Start a Medical Marijuana Dispensary
With the recent legalization of medical as well as recreational marijuana in several states, entrepreneurs are grabbing this opportunity to establish successful businesses out of it. Because let’s admit it, pot is a hot topic for even those who don’t smoke it. If you too are one of those people who wish to establish a marijuana dispensary then we’ll help you through the major steps. But, be warned, this business takes a lot of hard work before it becomes profitable. If you think that you’re able to do so, then great because this is one of the major upcoming industries. Medical Marijuana business plan.
Step 1: Assess Your Dedication and Eligibility
As mentioned before, the marijuana business is no easy feat; it requires endless hours of hard work. So assess your commitment and eligibility before diving into this business. It is discouraged to open a dispensary solely for the purpose of monetary gain because this is not an easy and quick way to make money; you’re in it for the long haul. You need to have some other motivation as well. You carefully have to cultivate your business from scratch. So make sure you have what it takes to survive this business.
Step 2: Write a Business Plan
The importance of writing a business plan couldn’t be more emphasized even if we tried. Like any other business, opening up a marijuana dispensary will also require a business plan. First of all when writing your business plan, assess your capital because this is the one industry which definitely requires a lot! Keep in mind that due to the federal illegality of marijuana or cannabis you cannot get a bank loan for your dispensary. Determine your budget and don’t forget to include other expenses (rent, licenses, salaries, transportation, security etc) than the production of your product.
Step 3: Finding Rental Property
Finding rental property for opening up a marijuana dispensary can be really difficult. It is suggested by experts that look for space that is 1000 feet away from a church, a school, residential zones and other compliant properties. Along with this keep in mind the convenience of potential customers. It is also vital that most members of the community are okay with the presence of your dispensary.
Step 4: Get Legal
This goes without saying that getting legal is of utmost importance in the marijuana business. But at the same time, it is also very difficult and expensive (doesn’t make it any less essential though). The next step is obtaining your product (the legal way!). The establishment of a successful dispensary depends on this. Quite a number of dispensaries grow their own cannabis, this is even compulsory in some states.
Step 5: Market Your Dispensary
Decide what makes your dispensary the best out of all the market and then sell it. Social media marketing is recommended. Keep your website updated with proper SEO strategies. Use any many marketing strategies as you can.
To start your medical marijuana business use this template to get organized and increase your chances of funding: Medical Marijuana Dispensary Business Plan Template