Q: Kindly give our readers an introduction to your business. Please include what your business is all about, in which city you are located and if you have offices in multiple locations/ cities.
A: Billo Premium Cannabis is a vertically integrated company based in Steamboat Springs, CO. Billo operates both our own grow and production facility, as well as operating a complete recreational and medical dispensary and retail store.
Q: Kindly give us a brief description about yourself (it should include your brief educational or entrepreneurial background and list some of your major achievements).
A: Jon Peddie is a serial business developer with experience in both operations and growth strategy in a wide range of industries. Jon’s primary focus has been in real estate sales and development, but he also owns and manages several investment properties and owns a stake in several commercial properties. Jon’s entry into the cannabis industry dates back to nearly a decade ago when the Colorado market was still expanding.
Q: What inspired you to (start a new business venture) or (to make significant changes in an existing business)? How did the idea for your business come about?
A: When the opportunity to acquire an existing cannabis license in the Steamboat Springs area became available, it didn’t take long for Jon Peddie and the other shareholders at Billo to see the growth potential. Owning a business that provided gainful employment for so many local residents and the ability to contribute to the local community was the driving force behind diving headfirst into the industry.
Q: What three pieces of advice would you give to budding entrepreneurs?
A:
- Never overlook creative ideas that could lead to future growth. Keep your ears and mind open. You never know where the next “big idea” will come from.
- Treat your employees and business partners with nothing but respect. Some of your best assets are the people working on the company’s behalf.
- Stay informed about the industry you operate. You can’t be expected to make good leadership decisions if you’re not paying attention to the winds of change.
Q: What would you say are the top three skills needed to be a successful entrepreneur?
A:
- Humility
- Creativity
- Steadfastness
Q: How many hours do you work a day on average?
A: It seems like my brain is always turned “on” and thinking about work in some shape or form. As an entrepreneur, I think it’s hard to say that the business isn’t somehow in the back of my mind at some level.
Q: To what do you most attribute your success?
A: Honestly, some of what I’ve been able to accomplish over the years has come from luck and timing. But to be in the right place at the right time, and have the wherewithal to act when opportunity knocks… that takes a lot of hard work and preparation.
Q: How do you go about marketing your business? What has been your most successful form of marketing?
A: In the cannabis industry, a lot of the traditional marketing opportunities aren’t available to us. For example, we’re restricted from most digital marketing platforms like Google ads. And we’re constantly on high alert with having our social media pages being turned off. So some of our most successful marketing has come by way of curated events we’ve put together. Just about any event that provides us the opportunity to connect directly with our customers and foster community goodwill is a successful endeavor. Building a strong word-of-mouth reputation in the Steamboat Springs community has been our best marketing to date.
Q: Where did your organizations funding/capital come from and how did you go about getting it? How did you obtain investors for your venture?
A: In the early days of cannabis, and even now, there’s very little access to traditional banking and loans. So most of the capital required to launch this venture came from the personal investment from a core group of original investors. Most of this initial capital came from previous business investments and the success that our owners achieved from these other ventures.
Q: What is the best way to achieve long-term success?
A: Stay true to your genuine core values and provide products and/or services that solve the customer’s needs.
Q: Where you see yourself and your business in 5 – 10 years?
A: Until cannabis becomes federally legal, this industry is in a state of constant flux. As much as I’d like to have a 5-10 year plan for this business, there are just too many variables preventing me from thinking beyond the next 2-3 years. In that short time span, our primary focus is to build market share and build a business that people think fondly of.
Q: Excluding yours, what company or business do you admire the most?
A: A really easy, worldwide company to admire is Red Bull. They turned a company that began by making energy drinks into an international lifestyle brand.
Q: How important have good employees been to your success?
A: Vital. No matter how good our product may be, or how convenient our location is, none of this could be sustained without a dedicated staff to help the day to day run smoothly.
Q: How long do you stick with an idea before giving up?
A: It really depends on the idea itself. If our team feels there’s merit in pursuing something, then we tend to stick with it and solve the problems (i.e. obstacles) in our way until we find a solution. However, trash ideas tend to get trashed quickly.
Q: What motivates you?
A: Knowing that I’m building something that will last. Something that will take care of my needs in this lifetime and hopefully provide for my children as well.
Q: What are your ideals?
A: I value integrity. I value honestly. And I value hard work.
Q: How do you generate new ideas?
A: A lot of new ideas seem to simply pop-up in my brain. Almost to the point where there are so many I have to write them down. Once they’re on paper somewhere, I tend to look them over individually and decide which are worth exploring further.
Q: How do you define success?
A: By one’s reputation. I constantly ask myself if I would like to spend time with the person I’ve become. The day my answer is “no” is the day I need to find a new line of work.
Q: How do you build a successful customer base?
A: As the saying goes… “Do what you say and say what you mean.”
Q: What is your favorite aspect of being an entrepreneur?
A: I’ve come to embrace the never ending surprises that seem to happen almost daily. I find joy in waking up each morning not entirely sure what this new day will present.
Q: What do you feel is the major difference between entrepreneurs and those who work for someone else?
A: I think it really depends on the individual. I’ve worked with a lot of people employed by others who have just as much creativity and energy to create new things as the founding entrepreneurs themselves. Often, the only difference is their tolerance for taking risks.
Q: What kind of culture exists in your organization? How did you establish this tone and why did you institute this particular type of culture?
A: Everyone who works for Billo Premium Cannabis seems to genuinely enjoy what they do. The cannabis industry is easy to point at say “They must all be high” which is hilarious. But at the end of the day I feel our company has created a culture of friendliness and mutual respect among all of us.
Q: In one word, characterize your life as an entrepreneur.
A: Wild