Dispensary

Dispensary March 21

Posted Posted in Cannabis Business Courses

Dispensaries, rather medical or recreational,  requires permits, inspections, licensing, real estate, building modifications, dispensary design, POS, SOPs, human resources, signage, suppliers, packaging, labeling, quality control, security, tracking, compliance, a multitude of details and unforeseen issues, and a large investment of money and time.

As of January 1, now 33 states plus the District of Columbia (D.C.) have legalized cannabis for medicinal use, with 10 states and D.C. permitting adult use.

Medical-use sales are slated to begin in four states (Arkansas, Louisiana, North Dakota, and Ohio).

Per the November 2018 midterm elections, plans proceed for medical-use sales starting by early 2020 in Missouri and Utah, along with adult-use sales in Michigan.

U.S. sales of medical- and adult-use cannabis in 2019 are expected to reach $5.9 billion and $7.0 billion, respectively, up 28% (from $4.6 billion) and 21% (from $5.8 billion) from 2018.

U.S. Medical Marijuana Market will exceed USD 8.0 billion by 2024; as per a new research report.

 

Module I How to Open a Dispensary

9:00 – 1:00 March 21th Denver





THC Edibles

Edibles March 21

Posted Posted in Cannabis Business Courses

THC Edibles Company involves more than recipe and dosage development. It requires permits, inspections, licensing, real estate, building modifications,  POS, SOPs, human resources, suppliers, packaging, labeling, quality control, security, tracking, and compliance. Edible manufacturers are required to adhere to Health Department regulations covering food safety, handling, storage, commercial kitchen requirements and a multitude of details and unforeseen issues.

The course is taught by instructors experienced in opening and managing marijuana infused manufacturing companies.  Their expertise will eliminate the “learning curve” enabling you to open sooner. Their “real world knowledge” will help you avoid costly mis-steps that can sabotage your business’s success.

 

Module II How to Open a THC Infused Edible Company

9:00 – 1:00 March 21th Denver

 





Cultivation

Cultivation March 21

Posted Posted in Cannabis Business Courses

Cultivation: the Business of Cannabis Beyond the Grow Course focuses on the process and profitability of growing and selling marijuana.

According to Arcview Market Research and its research partner BDS Analytics, over the next 10 years, the legal cannabis industry will see much progress around the globe. Spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The adult-use (recreational) market will cover 67% of the spending; medical marijuana will take up the remaining 33%The largest group of cannabis buyers will be in North America, going from $9.2 billion in 2017 to $47.3 billion a decade later. Read more at Forbes.com

Women Cultivating Success Conference THC

Each 3.5 hour course is individually priced. Attendees can design their own curriculum.

 

Module III The Business of Cannabis Cultivation: Beyond the Grow

9:00 – 1:00 March 21st Denver

 





Extraction March 21

Posted Posted in Cannabis Business Courses

THC oil extraction is a crucial part of producing a quality THC product. Cultivators and infused product producers are not normally extractors.

The increasing demand for THC oil extracts enables extractors to take a substantial portion of the cultivator’s profits.

Extraction has been used as a general term for cannabis/hemp processing. Processing is more than just extraction. It involves cultivation, analytics, extractions and biochemistry.

The THC Extraction Business Course teaches how to set up and run a successful extraction company.  

The business course covers every detail and solution. The course is taught by instructors experienced in opening and running a processing facilities.  Their expertise will eliminate the “learning curve” enabling you to open sooner. Their “real world knowledge” will help you avoid costly mis-steps that can sabotage your business’s success.

The Women Cultivating Success THC Business Conference focus is on business education and many valuable connections could be missed. So, we encourage attendees to bring a minimum of 100 business cards for the Chamber’s “Business in a Bag”. We will have a table of small bags set up. Attendee may drop a business card in each bag. During the courses’ break each person picks up a bag of business cards.

Course size is limited to 30. We believe this facilitates a better connection between the information being presented, the instructor and the attendee

You are serious about your business. We are serious about delivering the gold standard of cannabis, cbd, and hemp business education.

 To view all courses click on Members’ Course Registration.

Module IV How to Open a THC Extraction Company

9:00 – 1:00 March 21th Denver





Contracts

Contracts March 21

Posted Posted in Cannabis Business Courses

Contracts are legal agreements between two or more parties that define the functions, responsibilities and liability of all parties.

