Marijuana Business Plans lawyers Montana

As our trusted marijuana business plans lawyers in Montana from Silverman Law Office, PLLC know, starting a business of any type is not always so simple. However, the marijuana industry is in its infancy in Montana and while this gives you room to grow and find your own spot in the market, it can also make things a little more difficult. Are you hoping to secure your own spot in the marijuana industry? Call our team today. We can help you with business plans and licensing so that you are off to a great start. 

Why do I need a business plan? 

The truth is you do not have to have a business plan. In fact, there are no legal requirements for this as of today. That said, the application process for your license will already require certain information that can get you started on your business plan. Having one in place can help make sure you understand the goals of your business and how you plan to reach those goals. Our Montana marijuana business plans lawyers can help you draft your business plan. This may include: 

• Knowing who you are up against. In short, you want to know who your competitors are. Take the time to research them. Do they have a niche in the market? Does something set them apart? Do they have a weak spot that you believe you could strongly fill with your business? 

• What kind of business are you running? Are you hoping to have a testing lab or a dispensary? There are different aspects of this business and you may be more interested in working with customers and selling products than actually growing the plants and creating the products. 

• Know your strengths and weaknesses. Do you already have experience in this industry? Do you have business experience of any kind? Are there certain certifications or training you want to have and you want your employees to have when they work for you?

• Know Montana’s requirements for your business. There will be state-specific requirements for your marijuana business and it is imperative that you comply. This is where a lawyer can be particularly helpful. 
• Understand the financial aspect. Most people do not like this side of the business. However, you need to know how you are going to stay afloat and how much you need to make in order to break even and earn money. You may want to speak with someone in finance to help you draw up a financial plan so that you understand the different operating expenses you will have, how many employees you can take on, and what your net profit will be. 

Want to learn more about a marijuana business plan? Reach out to our marijuana business plans lawyer in Montana from Silverman Law Office, PLLC now. 

Importance of a marijuana business plan

A marijuana business plan is important for any business looking to get started in the cannabis industry. A business plan is the blueprint to your cannabis business and it can truly make or break your application.

Writing a business plan can be a daunting task, but Marijuana Business Plans Lawyers Montana, like those at Silverman Law Office, PLLC are skilled at the process of creating a strong business plan.

The right cannabis business plan will not only show potential investors your ability to plan your business activities. It will also reveal what points to consider if you want to profit from your business in the long run.

Ten most important reasons for creating a cannabis business plan are:

1.     Sharing the specific objectives for you and your managers.
2.     Creating the strategy, priorities, and relevant actions that will elevate your business in the future.
3.     Dealing with practical concepts in your strategy.
4.     Deciding on the right cannabis business model and the structure of your company.
5.     Hiring the most skilled people who will help you conquer the market faster.
6.     Evaluating the overall segments of your business and finding the right sources of funding for the business model.
7.     Creating the proper loan application for growing the relevant areas of your business
8.     Targeting the exact market with products that will serve the purpose and feed the market demands.
9.     Decreasing the unnecessary costs while opening a business.
10. Finding the solutions that change your business for better and put you in place on the market where your products will be valued appropriately

All these benefits from a cannabis business plan are visible when considering all the aspects of your planning.

It is more than obvious why a plan brings the future to your cannabis business. So create a perfect plan that will speak about your business in the best way. You will realize your real business potential, and your goals will be evident in the future.

What should my cannabis business plan look like?

After reading your business plan, someone who doesn’t know you or your business idea should fully understand and trust in the success of your proposed cannabis business. In a clear and compelling manner, you need to convey everything you know about your business and demonstrate that it will succeed based on thorough research of your market and the regulatory landscape it will operate in. You should get the assistance of Marijuana Business plan Lawyers Montana to write your business plan. The importance of making a good impression cannot be overstated, especially for cannabis businesses. Many people still apply the “stoner” stereotype to people associated with cannabis, and your business plan can and should reverse this impression.

A good business plan may take on different forms, but it should include the following sections:

•     Your business in a nutshell

The business plan should start with a short and convincing pitch of your business and why it matters. You need to be able to explain in a few sentences what your value proposition is. 

•     Your team

A business is nothing without good people behind it. Investors will want to know who will be handling their money. In this section, you should do your best to counter stereotypes about cannabis, and show how everyone in your team brings the background and experience necessary for your venture to succeed. It can also help to retain a respected business person or member of your company to serve as an advisor to your business, who should be listed in this section.

•     Your Market

You will need to demonstrate that you have a deep understanding of the market conditions in which your business will thrive. This means thoroughly researching your competitors and showing how your business may be able to outmaneuver them. Why should people invest in your company as opposed to your competitors? You also need to know who your customers are, and how you will reach them. Here, you need to demonstrate that you understand the basics of marketing as well as the unique challenges facing cannabis businesses.

•     Financial Projections

Based on your research, you should be able to draw up a projection of your sales. You will need to contrast this with all of your costs, from rent and insurance to employee wages and licensing fees.

•     Financing Needs

Until your sales catch up with your costs, you will need financing to keep your business afloat. Your business plan will need to detail how much capital you need upfront, and where it will come from. If you seriously approach your financial projections, you should be in a position to determine just how much financing your business needs.

•     Corporate Structure

 The appropriate corporate structure of your business will depend on your investors and business partners. It may be best for your business to be a corporation, a sole proprietorship, a limited partnership (LP), a general partnership (GP), or a limited liability partnership (LLP). The goal is to streamline your company’s decision making and shield you and your partner’ personal assets from liability. You should demonstrate an understanding of different corporate forms and how they can influence the financing of your business and the distribution of its profits.

•     Regulatory and Legal Compliance

No one will invest in your business if it is likely to run into trouble with the authorities. You need to demonstrate that you understand legal challenges you might face from state, local, and federal authorities. Marijuana Business plan Lawyers at Silverman Law Office, PLLC have a professional understanding of all these requirements.

Legal help with your business plan

To make a good Marijuana business plan, you will need relevant information. You need to know how you’re going to operate, what kind of products you plan to offer to the market, what type of business structure you want to implement and how you plan to find the ideal customers.

How can you tell how much a dispensary will make, or how much a cultivation operation will yield if you do not have first-hand knowledge? It is very difficult to develop a dispensary business plan or a cannabis cultivation business plan unless you have seen operations before. 

A Montana marijuana business lawyer can help you understand the regulations that will apply to your business. They will assist you in conceiving a business model that can succeed in a complex and changing regulatory environment. Contact Silverman Law Office, PLLC and get your plan moving in the right direction.