Are you among those interested in the cannabis industry? That’s a great decision, keeping in mind how effectively the business is booming and making huge profits growing exponentially. But before that, learn about a few things to make your business grow and make way ahead amidst the vast crowd.
It’s great to know that over half of the US has legalized cannabis in some form – either for medical purposes or for recreation alone. As per statistics, in 2016, marijuana sales in North America grew by a massive 30% and that has actually triggered sales projected to touch the whopping mark of $20.2 billion by the year 2021.
That’s a big deal, especially when the industry is still in its infancy. And if you are pushing into this industry, you have to enlighten yourself with quite a few things, including the first step – the cannabis business plan.
The cannabis business is like no other:
The road to a successful cannabis business isn’t a smooth one. There are a number of confusing laws and regulations, steep taxes, and several other unseen and unpredictable roadblocks and hurdles to cross.
Cannabis industry experts believe that they could succeed in their “cannabusiness” by following certain tips and tricks, and of course by starting off with an expert business plan. Let’s check out what these experts have to say and suggest:
- The idea must be unique and must stand out in a crowd.
- The consumer base may vary as per demographic, age group, and spending capability – note them all.
- Learn about the rules, legal ones, and stick to each one of them.
- Find some great private investors and try to aim and raise enough capital.
- Keep your cent percent in the workflow and explore the endless opportunities that lie ahead.
- Last but not the least, make a sorted out business plan.
How to make a professional cannabis business plan:
- Executive Summary
A concise and informative summary must be the most important one, to begin with. Sections included in the same:
- Who you are
- What you do have to offer and the problem areas your business looks into
- Target market and ideal buyers to be specific
- Competition in the market
- The management team and the relevant details
- Financial summary explaining business model, startup costs, revenues, and liabilities to the company, along with the need to funding
- Milestones and traction
- Company’s Opportunity
The broad overview of your cannabis company must be explained in the next few sections. Set yourself apart by offering products and services that meet an unfilled need in the industry. You may pick to offer a range of flowers, pre-rolls, vaporizers, concentrates, edibles, topicals, tinctures, accessories, and more.
- Problem Areas and The Solution You Provide
Pin-point your problem areas, identify them as problems, and describe how they are actually problems in your cannabis company. The next part is to solve the problem, whether you are a grower, processor, or retailer, and how you are offering a solution to your company.
- Target Market
Your total available market (TAM), segmented available market (SAM), and share of the market (SOM) – identify them all and target the ideal customer to ideally tailor your market and sales plan to that market.
- Final Execution
How to maximize the opportunity for your business is required to be known to get into the final execution. The basic components included in this section are:
- Marketing and sales plan
- Strategic partnerships or alliances
- Your operations plan
- Your team and company information
- Financial plan
- Milestones and metrics to make the industry feasibly accessible
- Key assumptions and risks
- Funding ask and exit strategy
A cannabis business plan is all about a strategic approach and professional presentation. You need to consult a professional writer to come up with an effective cannabis plan. Get in touch with The Plan Writers on https://planwriters.com/ or call them up at 1-800-691-6202 for details.