Business contracts are an integral part of business interactions.

This course covers the most common legal agreements:

  • Confidentiality Agreement (also referred to as a “Non-Disclosure Agreement” or “NDA”)
  • Confidentiality and Invention Assignment Agreements
  • Partnership Agreements
  • Letters of Intent
  • Leases
  • Service Contracts

Intellectual property can refer to logos and corporate identity through to products, services and processes that differentiate your business.

Intellectual property protects more than an idea or a concept. Intellectual property laws. protects genuine business assets. A company’s concept and ideas may be an integral part of of the core services and expansion.

Module VI Intellectual Property & Business Contracts

2:00 – 6:00 March 21th Denver





Writing SOP's

Writing SOP’s, Human Resources, Health & Safety

Posted Posted in Cannabis Business Courses

Writing SOP’s (Standard Operating Procedures) establishes a benchmark for the quality of products and services provided. These written procedures are the manual that defines your daily business practices.

Writing SOPs save time and money by streamlining processes to complete tasks in less time.

A standard operating procedure ensures consistency in the performance of workplace duties and safety by all employees.

Having SOP’s in place eliminates any miscommunication between employers and employees. These include your training manual and employee manual and makes your employee accountable for their actions.

Rather you have 2 or 200 employees you need a Human Resource set of procedures, as well as, procedures to ensure you adhere to Health & Safety (OSHA) regulations.

This course teaches which SOP’s you will need, how to write them, how to set up a HR department, and Health & Safety regulations.

The Women Cultivating Success CBD-Hemp Business Conference focus is on business education and many valuable connections could be missed. So, we encourage attendees to bring a minimum of 100 business cards for the Chamber’s “Business in a Bag”. We will have a table of small bags set up. Attendee may drop a business card in each bag. During the courses’ break each person picks up a bag of business cards.

Course size is limited to 30. We believe this facilitates a better connection between the information being presented, the instructor and the attendee

You are serious about your business. We are serious about delivering the gold standard of cannabis, cbd, and hemp business education.

 To view all courses click on Members’ Course Registration.

Instructor: Amber Wick, Founder & CEO, Amber Wick LLC.

 

Module VII 

Standard Operating Procedures, Human Resources – Health & Safety

March 21th 2:00 -6:00 Denver



 

hemp base foods

How to Open a Hemp Based Food Company

Posted Posted in CBD

Hemp based foods, CBD edibles, and infused beverages, are predicted to be the next major growth area. The Natural Products Expo West 2019 included the Natural Products Hemp and CBD Summit. 

Perfecting your food product (s) may be the easiest part of starting your company. Prior to selling your edible product commercially you have to be prepared for production, understand your client base and how to market to them, and how to get your food product into stores. And that’s the short list!

The Women Cultivating Success Business Conference focus is on business education and many valuable connections could be missed. So, we encourage attendees to bring a minimum of 100 business cards for the Chamber’s “Business in a Bag”. We will have a table of small bags set up. Attendee may drop a business card in each bag. During the courses’ break each person picks up a bag of business cards.

Course size is limited to 30. We believe this facilitates a better connection between the information being presented, the instructor and the attendee

To view all courses click on Members’ Course Registration.

Carla Boyd Hemp Way FoodsThe instructor, Carla Boyd started Hemp Way Foods in 2013, because of her own experiences with food intolerance, and not having realistic food options.

She was listed on 2018 The Hemp Connoisseur Magazine “100 People You Should Know”. Carla was awarded 2019 Best USA Hemp Food By: Grow Hemp Colorado

The complete line of products includes, the burger, burger crumbles and breakfast sausage. Carla has developed, marketed and successfully gotten her food line onto grocery store shelves.

All are available at select Colorado Alfalfa’s Markets, Lucky’s, and Nooch Vegan Market. The burgers are served in several restaurants and are available on the Hilton Denver City Center catering menu.

Module II How to Open a Hemp Based Food Company

 2:00 – 6:00 February 29 Denver




Business of Hemp

The Business of Hemp

Posted Posted in Hemp

The Business of Hemp: Beyond Cultivation covers licensing, regulations, proper machinery, employee training and management, quality control, testing, record keeping, processing, sales and transportation.

Hemp cultivation success depends on genetics, seeds or clones, soil and weather condition. Success also depends on the sale and processing of the harvest.

