If the current upward trend continues, the legal cannabis market in the U.S. could surpass $40 billion in annual sales by 2026. With these promising estimates, the future of the cannabis industry looks very bright. This means that now’s a great time to get in on the action and find your footing in this sector.
If you’re interested in running a company in the cannabis supply chain, you will benefit from working out a comprehensive business plan. With clear goals, innovative strategies, and extensive cannabis financial services, you will have increased chances of establishing and growing your brand. Read on to learn how to put together a meticulous business plan that checks all the boxes.
How to write a business plan for a cannabis company?
Creating a solid business plan means laying the groundwork for all of your future operations. A cannabis operator can benefit from thorough planning in several ways. With a detailed business plan, you’ll have a higher likelihood of attracting investors and candidates for other managerial roles. A comprehensive plan can also help you receive your business license more easily.
To get started, you could try finding a premade template. Another option is to consider purchasing specialized software that’s intended for this purpose. Alternatively, you may want to hire a professional consultant with relevant experience in the field.
It’s advisable to pay attention to these general guidelines:
- Your spelling and grammar should be correct and consistent.
- It’s best to keep your sentences short and precise.
- The tone should be professional and straight to the point.
- Adding bullet points to increase readability is a good idea.
- It’s advisable to add charts to illustrate your points more clearly.
What sections should I include in my business plan?
You could either make a traditional business plan, which is more detailed and better if you’re looking for funding, or a lean business plan, which is simpler and adequate for your in-house needs. They will generally include some or all of the following parts:
- Executive Summary encapsulates the business plan and presents the company’s mission and objectives.
- Company Description outlines what your company does and how it differs from other companies in the field.
- Market Analysis showcases your research-based understanding of the market and your competitors’ best practices.
- Organization and Management presents your business structure (sole proprietorship, partnership, limited liability company, etc).
- Products and Services talks about the services or products you offer as well as how they benefit your clients and stand out from the competition.
- Marketing Strategy explains how you’re going to advertise your business and generate more leads.
- Financial Plan says why your outlook is positive and how you intend to generate revenue.
- Funding Request should be added if you’re searching for financing options, to explain how much funds you require and how you’re going to spend them.
- Additional Documents, such as credit history, permits, licenses, and resumes, may be included if necessary.
To get the finer details of your plan ironed out, explore more resources for creating a business plan assembled by the Small Business Administration. Don’t forget to go back to your plan and adjust it as your business expands and its needs change.
Who provides best-in-class cannabis financial services?
Confia is a solution to cannabis operators’ essential need for effective, streamlined, and transparent financial services. If you’re a cannabis operator seeking access to funding, robust banking capabilities, and automated compliance, you’re in the right place.Receive a powerful banking toolkit that can facilitate the management of your cannabis business. Give us a call and let our dedicated experts help you with every facet of your financial operations.