it does come with valuable lessons. Over the course of my time owning a cannabis business, I’ve learned many hard-earned lessons that have helped me to become a better business owner and leader.
To celebrate the last four years of owning a cannabis business, I’m sharing some of the most important lessons I’ve learned from owning and operating Moodporium.
1. Starting and Owning a Cannabis Business Takes Hard Work and Dedication
Starting a business is not for the faint of heart. It takes a tremendous amount of hard work and dedication to get off the ground and keep it running.
As the owner of Moodporium, a female-owned CBD and hemp products store, I know firsthand the challenges and rewards that come with entrepreneurship. From dealing with banking hurdles to making mistakes and experiencing failure, I’ve learned that success doesn’t come without effort. But through it all, I’ve also discovered the joy and fulfillment that comes from pursuing my passion and seeing my business thrive.
2. Branding Matters More Than You Think
Branding matters more than you think. It’s not just about having a catchy logo or a clever tagline; it’s about creating a lasting impression and connecting with customers on a deeper level. Through my experience with Moodporium, I’ve learned that branding sets the tone for your business and influences how customers perceive and interact with your products or services. It’s about telling a story, evoking emotions, and building trust.
Successful branding communicates your values, establishes your unique identity, and sets you apart from the competition. So, take the time to invest in your brand, because it can make all the difference in the success of your business.
3. Customer Feedback Is Invaluable
One of the most valuable lessons I’ve learned from owning Moodporium is the importance of customer feedback. Feedback from your customers is like gold — it provides insights into what is working well and what can be improved. It allows you to understand their needs and preferences on a deeper level.
Through customer feedback, I’ve been able to make necessary adjustments to our products, services, and overall customer experience. It has been instrumental in our success and has helped us continually evolve and grow. So, never underestimate the power of customer feedback — it can be the key to unlocking your business’s true potential.
4. You Need To Be Scrappy
In today’s digital age, having a strong online presence is crucial for business success. Cannabis businesses like mine have hurdles when it comes to this because you can’t advertise on Google, Facebook, Instagram or any other place. Because of this it’s important to have a strong website, active social media presence, SEO, and email.
You have to try it all in order to figure out what will stick.
5. Curating Products Is Our Special Sauce
Curating products is an essential aspect of owning a business, especially in the cannabis industry. At Moodporium, we take pride in our meticulous vetting process when selecting the products we offer to our customers. We understand the importance of ensuring that each product meets our high standards of quality and effectiveness. This involves researching and testing various products to ensure that they align with our values and meet the needs of our customers.
Curating products also involves understanding the mood-focused nature of our business. At Moodporium, we recognize that different customers seek cannabis and hemp products for various purposes, whether it’s relaxation, pain relief, or overall wellness. Therefore, we curate our product selection with these different moods in mind, offering a diverse range of options that cater to each individual’s unique needs. By curating products that are tailored to specific moods, we enhance the overall customer experience and increase the likelihood of their success with our products.
All in all, owning a cannabis business curating products requires a combination of meticulous vetting, product knowledge, and a focus on meeting the needs of our customers. It’s a constant process of learning and adapting as the industry evolves, but it’s an essential part of our success at Moodporium.
6. Balancing Work and Personal Life Is Difficult
Balancing work and personal life is one of the biggest challenges I’ve faced as a business owner. It’s difficult to find the right equilibrium between the demands of running a successful business and taking care of personal responsibilities and relationships.
What I’ve learned is that setting boundaries and prioritizing self-care is crucial for both personal happiness and professional success. By finding ways to delegate tasks, practice effective time management, and create boundaries between work and personal life, you can achieve a better balance and prevent burnout.
It’s an ongoing process, but finding that balance is essential for long-term success and overall well-being.
7. Never Stop Learning
Owning a cannabis business is a constant learning experience. No matter how long you’ve been in the game, there’s always something new to learn and discover.
Our team at Moodporium is constantly educating ourselves on new cannabinoids, extraction methods, and product innovations. This allows us to stay ahead of the curve and provide our customers with the latest and most effective products in the market. By staying informed and knowledgeable, we can confidently guide our customers and help them find the products that will best suit their needs and preferences. It’s not always easy, but it’s the key to long-term success.
Embracing the mindset of a lifelong learner and being open to new ideas and strategies will not only benefit your business but also contribute to your personal and professional growth. So, embrace the journey and never stop learning.
And the journey continues…
Owning a cannabis business is something I never thought I’d do, but here I am. From learning endless lessons to engaging with a bustling cannabis community, every day is a new journey. Here’s to four years and many, many more to come!