Beyond Cultivation is taught by established hemp farmers with years of experience and real world knowledge.

The Women Cultivating Success CBD-Hemp Business Conference focus is on business education and many valuable connections could be missed. So, we encourage attendees to bring a minimum of 100 business cards for the Chamber’s “Business in a Bag”. We will have a table of small bags set up. Attendee may drop a business card in each bag. During the courses’ break each person picks up a bag of business cards.

Course size is limited to 30. We believe this facilitates a better connection between the information being presented, the instructor and the attendee.

Hemp Cultivation: Beyond the Grow is taught by established hemp farmers with years of agricultural experience.

Their expertise will eliminate the “learning curve” enabling you to open sooner. Their “real world knowledge” will help you avoid costly mis-steps that can sabotage your business’s success.

You are serious about your business. We are serious about delivering the gold standard of cannabis, cbd, and hemp business education.

 To view all courses click on Members’ Course Registration.

Module IV The Business of Hemp: Beyond Cultivation 

9:00 – 1:00 February 29 Denver




The Business of Extraction

Posted Posted in Extraction Business Course

The business of extraction is a crucial part of producing a quality CBD product. Cultivators and cbd infused product producers are not normally extractors.

The increasing demand for CBD oil extracts enables extractors to take a substantial portion of the cultivator’s profits.

Global Cannabidiol Oil (CBD Oil) market size will increase to 3860 Million US$ by 2025, from 270 Million US$ in 2018, at a CAGR of 39.5% during the forecast period. In this study, 2018 has been considered as the base year and 2019 to 2025 as the forecast period to estimate the market size for Cannabidiol Oil (CBD Oil). 

Extraction has been used as a general term for cannabis/hemp processing. Processing is more than just extraction. It involves cultivation, analytics, extractions and biochemistry.

The Extraction Business Course teaches how to set up and run a successful extraction company.  

The business course covers every detail and solution. The course is taught by instructors experienced in opening and running a processing facilities.  Their expertise will eliminate the “learning curve” enabling you to open sooner. Their “real world knowledge” will help you avoid costly mis-steps that can sabotage your business’s success.

The Women Cultivating Success CBD-Hemp Business Conference focus is on business education and many valuable connections could be missed. So, we encourage attendees to bring a minimum of 100 business cards for the Chamber’s “Business in a Bag”. We will have a table of small bags set up. Attendee may drop a business card in each bag. During the courses’ break each person picks up a bag of business cards.

Course size is limited to 30. We believe this facilitates a better connection between the information being presented, the instructor and the attendee

You are serious about your business. We are serious about delivering the gold standard of cannabis, cbd, and hemp business education.

 To view all courses click on Members’ Course Registration.

How to Open an Extraction Company Module IV February 29 Denver





Marketing CBD

How to Market CBD Products and Company

Posted Posted in CBD

Marketing CBD products is critical to your business success. Everyday new cbd ecommerce sites are being created. Traditional skin care and beauty lines are launching cbd products. National breweries and wineries are investing in developing cbd infused beverages. CBD products. 

Your products and company are competing against established corporations with research departments, manufacturing facilities and marketing agency. There marketing options are the same ones you have: Social Media and Your Website!

This course teaches how to be your own marketing company and effectively produce sales and growth.

The Women Cultivating Success CBD-Hemp Business Conference focus is on business education and many valuable connections could be missed. So, we encourage attendees to bring a minimum of 100 business cards for the Chamber’s “Business in a Bag”. We will have a table of small bags set up. Attendee may drop a business card in each bag. During the courses’ break each person picks up a bag of business cards.

Course size is limited to 30. We believe this facilitates a better connection between the information being presented, the instructor and the attendee

You are serious about your business. We are serious about delivering the gold standard of cannabis, cbd, and hemp business education.

To view all courses click on Members’ Course Registration.

How to Market CBD Products and Companies CBD Module VII February 29, Denver




Women's Cannabis Chamber of Commerce Part I

Starting the Women’s Cannabis Chamber of Commerce Part 1

Posted 3 CommentsPosted in Uncategorized

Starting a Women’s Cannabis Chamber of Commerce or being involved in way with the emerging cannabis industry had never entered my mind.  It was a beautiful spring morning in Evergreen. I was meeting with another member of the Evergreen Chamber’s Ambassador Committee. I owned a social media marketing company and morning coffee meetings were common.

