I’m Jacob Cavan, or Jake for short. I believe that I’m a very quick learner, I’m
great at speaking in front of an audience, I love meeting new people and
creating relationships with them, and I’m a very good problem-solver. Currently, I want to go into business and do
something like what my dad does. He is the
leader of a team in charge of organizing sales, setting up deals, and sealing
those deals with other companies in the market for his company’s product. I’m not sure if it would be the best for me, as I'm still figuring out what I want to do, but my business concept for this class would be a very quick way to start a successful venture
into the real world - if I’m quick enough to act.
The product/service combo I am offering is a chain or
marijuana dispensaries in newly legal states paired with a delivery service for
my brand.
There is a seemingly wide demographic that I think would
want my business, but the psychographics aren't very straightforward. Anyone who uses a form of marijuana (THC
vapes, traditional smoke, edible) or could see it as an option for them. These people are usually college students,
stressed parents and workers, and people with injuries or disabilities. Even though these groups all have some members
who use marijuana, not everyone in each group uses. Some college students don’t want to use it
because they don’t like smoke or are worried about getting in trouble, many
parents look down upon marijuana smoke, and many people with injuries or
disabilities prefer alternative methods of healing or easing their pain. So, I am offering my product to people in
these groups who prefer marijuana as their method of relieving their stress or
pain.
They care because the recreational use of marijuana is
illegal in most states, so many people don’t have this option-legally. The legalization of marijuana in these states
will cause the already large market for marijuana to grow. Even those with medical cards can benefit
from a recreational dispensary. Medical
marijuana dispensaries aren’t very common.
There is only 1 in northeast Florida and also only 1 in west Florida. Imagine having to travel anywhere from 45
minutes to multiple hours just to pick up a prescription!
Because I don’t know the business very well, my main
advantage would be acting as quickly as possible on the legalization
process. As soon as it looks like a real
possibility for the legalization, I would begin the process of setting up
locations, finding suppliers, etc. Although
the delivery service has been done before, it’s extremely convenient and has
been shown to be a massive success. With
my own delivery service, I could greatly increase my own sales and, with that,
revenue.
Jacob, like you explain in the last paragraph of your post, a lot of the success of your idea depends on when marijuana is legalized in Florida. While I'd say it is never good having to wait on something for you to be able to act, I think it is a good idea to try and be as quick as possible as soon as it is legal.
ReplyDeleteJacob,
ReplyDeleteI think your plan is a very good one. Like you said acting fast on it would be your advantage. Also thinking of other innovative ways that will make your dispensary different in case someone else jumps on the idea. Or try in one of the states where its already legal. Think of common areas where your target group would congregate or on the move where the dispensary would be convenient for them. Great idea!
The marijuana business is a very difficult industry to get into. However, showing great interest and planning for it now would create an advantage over possible new businesses that'll come after the recreational legalization. I feel like the delivery service would be considered one of your last priorities because you want to establish a good understanding of the industry as a whole first. This may be figuring out customer behavior or figuring out the radius in which customers would be wanting a delivery of marijuana to their location. But overall, it seems like you have great plan for the future of your venture.
ReplyDeleteI think you chose a good target consumer because marijuana is not for everyone when it is being used recreationally. However, if more dispensaries are built and put up for medical use, that would make it a lot more convenient for the people who need it to relieve their pain. Overall, I think your idea is pretty good because I believe marijuana will become legal in many states soon and that's when the marijuana business will be booming.
ReplyDelete