Tina Jones ENT 640 Entrepreneurial Feasibility Analysis Master of Entrepreneurship
Please allow me to introduce Ashley Thomas, Co-owner and operator of Carolina Creek Fire Hemp and owner of Black Bear Botanicals. Recently, I have created a chart of accounts for my business, Big Ivy Naturals. Mrs. Thomas vetted my expenses and revenues as well as agreed to conduct a written interview.
1. Why did you want to grow and sell hemp?
I wanted to grow something and be able to make money off of it. I knew that the market for hemp was really growing and I also knew it was a high-risk product to try to grow and sell. My husband and I decided to risk it.
2. Do you think the trend for Hemp is going to withstand the current economic situation due to the pandemic?
Yes. I think the market for hemp will withstand the current situation, especially when people are able to easily locate and buy hemp products.
3. When you were looking at my chart of accounts, did you see anything that I should include?
No. I thought it was really good.
4. What has been your best seller? How do you influence customers with your product in order to make the sale?
My bestseller has been the CBD Herbal Salve. I let them know what it usually seems to help with, and what other people have said about it. I often give out small samples for people to try and then most times buy after trying it.
5. Do you have any investors? If so, is this stressful with the current economy?
No. I don’t have any investors. I had someone offer to invest but turned him down. I’m glad I did because now I am only responsible for my own money, and no one else’s.
6. Have you had trouble getting a merchant services vendor?
Yes. I still don’t have one. This makes it very limiting as far as reaching customers online because it is not a one-stop-shop.
7. Have you tried bundling in your marketing strategies? How did this work for you?
I have had plans on making gift packs with several items. I have not made them yet. Most people are only willing to try one thing, maybe two. But repeat customers are coming back to buy more, so maybe now is the time to start adding that option.
8. How are online sales?
Nonexistent. I reach some people online but then must have an email conversation with pricing, etc. I hope to have my website (informational only) up soon.
9. Do you have any regrets about investing in the hemp industry?
I wish we had not grown as much as we did since we did not find enough buyers. I wish we had better connections to buyers before we harvested. I wish we had buyers making purchases as we were harvesting and drying, it would have given us more motivation. I also wish we had sold some full plants in the field at a lower cost just to take the labor off our hands. All in all, I don’t regret doing it at all. It’s been a big learning experience and I’ve been able to turn some of the hemp into making CBD products, so that has been helpful and unexpected.
10. What would you say to anyone wanting to grow and sell hemp?
I would say be very careful. Find a buyer. Don’t go too big. Expect the market to have big fluctuations. Sell whatever you can when the prices are high. Research and learn about growing conditions and harvesting/drying requirements. Find a mentor if possible.