He leaned in and whispered softly, “I have this friend and he needs someone to do marketing stuff”. In my mind I had already begun to speculate and react. His behavior was overly secretive, “oh, my God, he’s into porn and I’m going to freak out in the local coffee house.”

“Ah, he’s opening a medical marijuana dispensary and ah would you meet with him?”

In my mind my response was “Oh, f#*k No!”

I’m old enough to be able look back at all the crossroads in my life and how my choices played out. Intuitively I recognized this as a crossroads. I excused myself and went to the rest room.

In 2011 getting into a cannabis related business or being an activist for medical marijuana and legal reforms did not capture my interest.

At 61 I had settled into a comfortable lifestyle in the foothills outside of Denver. Up until the early 90’s my relationship with marijuana (no one called it cannabis) had been more than just smoking. People I knew were going to prison. We couldn’t visit or write them because it would put us under scrutiny. They became ghosts, their absence from my life haunted me. Living with the daily fear of going to prison and losing my business and home was not worth it.

I had followed the progress of medical marijuana since the passage of Amendment 20 in 2000. I watched the news stories about the first dispensary, Colorado Compassion Club, opening in 2004. And, the news stories about it being raided that same year.

There were sensationalized stories about the 2007 murder of  Ken Gorman, a Colorado marijuana activist, and founder of the 420Rally. I was certain the medical marijuana movement had no future.

My knowledge of marijuana as a medicine was nonexistent. I needed to do some research. I refilled my coffee, went home and began researching medical marijuana. I was literally shocked by the research especially Dr. Grinspoon’s. He began studying marijuana in 1967, with the intention of defining scientifically the nature and degree of the dangers of marijuana use. As Dr. Grinspoon reviewed the existing research and literature he concluded that the general public had been misinformed and misled.

I poured over medical journals and obscured research papers some dating back centuries. Why didn’t I know about the healing qualities of cannabis? I had always been into herbs and natural alternatives to pharmaceuticals. So, this was what the “patients” protesting for access to medical marijuana knew. This was the education that Colorado Consumption Club was providing. My ignorance was overwhelming.

To further my research into what was emerging as the business of cannabis, I created a facebook profile as MySweet Jane. I immediately received friend requests – all from men. Where were the women?

The way cannabis businesses and consumers were using social media to connect and market was brilliant. I had been conducting social media workshops for small businesses and was frustrated that few of those in attendance comprehended the power of social media marketing. The cannabis industry and consumer was changing how marketing was done.

It was sunrise and I had been researching all night. It was too late and too much coffee to go to bed. I needed more information. I drove down the mountain to the nearest dispensary. I had a list of questions, including “are there a lot of women working in medical marijuana dispensaries?”

I rang the bell. The darkened window behind the bars opened. A young woman asked if she could help me. I awkwardly tried to explain why I was there.

Two days later I was the first person in line at the Cannabis Cup.

open a cbd company

Why You Should Open A CBD Company

Posted 2 CommentsPosted in CBD

You should open a cbd company because it is a once in a lifetime opportunity to in on the beginning of a new and rapidly growing market. Food and beverage products containing CBD were introduced to the consumer in the United States in 2017. 

CBD retail sales for 2017 were $358.4 million, $512.7 million for 2018. 

Bloomberg Businessweek: Researchers estimate the market for CBD in the U.S. alone could be worth almost $24 billion by 2023. In Canada sales of legal cannabis may reach $4.7 billion by that time, up from about $570 million last year, according to BDS Analytics. Annual sales of CBD could potentially be larger than those of marijuana, analysts say, because of the large number of products in which it can be used.

National companies have begun carrying cbd products, many have or are developing their own cbd lines. 

Large chains, including Walgreens, CVS Pharmacy, Ultra Beauty, Neiman Marcus and Kroger, have announced that they plan to sell CBD creams, salves and other topical products.

Urban Outfitters, Alkaline Water Co., Heinken, and Constellations Brands have added their names to the list of companies moving into the marketplace. 

National companies are entering into the cbd marketplace based upon analysis of consumer demand and overall profitability. As an entrepreneur considering entering into the cbd marketplace this is both intimidating and reassuring. You have the benefit of big corporations’ research that confirms cbd products are profitable and the market will continue to grow. CBD and hemp based products are not a fad. 

