You as the entrepreneur need to refine your own business idea, once you have done this and have a clear picture in your mind of what the business will be, you can start stress testing this idea. Please see the article on testing your business idea for expert advice on how to do this.
For further insight and guidance on starting a new business please refer to the section of our website dedicated to start-ups.
11 Celebrities That Are Profiting From Their Investments In The Lucrative Pot Industry
Expect to see the usual suspects on this list of well-known cannabis investors, as well as some surprises that know a good investment when they see it.
The number of marijuana-friendly states in America is steadily growing, with Canada becoming the second country to fully legalise cannabis. Considering the local developments that have made the personal use of marijuana legal, it may be time to start investigating the profitability of a cannabis company, like these celebrities did.
Cannabis stocks are also skyrocketing, in 2016 the cannabis stock index grew by 236%, according to Viridian Capital Advisors, a financial advisory firm specialising in the marijuana industry. A new report from New Frontier Data reveals that the legal cannabis market will create more than a quarter million jobs in the USA by 2020.
Forbes also reports that in 2016, the legal cannabis market was worth $7.2 billion, and is projected to grow 17% year-on-year, resulting in a $13.3 billion in medicinal marijuana and $11.2 billion in adult recreational sales by 2020.
Here are the 11 celebrities that saw this trend coming and have invested in the lucrative marijuana industry:
How To Win Trust And Wax Sales
Small changes to your ecommerce platform could transform your turnover.
Any ecommerce business venture is risky. Your products are not going to walk off the site by themselves from day one. You have done your market research. You have identified and targeted consumer needs. You believe in your product.
What you need now is for consumers to believe in it too. But that is not enough. Your consumers also need to believe in you and your brand. Your ecommerce platform is the vehicle which allows the consumer to experience an insight into the quintessence of you, your product, and your brand.
Take your ecommerce experience from ‘what?’ to ‘wow!’.
Your ecommerce platform is a place that gives you, your brand and your products a voice. Your voice needs to speak out and tell your story. How you came to this point with your product. How and why you know it is the best on offer. Who you are.
What your brand stands for. Drive engagement with your voice through blogging. Show your investment in remaining relevant and meeting consumer needs. Invite feedback to build diversity and growth. Your products need a voice too, but they cannot speak for themselves. Let customers know your products’ worth by offering clear, detailed, jargon-free descriptions.
Give your customers pictures. Lots of them. From every angle. Show what you and your products are made of. Bring your products right into the customer’s home. If your products have got it, flaunt it. Convey an effective message that unites you as creator, your creations, and the lifestyle your brand is offering.
Authenticity, honesty, and clarity of purpose will connect the consumer to your brand in a real and relevant way.
Tell all, on call
Respond to consumer enquiries with as little delay as possible. These are personal interactions with the consumer that build relationships. Excellent customer service boosts positive feedback. Aim to provide as much detailed information about your business as possible. Be transparent, and proud of it.
An FAQ section is professional and helps address recurring questions regarding your products, services and business practices. Use the opportunity to provide further info about your brand’s integrity and professionalism. Refer to certifications and licenses. FAQs indicate honest, reliability and well-established business procedures, which further builds consumer trust.
The allure of secure
A steadfast returns policy cuts the risk for consumers when making a purchase. It is far easier to commit if you are assured you can return the product with a full money back guarantee. Make this policy evident from the outset. Include a link to your returns policy on your landing page. Address all returns related queries in your FAQs. Consumers will also trust your ecommerce platform if you guarantee safety and security of information.
Less is more!
Shipping costs are a turnoff. Many consumers abandon their carts just at the finish line because of this final hurdle. So, offer free shipping and seal the deal. Discounts and sales items must be in your face. Feature deals and reductions on your landing page with hard-to-miss, easily understandable images of slashed prices. Build some buzz around sales items with a sense of urgency.
Small trial samples in exchange for email details or a quick survey are another sweet deal. Everybody loves a sample. And you score business leads to follow up. The info you gather can help you to personalise user experience, and fine tune focused target marketing.
That big red button
We have all encountered an enticing call-to-action button. One that offers the promise of a new start, that opens doors, that kicks in the rush of actualisation. A CTA that makes the customer feel like that button has their name on it is what it’s all about. ‘Buy Now’, ‘Add to Cart’, ‘Get Started’. The brand and lifestyle you are selling needs its own effective CTAs. They are the final frontier between deliberation and diving in.
The quick or the dead
First things last: Your ecommerce site had better load, and fast. This is vital. Already, 5 years back, failure to load with sufficient speed meant 1.73 billion GBP in lost sales. Consumer impatience is a fact. There are loads of options out there. Don’t be left dead in the water.
Hooked On Ethics
The business that puts ethics at the forefront of its culture is the one that will shine in a landscape littered with dishonest behaviour.
There is significant research into how the work environment influences ethical behaviour. Study after study has shown how the ethical values upheld by management filter down to all employees, affecting behaviour and business practice. The biggest influence on a person’s ethics is their environment. In South Africa, the after effects of the recent political regime continue to shake both country and citizen. Corruption has seeped into almost every part of the government and in some of the country’s most prominent private organisations.
The old saying that the ‘fish rots from the head’ has never been truer, nor more obvious.
The ethical dilemma
The reality is that the government’s flagrant disregard for ethics saw corruption become a part of everyday life. This makes almost everyone ask themselves questions like – why should I pay X utility bill? Why should I pay my TV license? The money is being clearly used fraudulently. Sure, it is the law, but leadership has proven that ethical behaviour isn’t rewarded or recognised.
But it is. The value of building an ethical business and upholding a culture that promotes honesty and integrity cannot be understated.
Here are five reasons why…
- Those who skirt the edges of ethics almost always get caught. There has been a steady shift in the country’s moral compass as leadership has taken a far stronger stance on rooting out corruption and already some of the country’s biggest names have been found guilty. KPMG, McKinsey, Bell Pottinger and SAP have all had their names tarnished by the scandals that have rocked the country.
- Employees are more engaged and better behaved. A weak ethical culture filters down from the top, influencing behaviour and attitudes. If employees feel that they can get away with bad behaviour that benefits them, or if they feel that their environment encourages this, then they will.
- A strong ethical influence will dictate how employees treat customers and one another. If your company enforces and rewards honesty and integrity, then these will be the qualities that clients will perceive. Their lack may also see you lose market share and your reputation.
- Like attracts like. If you create a culture that rewards employees that work all hours, deliver the goods and commit themselves then you will attract more people with these qualities. The same applies in reverse – reward bad behaviour and the results will rapidly speak for themselves.
- Your business reputation. Trust can’t be bought. It is hard won and easily lost. If you lose your reputation then it is very unlikely you will win it back and it will follow you for the rest of your life. The same applies to your staff. If their behaviour is questionable it could damage your company. Make sure you set the rules of what is or is not tolerated by your company culture and consider investing into ethics courses that allow your teams to stay ahead of the curve.
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