For the entrepreneurs that are here with us at The Weed Business to learn more about becoming a respected business owner in an exciting industry, in writing the article on The Recreational Colorado Experience I realized that there are some parallels to the days of experiencing a Black Market version of the industry that can translate into good business practices for those going forward with a legal and legitimate business.

Lessons From Dealing

• Black Markets: Yes being a drug dealer can be unpopular, but doctors do it all the time.  I think the only reason why there is so much confusion and violence in the market is because it is a Black Market.

LESSON: This is not the Black Market anymore, but the transition is still fresh, and there are still kinks to be worked out of the system – especially in terms of the “cash only” issues. It is important to provide a positive customer experience, but don’t skimp on your safety precautions. This is for the benefit of your employees as much as it is for your customers.

• Safety: Don’t get into situations you can not control, good ol fashion taking risks, not chances will help you stop getting ripped off, develop trust with clients and wholesalers, and expand your social and dealing network safely.

LESSON: Make a list of all the scenarios you would have guarded yourself against as a dealer on the Black Market, and think about how this can improve your transactions and dealings with your wholesalers and your clients.

• Violence: yes unfortunately jealousy, fear, greed will cause people to act like people.  There for it is imperative to know the how to protect yourself, how to respond, and when to let stuff go.

LESSON: So many of these emotional factors have been mitigated by the legality of the situation, but nonetheless they are still good warnings to heed and be aware of.

Lessons From Selling

• Start out Small: by starting out small you will need the minimum amount of capital, probably less than 400 US dollars, be patient, don’t be stupid, keep your mouth shut and acquire clients gracefully.

LESSON: Unless you have a lot of retail store experience, or your marketing schema is providing the ultimate tourist experience, you’re probably best just beginning with a few counters and offering a few select strains. Better to start small and ensure you are providing a quality experience to refine your skills and operations for a maximum profit in the long run, than to start out huge only to find yourself over-extended financially and not make as much money as you could otherwise.

• Loose Lips Sink Ships: most of the time letting the wrong people know what you are doing is asking for trouble, so if your roommate is not cool with it, get your own place–b/c now you can afford it.

LESSON: Well, obviously, the legality of the situation really changes this old adage. However, the lesson of being humble and respectful still stands true. If you are going to make noise in your community about your business, make sure you do so in a way that creates a positive spin on your business, your industry and the contributions you make to your community as an upstanding business owner.

• Profits from Pounds, Ounces, Quarters, Eitgths and Grams, the smallest amounts has the highest profit margin.

LESSON: While the days of price gouging have been replaced by the requirements of taxation, you can still make sure that you are doing your part by providing a quality product for the price. The one thing people can count on now that things are legalized is that things are going to be expensive. It is your part to make sure that the growers and caregivers are properly compensated so that you can assure your customers are getting high quality products. Simple but essential to successful business ownership.