Hemp and hemp oil are used in place of cbd to avoid advertising, labeling and shipping issues, as state regulations for cbd vary.

It is intimating that you will be competing with large corporations for your market share.

You will also be competing with THC companies that have expanded into cbd/hemp products and with established cbd companies. There are also countless smaller cbd/hemp product companies populating the internet. 

If you are thinking the marketplace is already too crowded to open a cbd company, that you couldn’t compete against the “big guys”, that there’s too much risk, that you’ve missed the opportunity, you are wrong and you are not a true entrepreneur.  You can stop reading now!

The cbd product market is currently less crowded and less competitive than real estate.

The Association of Real Estate License Law Officials estimates that there are approximately 2 million active real estate licensees in the United States (2018). According to data from the National Association of Realtors, 5.34 million existing homes were sold in 2018.  According to the U.S. Census Bureau 667,000 newly constructed homes were sold in 2018. That averages out to approximately 3 home sales per realtor.

When you analyze all existing cbd and hemp oil companies you discover an ebb and flow, with each online company that closes a new company replaces. A vital piece of information we do not have access to is the sales from these online sites.

It is not expensive to maintain an e commerce website. Sales could be low and the site continues to be active. We have all heard that it takes at least 2 years for a new business to break even. That does not apply to online cbd companies. Patiently waiting for the first two years to pass thinking your product will suddenly catch on fire is business sabotage. 

You need a Purple Cow marketing strategy. The concept of the Purple Cow was introduced by Seth Godin, “But if you drive by a heard and standing in the field is a Purple Cow you have to tell someone because it is so different. When something forces you to remark on it, by definition it is remarkable.”

To further ensure your success you need accurate and relevant knowledge of the regulations, procedures, processes, market, quality of products, and solid relationships within the industry.

How to Open a CBD Product Company and How to Open a Hemp Based Food Company are taught by company founders/CEO based in Colorado. The business courses offers the instructors’ expertise how to launch, succeed, and expand your company. The courses also include instructors who specialize in compliance, human resources, health and safety, business contracts, and marketing. 

There will be regulatory changes and new development that cannot be foreseen. Online Mentors & Members Forums can be accessed to connect with the instructors, other cbd business owners and industry leaders to answer your questions.

Providing the knowledge to set up and launch your company, and access to mentors does not guarantee your business success. As an entrepreneur, you know that success also depends on how much time (the hustle) you spend working on and in your business. 

The Women’s Cannabis Chamber of Commerce goal is to move women beyond empowerment into powerful result driven career strategies, CEO positions, and business ownership. To achieve these goals we offer business courses taught by established, successful entrepreneurs from cannabis, hemp, and cbd companies. Courses are also available for download on our website. Members & Mentors Forums are open to members. Quarterly Women Cultivating Success conferences are an educational and networking platform open to all entrepreneurs. 

How to Open a CBD CompanyHow to Open a CBD Company

Madam C. J. Walker

Madam C. J. Walker Creating Success for Women

Posted Leave a commentPosted in Women Who Inspire

Madam C. J. Walker is my business mentor, inspiration, and motivator. Born Sarah Breedlove in 1857, she was orphaned at the age of seven. She often said, “I got my start by giving myself a start.” Sarah Breedlove went from picking cotton to changing the role of all women in business.

Struggling financially, facing hair loss, and feeling the strain of years of physical labor, Walker’s life took a dramatic turn in 1904. That year, she not only began using African American businesswoman Annie Turbo Malone’s “The Great Wonderful Hair Grower.”

In 1915 at the age of 58, she renamed herself  Madam C. J. Walker and with $1.25, launched her own line of hair products and straighteners for African American women, “Madam Walker’s Wonderful Hair Grower.” Madam C. J. Walker paved the way for Mary Kay, Avon and home parties like Tupperware. Two years later she opened a beauty school in Pittsburgh. In 1910 she opened the Madam C. J. Walker Manufacturing Company in Indianapolis,

Madam C. J. Walker created successful marketing strategies, training programs and distribution models that were considered innovative for the time.  She organized clubs and conventions for her representatives, which recognized not only successful sales, but also philanthropic and educational efforts among African Americans.

