Picking the right business is very important to achieve success. Today, Anthony Frischknecht talks about the importance of choosing the cannabis business that fits you. Building the right business is all about knowing who you are and picking the one that fits your personality and talents. Listen to this podcast episode as Tony helps us figure out which cannabis business best suits us.
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The Cannabis Business That Fits You
I want to share some cool ideas with you in the cannabis business. It was quite an interesting path I took to learn how to grow as well as reset the way I do business or the business I was working in. It came pretty natural for me because I chose to take a path that fit into what I was good at. That had to be with working with my hands and being able to fix things, make things. My father was a carpenter my entire life. I naturally grew up in a wood shop for most of my early and teenage years. I could DIY. I could finish projects pretty nicely. When I got into exploring the cannabis growing, I didn’t have a green thumb. I didn’t have one at all.There's so much competition that you have to have high quality products to separate yourselves. Click To Tweet
I did know that I could build a grow room. That came naturally to me. I didn’t try to go too far out of what I knew, but what was comfortable for me is a hammer and nails. Putting things together came simple. I remember when I first started building my room in my basement, I treated it like a normal remodeling job. I went down and measured out my area in my basement. I knew I needed a couple of tables built. I began to create a build list of all the materials that I needed: plywood, 2×4, drills and electrical outlets. I was able to create a lot of that on my own.
I had to explore layouts and how to do it correctly. I also was able to talk to a couple of growers myself and figure out what I needed to be successful. With that confidence, I was able to at least start an area or start to grow for the first time. The building came naturally, but the growing didn’t. I don’t ever expect anybody to completely start a whole new career without having some basis and what they’re comfortable with. Many people get into the industry looking at all the shiny objects that are in the media. I would take those thoughts and ideas and see what fits you. Are you a hands-on person? Maybe the growing side is for you. Are you a scientist or do you have a lot of science background? Following instructions may be best suited for you.
It’s a very exciting field and you still need to know what you’re doing. Several years ago, I would say you would need to know much about science to get started in it. I know that some of the most successful extraction companies hire top-notch scientists and chemistry people to run their extraction machines. Because there’s so much competition, you have to have a high-quality product to separate yourselves. That’s starting to become more and more apparent every day. For instance, your customer service that you’ve been in, whether you were a bartender, worked in a retail clothing outlet that suited for you could quite possibly be a retail environment. Retail is retail. You’re changing out. You’re selling a different product. If that fits you the best, you see yourself like, “I could do this.”
Getting into growing might not be the best direction for you and you want to be successful at this. Pick something in the industry that fits your personality and fits your talents. There’s also the ancillary products, which I know a ton of people are doing. Are they doing it well? I know some guys that have created some pretty amazing products. For example, some edibles companies out there, they first started off as bakers and that seemed to fit their personality. Some of these guys are some of the most successful ones in the industry. They chose what they were good at. That’s the direction that I had to take at the time.Don't ever start a whole new career without having a basis on what you’re comfortable with. Click To Tweet
It may seem silly to have the discussion, but if you’re not focused on what company you’re going to do and what you’re good at, you may not have the passion to see it through to where it can be successful. You’re going to need that passion when times are tough and you don’t know, “How am I going to pay these bills? Ham I going to pay my employees?” That passion is going to push you through to figure out how to get the job done. There were times when we had paychecks and employees to pay at the end of the week and our overhead was running about $400,000 a month and the employees were half of that.
Every two weeks, we had to come up with $100,000 and we had to do some pretty incredible things to pull that off. That’s some of those times when you figure out what you’re made of. We never missed one paycheck. Whether we lost our bank accounts or we didn’t have the money at the time, we always figured out how to get through. Some of those paycheck times are going to check your ego or going to make you think, “What am I doing here? I can’t even pay my employees.” If you can’t pay your employees, that’s probably the first thing that will take you down because of not being able to cover those paychecks.
As you’re working through the process of starting up your cannabis business, keep these thoughts in mind. You’re deciding what you want to do to be successful. That’s what I’m going to try to do is prepare you to be successful, ready and proactive instead of reactive. That starts with picking a good business that fits your personality, fits who you are and that’s one part of achieving your goals. I hope this has been helpful to some of you. Please feel free to contact me on Facebook, LinkedIn. You can comment on the show and let me know what you want to talk about. I’ll be more than happy to dig into the info that you’re requesting because that’s what I want to do. I want to be able to uncover some of this stuff for you out there and bring you some great stuff. I’m super excited. Thank you so much for reading. I will talk to you soon.
About Tony Frischknecht
Born and raised in Colorado, Anthony always enjoyed the challenge of starting and building a business. That is why it became a natural progression at the age of 25, he became an entrepreneur, with two small construction companies. In 2005, he got his start in the medical marijuana industry in Fort Collins, Colorado, building a small MJ caregiving business, Highway to Healing.
By the time he was 35, he had two dispensaries with sales of $6.5MM annual revenue, including two indoor grow facilities, with a combined 20,000 square feet of production in Denver, Colorado. All four locations consisted of 19 city and state licenses. Anthony then joined a group of five industry leaders and started a successful cannabis brand O.penvape in late 2012. The maker of vaping products and edibles posted a top-line sales of $100 million in 2016 and sells a product every nine seconds. Its busy lab creates over 1 million grams of concentrated cannabis oil a year and it buys 10 tons of marijuana a year. Organa Brands is the only cannabis company with products on the market in 10 states, including at 1,200 dispensaries. Subsequently, Anthony has moved on to other ancillary businesses involving small scale extraction and commercial grow technologies.
If you ask Anthony about his favorite part of this industry? His response, “watching how fast it is evolving. It’s becoming a real industry and getting accepted by many, many of those who used to be skeptics. “ Due to this, we are seeing great leaps in innovation and technology. And this is exactly why Anthony says he is in admiration of this industry.
Anthony has been successful in the Cannabis industry for over 14 years and has been featured on the cover of Newsweek: October 29, 2012; The New Pot Barons and Cannabis Business Times: September/October 2016; Ten Questions