CWCBExpo Offers Advice on Creating a Marijuana Dispensary Business Plan
Developing a dispensary business plan requires forethought and planning. To create a top-notch business plan, follow these steps:
Step 1. Do your homework. Before you put together and present a business plan, you’ll need to understand the cannabis industry and your role in it as a dispensary. Do the necessary market research to find out who your customers will be and who your competitors are. You’ll also need to demonstrate that you understand the local, state, and federal laws, rules, and regulations that will govern your business. To learn more about the rules and regulations you’ll need to abide by, start by contacting your local government representative.
Step 2. Create the actual business plan. There’s no one way to write a business plan. However, most business plans have several commonalities. These are the topics you’ll want to include. For example, you’ll need to be sure to mention and describe in sufficient detail your: products and services, market analysis summary, strategy and execution plans, sales forecast, management plan, financial plan, funding sources, and projected profits and losses. It can also be helpful to state a contingency plan, or a summary of how investors can expect you to handle the closing of the business, if it fails.
Step 3. Be professional. Your business plan should be clear, concise, and compelling. Proof read it to be sure there are no grammatical errors. You’ll also want to make sure the document is easy for investors to flip through, which means including an executive summary and table of contents. These elements also make it easier to present your proposal because you can quickly let investors know where specific information can be found in the document.
Step 4. Protect your idea. Ideally the investors you’ve decided to pitch to come on board. However, it’s not uncommon to have to pitch to several investors. Consequently, you need to protect your business plan and idea. To do this, include a confidentiality agreement in your business plan. This section of the business plan is a legally binding agreement not to disclose, copy, reveal, or disperse the information contained within the plan.