As with any business, if you’re thinking of starting a marijuana dispensary, a business plan is essential.

Of course, a good plan acts a great tool for any new company right from the word go, but a dispensary business plan can prove even more vital for getting your new operation off the ground.

Why do I need a marijuana business plan?
Whether you’re selling marble tiles or medical marijuana, your business plan will serve as the very foundation of your business. It helps you, and others, understand the nature of what you do, provides a solid base from which you can hold yourself accountable and monitor your progress, and ultimately build on your existing model down the line.

If you’re looking for funding to open a dispensary, those you to turn to for investment will want to see your business plan. More than that, they’ll want to see that they’re putting up the money for a business that is founded on realistic principles, is likely to work and, perhaps most importantly, isn’t going to actually lose them money.

Those holding the purse strings aren’t the only ones who will ask to see your plans before you open the doors to your dispensary.

When it comes time to applying for your permits and licenses, city officials will want to see that you’re planning to run a legitimate enterprise helping others through the cultivation and sale of medical cannabis.

Without a business plan, you may find this pretty difficult to do.

What should I include in my plan?
Whether your main goal with a business plan is to attract funding, secure a permit, or simply to help you manage a successful cannabis dispensary, there’s a few key things you should include:

Your mission statement
What are you really setting out to achieve by opening a dispensary? Is it to provide greater access to pain relief to those in need? To fill a gap in the cannabis market others may have overlooked? To solve a different problem altogether? What is your mission here, and how will you achieve it?
Market analysis
In this case, you’ll be looking at the growth of the legal marijuana industry, the changes in law and shifting public perceptions. You’ll be showing investors and officials alike that there is a market out there for medical cannabis, and a need to provide your service.

About you and your background
Once you’ve shown that there is a need for your product or service, you should then explain why you and your business are the ones to fill that need.

What’s your background? What makes you unique? Perhaps you’re a medical marijuana patient who has experienced the benefits first hand, or a medical practitioner who has seen its use work wonders on many of your patients in the past. Why should you be trusted with supplying the current demand?

Your people
Chances are, starting a cannabis dispensary is not going to be a solo effort for you. Outline the people who sit on your board of directors. Why are they qualified to sit there? Profile your partners, staff and others working on the ground floor with you. What makes them the best people for the job?

Products
Where will your cannabis come from? How will you sell it, in what forms and at what cost? What will you do if there’s a change in the market or your customers start to demand something else? Will you be able to grow and evolve to meet demand?

Funding
How much is it going to cost to start your venture? Where will your funding come from? If it comes from investors, what will they get in return?

What else?
Along with these, your business plan should answer critical questions such as:

● How will you monitor performance?
● How will you market your business?
● What will you be doing on a day-to-day basis?

Where can I find more advice on creating a business plan for my dispensary?
In The Dispensary Expert’s Guide, that’s where! Along with advice on creating a solid business plan that will achieve results, you’ll also learn the secrets to securing permits cheaply, gaining the local community and more, all from America’s leading dispensary owners themselves. An invaluable online resource for anybody thinking of joining the USA’s fastest growing market, The Dispensary Expert’s Guide is available to download today, along with our Free Get Started, Get Approved Blueprint.