A business plan is a necessary evil, and if you are looking to emerge into the evolving cannabis industry a business plan will be your first start to a business proposal. Towns and cities considering cannabis licensing will require a presentation of what your cannabis business will bring to the community. This is an intense research project, coupled with the writing of a small book about your business’ agenda.
Below is a list of “chapters” for your research-based book which will get you on the path to a cannabis business license.
1. Executive Summary
Things to consider: local license permits available, local ordinance related to the licensing, poll research showing the demand and benefit of the legalization of cannabis. +
2. Objectives
Your business plan should discuss the objectives surrounding your business goals, as well as the goals of the cannabis community. Education, community wellness, philanthropy efforts, etc. Explain the mission of your business, as well as your long-term vision for the business and the community it will serve.
3. Your Team
Put your team in the spotlight. Allow what they can bring to the business and the industry to shine. Whether you are trying to convince an investor or legislator, they will want to know and understand the work ethic of your team, as well as the skills they bring to the business.
4. Market Size and R&D
The general market size of your target cannabis consumer is relevant in showing the potential for growth. This will allow your company to highlight target demographics, where it intends to focus it efforts, and how the market can be best served by your business model.
5. Competition Factor
The cannabis industry is booming with entrepreneurs looking to capitalize on an emerging and profitable business. This is irrelevant if you can show that while you may not be the first to the table, your business plan is the best. Being able to distinguish yourself will stem from research on your competitors.
5. Distinguish Your Brand and Value
This will directly relate to the Competition Factor mentioned above. Some things to consider:
- Longevity of the product/service
- Uniqueness of the product/Service
- Quality of the product/service (i.e. environmental consciousness, safety, ease of use, efficiency, etc)
- Approval from a valued entity
6. Marketing
A marketing plan will elaborate on how the business will seek, obtain and retain customers/clients. You can assess the effectiveness of a competitor’s plan as well to distinguish your plan.
7. Financial Planning
Investment may be the only way you can get your company off the ground. Financial backing can make or break a business endeavor. You will want to outline the direction of money in your business-where will it go? What will it fund?
Hopefully this helps start your business planning. If you desire assistance with your cannabis business proposal, contact Weed Law, PC, and we can get you started on your “green dream”.