THE PRODUCT ISN’T THE BUSINESS

I have been hearing a lot of fear from Indiana-based businesses that sell or produce hemp-derived THC. There’s a federal shift coming in November that is meant to clarify what hemp is and what it isn’t. This is expected to affect states like Indiana, where recreational marijuana isn’t legal, more than most. While it will shake up industries, if you’re a small business owner relying on hemp-derived THC products as a major source of revenue, it doesn’t have to scare you. You just have to think about things a little differently for a moment.

Regulations change. Suppliers shift. Customer demand evolves. None of those are under your control.

If beef were made illegal tomorrow, some farms would collapse, steakhouses would have a difficult time. But restaurants as a whole would adapt. The best restaurants aren’t built around a single ingredient. They’re built around the experience they create, the hospitality they provide and their approach to preparing a meal.

The upcoming federal changes affecting many hemp-derived THC products are jus another reminder to focus on the value you provide more than the product you’re selling today. A unique product can get someone through your door for the first time. But if it’s the only reason they come back, you’ve built your business on something you can’t control.

The businesses that last give people a reason to come back beyond what’s on the shelf. They’re known for their expertise, their curation, their hospitality or their point of view. More than anything, they’re known for how they make people feel.

Products change. The reason people choose you shouldn’t.