1. I think selling recreational cannabis in stores is a great new industry with the increasing legalization of its use. I believe that franchising my store is what is next for my venture. This is what will propel my business to the next level, and will help drive my revenue way up.
2. I interviewed three young people that fit my target audience and asked them what they thought is next for my venture. All three of them said that I should bring my business to the online world. They all thought that I should start to sell products on my own website as long as I could work out the legal side of things. When I told them my plans of franchising they thought that it was also a good idea. They thought that it would also help to expand my reach, but not as much as going digital with my business.
3. After talking to these three people, I believe the path for the future of the business is in fact online. I believe that selling online will help expand my reach more than franchising ever would have. By going online, I can practically advertise to anyone that is of legal age, and is in a legal state. This will help to expand the potential for growth of my business, especially with the market growing exponentially as well.
I believe that franchising would not be as good of an idea because it limits my potential to grow. It would also be hard to reach as many people as going online would reach. Third, franchising would limit how many states I get into. My overall goal is to spread across as much of the country as I can, and franchising would not be the best option.
New Market:
1. I am currently targeting a more affluent portion of society due to the fact that I am selling only high quality product. Because the product is only lab tested, quality product, the price gets driven up. I am going to target a more poor side of society for the new market.
2. I think I may be able to create value for these people in my venture by selling much smaller quantities. By selling smaller amounts, the price will go down so less affluent people can afford my product.
3. I interviewed two college students in Gainesville who are on loans and do not have much spare money to spend on leisure. They said that they believe I should have a section of my store that does not source the absolute best quality product. They both suggested that I should have a section that does not include organic product, that way the price is a less for that specific cannabis.
4. I learned that not all people want the absolute product. I was surprised that they do not care if the product is top notch if they cannot afford it. People in this new market just want cannabis that they can afford, they do not care about the quality of it as much.
None of my assumptions were correct. I expected these people just to want smaller quantities of high quality product, but in reality they actually cared more about the volume rather than the quality. This new market does not seem as attractive as my existing market. I believe more people fall under the existing market, and that I will have more success catering to the more affluent crowd with higher quality products.
David,
ReplyDeleteI think that your idea is really good and like I said before I think it is on trend with where our society is going. I think that you need to find something that can make you more distinctive in this market as there are a ton of competitors and big names this early. I think that you did this assignment in a creative way by targeting poorer people, it was cool to see what you came up with.