How To Use The Spirit of Collaboration To Ensure Success In Your Cannabusiness
By Alexa Divett
Making it as an entrepreneur requires a high risk tolerance and a willingness to do something that no one has done before. Nowhere is this truer than the cannabis industry where we are not only dealing with a new market but also a product that is still federally illegal.
Although a willingness to take risks and go it alone has launched many successful businesses, the greatest and most sustainable startup stories in the cannabis industry will involve tales of partnership and collaboration.
As the cannabis industry continues its entry onto the national stage, there will be natural expansions and contractions, law and policy changes and general turbulence. If you have strong partnerships you will be able to ride these waves in a much more calm and peaceful fashion.
Obviously you don’t want to partner and collaborate with just anyone. You want to choose companies and brands whose values, style and mission reflect who you are and your target demographic.
Here are four ways you can be smart in choosing partner brands.
Be clear and straightforward about your business
Even if you are choosing to go it alone and have no desire to partner or collaborate with similar brands, you always need to know what you do, how you do it, why you do it and who you do it for.
It is incredibly helpful to know these things way before engaging in partnerships with other small businesses. It’s easy to become hopeful and excited about every potential partnership opportunity that comes your way but chances are that not every opportunity will be the right fit.
Having a clear picture of your “who,” “what” and “why” creates a guide that keeps you on target so you’re less likely to wander outside your intended scope of business.
Trying to be too many things to too many people can result in a muddy brand that means nothing. If your partnerships don’t make sense you risk building a poorly defined brand that doesn’t resonate with the consumer.
Ask questions
Make a serious effort to learn everything you can about your partners and partnerships. Although you’ll never know everything, it’s important to arm yourself with as much information as possible.
When you partner with another brand, it becomes an extension of your business. It’s important to understand who the other company is and what it stands for, because those values will become the things consumers associate with your company as well.
Be honest about your own business
Every business has its limitations and smart business owners are well aware of what they are. As an entrepreneur, you must be willing to explore every opportunity to expand and grow your company and this includes identifying strong partners who can help fill the gaps.
Know when things just aren’t working.
One of the many traits successful business owners share is the ability to identify when things just aren’t working. If your partnership isn’t working you have to be willing and able to walk away. It’s never easy to turn your back on something you had high hopes for but sometimes it’s necessary.
Being an entrepreneur can feel lonely at times. Being a cannabis entrepreneur can feel like being trapped on a deserted island. We all share the same journey as we work toward acceptance and recognition. Smart partnerships can contribute to the growth of your brand and help you feel less alone; they can influence customer perception in positive ways and give you access to a greater consumer base.
The best thing you can do as a cannabis entrepreneur is to be open to partnerships and collaboration and find partners who share your vision.
There really is no reason to go it alone.
Alexa Divett is the co-founder and marketing director of Maya Media Collective (http://www.mayamc.com), an Oregon-based marketing and design firm that specializes in the cannabis industry. She and her team help brands achieve their goals through education, thoughtful design concepts and inventive marketing solutions.