Starting A Hemp Business
Posted by Tom's Tumbler on Oct 4th 2022
Nearly everyone dreams of turning their hobby into a business. After all, doing something you love doesn’t feel like work, it fuels your passion. But there is a lot to consider when you’re thinking about scaling up your growth and starting a hemp business. After all, a hemp business isn’t only about growing great flower and figuring out how to sell bud. There’s a business structure which you must have in place, not to mention regulatory considerations.
The Business of Hemp
Growers are passionate about their plants, and it can be exciting to think about turning what you have into a bigger operation and bringing your harvest to market. But upscaling your growth operation to start a hemp business will require you to adjust your perspective a bit, because starting a hemp business is just like starting any other type of business. There is a lot to consider and there is a hefty investment which will be required, in both money and time.
If you’re going to upscale your current hobby sized grow, you’ll need to start with a business plan. It sounds daunting, maybe even boring, but it’s the most crucial thing you can do to ensure that your idea is viable before you spend a single penny. A business plan will be your guide to ensure that you do not overlook any details, and it will help you plan in advance for any obstacles you may encounter.
Writing A Business Plan
A business plan is an ever evolving document that you will revisit countless times as you move through the phases of starting a hemp business, and even after you have launched. It will include every single detail of how you plan to approach your business, how you plan to secure licensure, how you will manage regulatory expectations, how you will solve problems, how you plan to develop your marketing, and it is also how you will explain your business to investors. Your plan will include everything.
It may sound a bit overwhelming, but there are countless resources that you can find to help you write your business plan. To get started, remember that you can always begin with simple statements. A few questions you can ask yourself to get yourself in the mindset for writing a business plan are:
- What makes your current growth operation worthy of becoming a business? What differentiates you from the countless other growers? Remember, you need a reason that is more substantial than just “I know how to sell bud.”
- What is your vision for this company? Because you are going to want to attract customers who can relate to your vision. Your vision is what you are selling, along with your products.
- Who is going to run your business? Who is going to help you do the things you don’t know how to do?
- Are you going to sell flower, or other types of products?
- How and where do you plan to sell those products?
- How much do you anticipate all of this is going to cost?
Scaling Your Grow
Once you have started to structure your thoughts by putting the business details in place, it’s time to talk about “scaling” your growth operation. Right now, you are growing as a hobby. But that’s very different from starting a hemp business. Every single thing you are doing now to grow those fantastic flowers will need to be done ten, twenty, or even one hundred fold. Remember, for a commercial sized grow, you need to be able to manage those details on a larger level.
Your commercial growth operation will need an operational procedure in place which defines how you expect your plants to be tended. This is an essential step when starting a hemp business. You will also want to explain, in detail, how you intend to protect your grow from disease, as well as include management and cost-effective remedies for unforeseen situations, such as power outages and unintended regulatory infractions.
Your operations procedures should also include the processes for when things go according to plan. Explain how you plan to harvest, cure, and trim your commercial size grow. Hand-trimming a commercial size grow is not cost-effective nor time-efficient, and you’ll need to have room for those industrial systems, as well.
Resources For Your Business
Now that you’ve given the highlights of how to start a hemp business some thought, you can spend a little time exploring the variety of products on the market made for scaling grows from hobby to commercial size. Whether you are moving from one plant to ten, or from ten plants to one hundred, Tom’s Tumble Trimmers has a variety of post harvest products for you to explore. The products you’ll find at Tom’s Tumbler™ are made to grow with you, so you’re sure to find the right product to keep your flowers healthy and perfectly trimmed, without damage caused by machine trimming.
Our customer service team has a wealth of knowledge, and we’re always happy to help you explore how to best scale your grow. We’re available 7 days a week, so don’t hesitate to contact us today to explore how Tom’s Tumbler™ can help you reach your goals.