Writing your cannabis business plan is an essential step in the licensing process, no matter what type of canna business you plan to open. When done right, your business plan will set you up for your best chance of success.
Since your cannabis business plan will include a lot of necessary information about the license application, complete your business plan before beginning the application process. You’ll also want this done before asking for investment money, so be sure to include the information your investors will want to see.
At HYC, we generally have an eight-week deadline to write cannabis-related business plans. If you choose to write your own, plan to take three to six months and have a consultant review it to make sure you have everything you need.
Read on to learn more about how to craft a solid cannabis business plan that will make you stand out from the crowd.
Key Sections of a Cannabis Business Plan
While each cannabis business plan is as unique as the business it represents, there are several main sections that every business plan should include.
First, the summary and biography play several important roles, such as:
- Lay the groundwork for what your business will look like, what your goals are, and what your business vision is.
- Illustrating your qualifications, character, experience and strengths.
- Let investors know why you chose to open this business and why you feel qualified to do so.
After the resume and bios, you will need to include market research for the specific state in which you are applying for a license. Market research shows that you know what opportunities are available in this state.
Next, create a SWOT analysis to illustrate your own strengths, weaknesses, opportunities and threats as a potential cannabusiness, along with a business roadmap. Depending on the license you are looking for, your roadmap may vary but should include real estate, your application, compliance, design and creation.
This leads to the business development section, where you outline your next steps. After opening your initial cannabusiness, what is your end goal? Is it to sell, become a chain or be a multi-state operator? This section shows your potential as well as your goals.
Finally, you will need to include a summary of the financial model and an assumptions section.
What you should not do
One of the biggest mistakes you can make in your cannabis business plan is being too vague. If you say you are coming to the industry to solve a problem, you must describe that problem in detail, and how you are going to solve it.
Many people make the mistake of omitting information such as the operating plan or the bios. Without it, you don’t really understand who they are and what their goals and vision for the business are.
Err on the side of information, but make sure it’s clear and concise. Above all, give the application reviewer a thorough understanding of who you are and where your business may be headed.
Stand out from the crowd: Respond to your condition
To write a cannabis business plan that stands out from the competition, start by looking at the state and its priorities. Next, tailor your business plan to show exactly how you will meet the criteria the state wants.
For example, if your State attaches great importance to environmental impact, show what you are doing to operate in an environmentally friendly way. If he is concerned about compliance — how everything is regulated and monitored. — Illustrate how you will implement SOPs and training to ensure your installation is 100% compliant.
Or, if the state focuses primarily on social equity and inclusion, show them how you plan to hire and train and give back to the community. That said, if you’re going to be a multi-state operator, you’ll take on a greater responsibility to be more inclusive of each state’s goals.
In this case, you’ll need a cannabis business plan that shows how all of your businesses will operate in the same way in different states – so you have a consistent brand – but also hit the main goal and the concerns of each state. in which you plan to operate.
Get expert help for a winning cannabis business plan
Writing a cannabis business plan is a much larger undertaking than anyone realizes. If you’re a multi-state operator or just started owning your first cannabusiness, you’ll likely have blind spots, and missing out on something a particular state prioritizes will severely reduce your chances of getting licensed.
Working with a consultant and a team of experts to write and revise your cannabis business plan will ensure that nothing slips through the cracks. contact us today to schedule a consultation and start putting your plan into action.
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