Starting a Marijuana Dispensary in California: Essential Components of a Business Plan

Any good business person knows that any new business’ foundation for success starts with its business plan. As such, when considering starting a marijuana dispensary in California, you want to take the time to fully flush out your business plan to ensure that it is viable for yourself and your stakeholders.

Here are some important components you should consider for your business plan for starting a marijuana dispensary in California:

• Objectives: Your objectives are the “why” you want to start a marijuana dispensary in California and turn a profit from the legalization of marijuana in the state, whether that be in cultivation, retail, or other consulting services. This will include your mission (your day-to-day goals for your dispensary) and your vision (your long-term outlook for your business) and a description of how they will be accomplished.
• Market Size and Market Development: With the passing of Proposition 64, CalCann is prepared for an influx in business from those who are interested in starting a marijuana dispensary in California. As such, a full market analysis will need to be done for any new dispensaries in California that will detail the section and size of their intended market. This should include some observations on both micro- and macro- trends in the legal marijuana industry. Someone starting a marijuana dispensary in California can be easily out-competed by other organizations if they are unaware of them and the potential opportunities and threats that exist within those relationships. Research your competitors thoroughly, and articulate exactly how you provide something new to the market.
• Value Proposition. Your value proposition is what helps differentiate your dispensary from the other ones in the market. It is what helps define your brand to the public, and it lets the public know how your dispensary will provide value to their lives. What sets you apart?  Take the opportunity to leverage your personal expertise in this regard.
• Marketing Plan. There are strict regulations and restrictions on how marketing for dispensaries is conducted. For those who are starting a marijuana dispensary in California, they’ll have to consider the ways they can get the word about their dispensary while remaining within the legal constraints of governing marijuana laws.
• Financial Plan. The financial plan will be one of the strongest indicators that anyone starting a marijuana dispensary in California has adequately thought through how they will get investors, what their profit projections will be, and so on. This demonstrates financial viability for investors and stakeholders.

Your business plan is the first document and statement of purpose that your business will present to potential investors. When considering starting a marijuana dispensary in California, take time to fully develop your business plan, ensure that it stands out,  and you will gain the interest of potential stakeholders.