Madam C.  J. Walker was an advocate of economic independence for black women. She opened training programs in the “Walker System” for her licensed sales agents. She paid generous commission and employed over 40,000 African American women and men in the US, Central America and the Caribbean. The “Walker System” provided lucrative incomes for those whose main options were jobs as farm laborers or servants

Madam C. J. Walker founded the National Negro Cosmetics Manufacturers Association in 1917. She was an active part of the  social and political culture of the Harlem Renaissance.  Her philanthropies included educational scholarships and donations to homes for the elderly, the National Association for the Advancement of Colored People, NAACP, and the YMCA.

negotiating style

Negotiating Style Part 3

Posted Leave a commentPosted in Marijuana Businesses, Negotiation

The negotiating style of the person you are in discussions with will set the tone for contract negotiation. Pre meeting preparation will enable you to adjust your approach and strategy for each negotiating style.

The most common style of negotiator is the Competitor. The Competitor is motivated to achieve their own outcomes without concerns for the other individual’s business interests. This style of negotiator is not interested in long term relationships or business reputation. They are more interested in winning than reaching an agreement. This creates deadlocks. The Competitor is more likely to walk away from negotiations rather than make concessions. This negotiation style can sabotage a company’s growth and jeopardize business relationships.

Stay calm and focused on the terms of the agreements. Your BATNA (Best Alternative to a Negotiated Agreement) is the standard you use to determine if terms are too unfavorable to accept. Accepting a competitive negotiator demands will be interpreted as weakness and they will request more concessions. Firmly restate your position using strong language “we require” or “we need.” Do not use “we’d like” or “want” with this type of negotiator.

The Accommodator negotiating style is focused on building relationships. This negotiating style offers generous product and service concessions. Giving away value early in the negotiation leaves them with little to offer as talks continue.

The Accommodator negotiating style can lure you into reciprocation and obliging you to a larger concession. This negotiating style can also be an indication that they are an incompetent negotiator. Their generous concessions could jeopardize the viability of their company. What they are offering has no value if  their company has no value.

The Avoid negotiating style can be best described as “passive aggressive.” Avoid is used by people who dislike conflict. This behavior delays coming to a contractual agreement. The business with the greatest urgency will end up losing. Avoidance is a common tactics when sales/vendor timelines are crucial.

Do not disclose information about the urgency of your need.

Determine if the value of investing your time to bring the issue back to the table outweighs the benefit.

Set a timeline with clear expectations, details and dates.

Compromise negotiation style consists of “haggling” and “splitting the difference”, without any understanding or value creation taking place. This negotiation style involves one or both negotiations settling for less than they wanted or needed.

If you make concessions without a strong rationale, the other party may assume you will continue to make concessions.

The negotiator that starts with the more ambitious opening position is likely to win. If the other party has the more ambitious opening position, quickly bring them back to reality or counter balance with an extreme position.

Compromising style is often confused with Collaboration style negotiation. Collaboration ensures both parties’ needs or goals are met and creates mutual value.

Often referred to as ‘expanding the pie’, collaborative negotiators are willing to invest more time and energy in finding innovative solutions, feeling secure in the fact that there will be more value to share out later on.

Collaboration is Win-Win negotiating.

Quiz to determine your negotiating style.

Addison Morris has been a serial entrepreneur since 1968. Addison believes that in the politically charged, competitive cannabis, hemp, and cbd marketplace, business principles and best practices are a crucial element for success. She speaks and teaches marketing, and negotiation skills. Her goal is to move women from empowerment into power through business education, resources and connections. Addison is the founder of the Women’s Cannabis Chamber of Commerce.

Negotiation Strategy

Negotiation Strategy Part 2

Posted Leave a commentPosted in Cannabis Businesses, CBD, Hemp, Negotiation

Negotiation strategy is a learned skill. This is Part 2 of a 10 part series on the Art of Negotiating Contracts within the Cannabis, Hemp, and CBD Marketplace, published every Friday.

Negotiation strategy is developed prior to your first meeting.

Know your numbers and your bottom line. Prepare a spreadsheet to determine your lowest price point. If necessary are you comfortable with accepting the lowest price point?

Analyze the long term benefits of entering into a contract at your lowest price point.

Does the contract contain an option to renegotiate at a later date?

Is there growth potential?

Does the other company offer an opportunity for marketing exposure and market positioning for your products or services? If you are negotiating with a major chain to carry your product, consider the brand exposure this offers. How does that affect your current marketing budget?

