Trying to write a Washington marijuana dispensary business plan to get funding? Recent legislation passed in support of legal marijuana use has opened whole new doors for startup businesses that cater to recreational (and medical) pot consumption in the state of Washington. But despite these new opportunities, the standard for securing funding for a dispensary remains very high. Your business plan needs to show a compelling case for the market need locally and a thoughtful competitive comparison using specific geographies for its analysis. Knowing where the other dispensaries operate is one thing, but you also have to distinguish their product lines from yours, accurately gauge their market share, and write intelligently about their strengths and weaknesses (ideally, from a consumer’s perspective). You will need to perform this sort of research with care, even if your project is taking off before significant follow-on competition has emerged. The business plan should also:
• Follow an SBA-approved format and be thorough and well-researched
• Include a comprehensive financial pro forma
• Show the planned use of funds at start-up and your loan repayment terms and timeline
• Illustrate the marketing plans you’ll put in place
• Describe your background as the owner of the dispensary
The Washington marijuana dispensary business plan will also need to have a personnel forecast, provided you will have any employees on salary (whether full-time or part-time). You don’t need to include a bio for these individuals, but you should write something about your hiring strategy (timelines, employee reviews, etc.) and be sure to model cost of living increases and other salary raises into your projections. The pro forma might seem complicated, but the hardest part is making reasonable assumptions about your costs and revenues. Don’t forget that licensing issues and regulatory taxes – including acquisition and product sale fees of up to 25% on each end – need to be modeled in and can sap your profit. If you’re having trouble making the financials appealing or get stuck on the market analysis, call MasterPlans. The nation’s top business planning firm, MasterPlans.com – just south of Washington in Portland, Oregon – has worked on more than 12,000 business plans since its founding in 2002. Our group of expert writers, researchers, and modelers has hands-on experience with dispensary plans and can make your life much easier. Don’t struggle a minute longer – call a consultant now, toll-free: (877) 453-2011.
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