The hemp industry has experienced tremendous growth recently, according to Cannibis Culture Magazine, meaning that you can seize the opportunity to create your own hemp business and profit from it. Hemp products are legal to sell in the United States as long as they do not cause tetrahydrocannabinols, or THC, to enter the body. Many communities do not have a local hemp retail outlet, meaning that there could be an unfulfilled target market in your area. If planned appropriately, opening your own hemp store can be a profitable business idea.
Research the hemp industry. Look for appropriate websites and books that provide education on hemp and hemp-related products. Build a good knowledge base of your products so you will be prepared to answer questions and make decisions when you open your store.
Determine whether or not there is a target market for hemp products in your area. You can do this by performing your own primary and secondary market research or by hiring a market research firm to do it for you. If people are not interested in purchasing hemp products where you plan on operating, you will not be able to generate profit.
Assess the competition in the hemp industry. Look for other hemp stores or businesses that sell similar products you plan to sell in your store and plan a strategy that helps you set yourself apart from any competition
Determine a product line. Some hemp foods are legal, and products like clothing, cosmetics and paper are all fair game. Base your selection on market demand.
Secure a location for your hemp store. Ideally, your hemp store should be in an area that can be easily accessed by your targeted consumers and in a location that is not already served by other hemp businesses or direct competitors.
Order your inventory from suppliers or wholesalers of hemp. Look for deals on purchasing products in bulk if possible.
Hire friendly, customer-oriented staff that has experience working in a retail environment and knowledge of the hemp industry. Train your staff so they are familiar with your line of hemp products, prices and selling techniques.
Merchandise your product line appropriately in your store, making use of shelving units and window displays to feature your most attractive or best-priced hemp products.
Advertise a grand opening for your store by sending out fliers with your product line, handing out business cards, and placing classified ads in local newspapers and on the Web.