Did you know that there is a great potential of making substantial profits in the cannabis business? The total U.S economic impact from cannabis this year is expected to hit $92 billion. The projection is anticipated to rise in the subsequent years due to the numerous innovations in the industry.
David Dinenberg, the CEO and Founder of KIND Financial, has been part of this massive growth. He is at the forefront of helping merchants that banks have traditionally declined for banking solutions get approved by their simple closed-loop solution.
KIND Financial believes that all legally licensed operators in cannabis should conduct business like any other industry. The launch of the company’s transformative software, KindPay, brought a new historical standard of transparency and safety that will aid many who have had difficulty with banking in the past.
The following are aspects you should consider before joining the Cannabis business.
Consider Your Financial Knowledge & Position
One of the main problems and challenges in the cannabis industry has been financial issues. As the Cannabis industry continues to be regulated, many business owners, especially those with little or no financial background, are put to the test. There have been bad small business loans, credit lines, payment solutions, and limited investors to support growth. Also, there has been a problem with banking and payment methods. Therefore, there is a need for capital and financial products to continue to grow, remain competitive and fill the demand projected in the industry.
Your financial knowledge and position are going to be of great significance. David Dinenberg is spearheading innovation in the banking and payment solutions for the cannabis industry. The future of the cannabis industry is contingent upon financing and payment solutions.
Build A Performing Team
No one ever wants to work with a mediocre team. Therefore, before you envision starting a cannabis business, consider building a great team to help the industry thrive. You might not build one immediately, but gradually you can find great talent. A performing team will help foster creativity and learning, which build trust with customers and encourages healthier practices.
David Dinebger has built a team of passionate professionals and consultants for his business which allows him to service other business owners at this level.
Have A Business Plan
A business plan will help you see your cannabis business from a 30,000-foot overview. It will give you what priorities you need to focus on in order to drive results that matter.
When David founded Kind Financial in 2014, he wanted to provide solutions to Cannabis growers and sellers that banks were afraid to work with. In addition, he wanted to help navigate bureaucracy in his business plan, specifically the regulation and red tapes that come with legalization.
David studied the problems facing the industry when he first started. He figured out what the gap was and became creative when it came to solutions on how to fix the gap. This step was after watching a 60-minute episode in the fall of 2012 which talked about the emergence of medical cannabis. David established that despite the legalization of federally illegalized cannabis in certain states, there was no complete thought on providing a business backbone for the industry. His development of KindPay, a closed-loop payment system, came as a relief for the market since consumers could now make cash-free mobile payments. Kindpay has since been approved nationwide. Kind Financial software has helped government agencies track pot production and sales.
Therefore if you want to start the cannabis business, check the market gaps and consider filling them by providing solutions.
Through having a solid financial background, a professional team, a business plan, and exercising your creativity, you will be able to disrupt the market and scale your business. For more information, you can connect to David here.
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