How To Find Your Money Making Canna-Business Idea

 

If you’re tuning in then there is a good chance you’ve spent some time thinking about how you can transform your love of cannabis into dollars. Right?

You’re looking to transcend the realm of cannabis advocate with a marketable skill of some sort or you wouldn't be listening to this – But how do you know which skills are going to be the most appealing to your audience?

For example, let’s say you’re a baker and you know how to make amazing cannabis-infused wedding cakes, you can sell the recipe for the cake, the steps to make the cake, the lessons to decorate the cake, and you can even sell the cake itself (depending on the laws in your area). How are you supposed to know which of these ideas will bring the highest income?

So let’s think about this for a moment. Here’s an exercise to help you identify what your expertise is and how you can make money from it.

Write Down Your Expertise

The first thing you need to do is write down what you are good at doing, better than someone else. And better than a large enough audience that can buy from you. Are you a yoga instructor? Nutritionist? Business Consultant? Event Coordinator? Where and how does cannabis knowledge factor into this skillset? Whatever you are an expert in - cannabis created or not - write that down, and let's brainstorm for a minute. First, I want you to look at this list and ask yourself..

Can You Create Paid Products from This Expertise?

Like I talked about back in episode 11 ~ From Cannabis Enthusiast To Entrepreneur there are two paths you can take to create a cannabis touching business. You can create services or information products. For example, if you’re a cannabis-positive health coach you're probably going to make an information product. So what can you sell? A membership, live event, workshop, small group coaching package, one-on-one coaching opportunities? Or maybe you're a service provider like a blog writer or editor. Do you sell pre-written blog packages? Sell your services by the word? Create a course to teach business owners how to write their own cannabis blogs or do their own keyword research? List everything you think you can create that might sell to your ideal audience based on your expertise. 

What Competition Do You Have?

The next step is to identify your top contenders and scope out their services. Cannabis-related or not. Maybe they are just a typical holistic health coach who sells the kinds of products you want to be creating, you would just add a cannabis twist to things. Industry or not, the competitors who have been around longer than you already have some insight into what sells and what doesn’t sell to your audience because they’re already doing it. You can learn from them and cut the time from idea to income in half.

And when do you study your competitors, it’s a good idea to study their sales pages carefully so you can figure out how they’re making their money. The key here is that you never look to reinvent the wheel. Not only is it lazy and unethical to copy someone’s product, but it’s also a quick way to make yourself irrelevant. Instead, look for gaps or holes your competitors leave in the market. Consider everything they are doing right. Analyze how they are serving their audience, and then ask yourself “what comes next or what’s missing here?" and "How can adding a cannabis element make this experience even better?"

 

Your most profitable product is going to be found in those blank areas. Not only that but if you play your cards right you can now align yourself with your competitors rather than opposed to them. This is a great way to inspire joint venture partnerships, affiliate relationships, and collaboration opportunities in the future.

Once you’ve studied the competition and revised your list, it’s time to ask yourself…

What Does Your Target Audience Need Most?

The most important thing you can do is to ask your audience. What do they need? If you have an audience already, this is a critical step to take. You can do it in the form of polls, surveys, and even by generating buzz when showing off new product concepts to your audience. Also, if you have no audience yet, read discussions and message boards that are generated by your competitors’ audience. They are, after all, your audience, too.

As you move forward, determining which part of your expertise is most marketable, also think about your lifestyle and how much time and effort you want to spend making your product - and then maintaining it. For example, one-on-one consulting and coaching are going to take much more of your time than a membership or group coaching, and you can reach more people this way too.

So, if you’re still struggling to come up with your product idea, this is your homework for the day. Write your list of expertise, which items on that list lend themselves best to a paid product or service, and what does that look like? Start studying the sales pages of your competition, and when you’ve narrowed your list down to two or three ideas consider how you will solicit feedback on your top ideas from your audience.

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