5 Ways to Improve your Marijuana Business
#1 Corporate Structure: Refine your corporate structure and organizational documents to ensure everyone understands their roles within the organization. Make sure you secure legal counsel to ensure you are in compliance. For example, some states require your marijuana business to be a not for profit.
# 2 Branding/ Logos: Define your image, identity and presence. Are you a Boutique Style Dispensary? Maybe a High end, Luxury Product Line? Who is your market – Medical or Recreational? Pediatric Focused or Veteran Focused? Either way, develop your Branding Guidelines to ensure you have a consistent brand/image that is representative of your business’ mission throughout all marketing platforms.
#3 Business Plan: Understanding your culture, goals and mission/vision will help guide your business in the right direction. A Business Plan is also essential if you are seeking to raise capital and have investor meetings. A good Business Plan will include Executive Summary, Team members, The Need and Opportunity, Products and services, Operations Overview, Implementation Strategy and a Financial Snapshot.
#4 Budget: Forecast your future revenues and expenses (Financial projections) and plan for the future to identify the amount of capital needed to achieve your business goals and when you will expect to see a return on investment.
#5 Policy & Procedures:How do your employees know what you want? You have to tell them. Defining how your business will operate on a day-to-day basis is key to a successful business.
Cultivation Tips/Ideas: Refine your growing methodologies to maximize your growing potential with the space you have. Are you using the latest technology and equipment suitable for your growing needs?
Dispensary Tips/Ideas:Stand out by partnering with neighboring businesses to offer additional services/products to your patients/customers such as massages, juices, yoga etc. Read more on How To Run A Dispensary.
Processing (Infused Marijuana Products):Launch a new line of products that are innovative and suitable for your market. It’s all about research, product development and marketing.
Distribution/Delivery Tips/Ideas:Expand your delivery services to other areas/regions within your state!