08 May Excelling in the Hemp Industry
The Cannabis industry has really picked up in the United States since Colorado’s debut of cannabis recreational sale for adult use 40 months ago. There are many key factors in this regard, which one must understand also to learn more about the opportunities that the hemp industry presents. Herein are a few breakdown of important elements of the excelling hemp market.
New Market for the New Generation
2014 was an important year for entrepreneurs looking to invest and expand in America’s hemp industry ever since the approval of Hemp Farm Bill Act. Even though the U.S. is still going through the initial development phase, jumping on this bandwagon before it becomes saturated is the key element in joining the ranks of “green rush” barons.
This is the time of the millennial generation! They are really taking on green related businesses and acting as the guiding light for their younger peers. There are already many millennials who have achieved success in the hemp and cannabis market. How? Because they are ideal risk takers and what we are learning from them is quite instructional, and will be valuable for the upcoming generations ahead.
What Needs to Happen in the Emerging Hemp Industry
It is important to understand that hemp also has several uses. You can use hemp to make paper, as it has been historically used for this purpose for many centuries. It is also a great natural material for clothing.
Several businesses are already finding a number of new uses for hemp-based products. It even has the potential to create several products that cater to the construction and furniture industry. There are also many food goods that can use hemp-based items which has a wide scope of potential medicinal benefits for the human body.
RELATED STORY: A Chronology of Processes – Startup to IPO
In general though, the hemp industry can grow exponentially in no time, as long as it receives support from different elements and business entities that are essential for its economic and social exposure. It will need accountants, sales experts, quality control specialists, attorneys, and many more professional trades that are willing to work in an industry that is still negatively scrutinized due to its relation with cannabis. This will ensure that it can grow like other businesses and finally become a prospering market arena with a multi-billion dollar volume.
Banking in the Hemp Industry
Currently, banks and small business lenders are not quite clear about servicing the hemp industry just yet, nor willing to put their money in this sector. They are in fact, also bound by several federal regulations to discourage financial institutions to participate in this industry.
However, this opens up a great opportunity for private equity investors. The hemp industry is an ideal place to build up equity and ensure that you’re able to become a part of an eco-system which is sure to grow in the near future.
Stay Calm and Maneuver Intelligently
There are several benefits that you will get, if you not only invest in the hemp industry in America, to sustain your effort and build a large equity in multiple businesses. You have to keep expanding your enterprise(s) and make sure to continuously attract new talent in your business organization(s). Bear in mind the 70/30 rule in recruiting and retention; out of 10 entrants only 3 will stay. This is a universal standard ratio when building a sales team or workforce in an enterprise.
“Continuously attract new talent. Bear in mind the 70/30 rule in recruiting and retention; out of 10 entrants, only 3 will stay.”
As a business owner, it is also imperative to understand that the journey and the process itself is the fun part. Many entrepreneurs tend to get so involved in their business activities and end goals that they lose sight of enjoying life, which eventually leads to long hours of wear and tear on the body, and let alone, lacking of moment of clarity.
There are some unorthodox elements which are essential if you want to succeed in the hemp industry. You should always use frugal practices and save money for the rainy days. Another suggestion is that you need to keep your cool and enjoy those strenuous working hours with some classical music in the background while using it to increase intelligence and productivity within the team.
The hemp industry is on the rise, and you should definitely look into participating in it to the full extent to enjoy the health and economical benefits that it has to offer.
PRIVATE LABEL CALL: Are you interested in getting involved in America’s fastest growing ‘green rush’ market, but rather unsure of what product(s) to sell?
Our Board Members are very savvy when it comes to choosing and launching products in the hemp market. We can certainly help if you’re truly serious about partaking in America’s thriving cannabis and hemp industry. Definitely give us a call at (858) 952-6330 for more information on private labeling products for you. And if you know anyone that’s looking for such opportunity, please kindly share this article with them.
Thank you very much for reading and continue to stay blessed!
About the Author: Carlo Desierto is a serial entrepreneur with over a decade of experience in business startups. He has founded, built intrinsic value, and sold several companies in which he sits as an adviser for the Board of Directors. Carlo has interviewed over 200+ entrepreneurs and published mini-biographies for new digital media channels relating to entrepreneurship, health, self-help, futurology, and the green industry.