Is your company capable of handling an increase in production or service demands?

Negotiation strategy involves more than price points. There are other aspects of the contract you can leverage, such as shipping costs and fulfillment schedules.

What concessions are you willing to make? What are the real costs of the concessions?

The first contract you receive is just that – the First.

Enter into the negotiation with your ideal contract. Be prepared with alternatives.

One strategy recommended by some negotiation trainers is to present all your alternatives in the beginning. I do not endorse this. By giving them options you have given away your power and leverage. You have eliminated negotiation and made it a Yes or No situation.

It is important to listen.

Over the course of your business life there will be situations where you are writing and presenting the contracts and situations where you will be presented contracts written by other companies.

Listen to the concerns and comments regarding the contracts. Ask questions to insure that you have clarity. Initiate your negotiation strategy.

Price point too high? Your counter offer: We would consider paying shipping to your distribution center which would offset your price by………..

Their counter offer: Price decrease, no shipping charges. Can you afford to do both – what is your bottom line?

Why is your product or service of value? 

This is the point where you justify your asking price. You will need to know how your product or service compares to your competitors. Better quality is not a complete answer.

If your products or services appear equal to your competitors, emphasize your business reputation, superior customer service, guaranteed ship dates, etc. Your brand recognition and marketing strategy can also make you more desirable than your competitor.

At this point negotiation strategy sounds relatively simple. Negotiating is basically common sense, preparation, and communication.

What can make negotiations challenging are the personalities involved, their negotiating techniques and how you adjust and adapt your approach in order to achieve a Win-Win contract.

We will cover each negotiation style and technique in upcoming segments.

Addison Morris has been a serial entrepreneur since 1968. Addison believes that in the politically charged, competitive cannabis, hemp, and cbd marketplace, business principles and best practices are a crucial element for success. She speaks and teaches marketing, and negotiation skills. Her goal is to move women from empowerment into power through business education, resources and connections. Addison is the founder of the Women’s Cannabis Chamber of Commerce.

Negotiating

Negotiating Contracts Part 1

Posted Leave a commentPosted in CBD News, Hemp

Negotiating is a learned skill. This is Part 1 of a 10 part series on the Art of Negotiating Contracts within the Cannabis, Hemp, and CBD Marketplace, published every Friday.

Businesses within the cannabis, hemp and cbd marketplace have to negotiate a variety of contracts from purchasing, processing, packaging, leases, and getting products in front of consumers. Other contract negotiations may include buying or selling a business and contracts with investors. The importance of each contract can be intimidating.

You are negotiating for your business’ success and future.

You are negotiating for the people who work for or will work for you.

You are negotiating for the friends and family who supported you in your business journey.

As the person representing your company, you share equal power with the person you are in negotiations with. You are the CEO and decision maker in your business. What you bring to the table are quality products or services, impeccable customer service, business reputation and professionalism.

Successful negotiations begin before you sit down to negotiate a contract.

Success begins with your attitude, level of confidence, preparation and negotiating skills.

Negotiating is not a battle or confrontation. It is not about one side winning at the loss of the other side.

Negotiation is a Win-Win in which each party achieves its goals within the confines of a value-creating  process.

People never plan to fail, but they often fail to plan.

Prior to the actual sit down, research the company you are negotiating with. The internet makes it easy to obtain to general information;

  • When was the company started?
  • Who are the stakeholders?
  • Who makes the decisions?
  • What are the business goals?
  • Has there been a high turnover rate in management?
  • Is the company seeking investors or for sale?
  • Are they growing and expanding?
  • Does the company have a positive reputation?

The second element of preparation defines what you are negotiating for.

  • Be clear about objectives.
  • Determine your needs.
  • Assess the needs of the other party.
  • List and rank the issues important to you
  • What concessions are you willing to make?
  • What is your minimum acceptable outcome, anticipated outcome and ideal outcome?
  • Determine your Best Alternative To a Negotiated Agreement (BATNA)

The goal is a good deal, not a bad deal.

Addison Morris has been a serial entrepreneur since 1968. Addison believes that in the politically charged, competitive cannabis, hemp, and cbd marketplace, business principles and best practices are a crucial element for success. She speaks and teaches marketing, and negotiation skills. Her goal is to move women from empowerment into power through business education, resources and connections.