So you’ve finally decided to open your cannabusiness — now what?
The chances that you have someone in your network who has the expertise to guide you through best practices, regulations and operations for your cannabis business are practically zero.
While the cannabis industry is growing rapidly, it’s still fairly new.
That’s why you need specialized cannabis consulting. The use of cannabis business consultants follows right behind your need to have a specialized cannabusiness bookkeeper.
You benefit greatly from both of these outsourced services. Today, we’re exploring exactly how you can grow your new company through the use of cannabusiness consulting.
FDA And GMP Compliance For Cannabusinesses
Cannabis consulting firms and individual canna advisors know that it’s crucial to make sure your cannabis business is following all current regulations in this industry.
The thing is, in most states, there’s still a long way to go when it comes to establishing regulations for the cannabis industry.
If you’re not prepared for when the time comes, you could find yourself closing your doors as quickly as you opened them.
Here’s a tip:
You’ll probably get the best advice from a cannabis consultant who also does consultation for businesses requiring FDA approval, are mindful of the Occupational Safety and Health Administration (OSHA) standards, and follow food compliance rules.
This technique will help ensure compliance with the FDA’s future regulations. Your cannabusiness will more than likely exceed expectations when you are proactively basing your business around current requirements for food.
The Cannabusiness License Application
If you don’t have your license to run a cannabis business, a cannabis consultant may be the perfect place to get started. Here’s why you might need it:
Some states, including Mississippi, Louisiana, and Wisconsin, have complex issues surrounding cannabis license applications.
And if you come out on the other side of the process without a license, you won’t get another chance for years.
Most state leaders are rolling out cannabis licenses in stages, waiting to see how this new industry matures before they rush to welcome everyone in.
Plus, each state has unique guidelines for licensing. As a start, you must properly showcase your:
- Marketing plan
- Building plans
- Operational plans
- Location of facilities
- Security plans
- Staffing plans
- Product and distribution plan
- Funding and investment strategy
- Long-term financial strategy
You also need to find a way to stand out from the crowd! Do you have unique ideas for success? How will they benefit your community and the economy?
Business Planning For Your Cannabusiness
There’s a distinct difference between passion planning and professional business planning. Which one have you done for your cannabis business?
A professional cannabis business plan will help you:
Raise Capital For Your Cannabusiness
How will you get the initial funding required to have everything in place to run your cannabis business?
There are certain steps you have to take before you engage with cannabis stakeholders — examples might include political analysis, risk assessment, and long-term calculation of returns.
Remember, cannabis is still classified as a Schedule I drug under federal law. Most banks won’t help you with funding — and potential investors might be on the fence.
Despite the short lifespan of the cannabis industry, you’ll need to gather accurate data to assure your potential stakeholders that a partnership with you is worth it.
Conduct Successful Market Research
The cannabis industry is rapidly evolving. There’s no such thing as simple market analysis when it comes to cannabusinesses.
An experienced cannabis consultant can help you conduct in-depth market research and industry analysis.
Clarify Your Mission, Goals, And Core Values
No two cannabusiness are alike — nor should they be. You need to determine what are the driving factors that will push your business to thrive. What makes you different? What is your secret sauce — is it a formula, your process, the customer service? With an outside perspective, you are better positioned to clearly state your mission, your goals, and the core values that drive everything you do.
Find The Best People For The Right Jobs
You want top talent for your cannabusiness. Cannabis consulting companies and canna advisors know what to look out for when it comes to getting the right people for your cannabusiness.
Roles might include:
- Cultivation technicians
- Cultivation managers
- Dispensary managers
- Dry trimmers
- Wet trimmers
Determine Your Place In The Industry
Will you be a cultivator, dispensary, or sit somewhere else along the supply chain in the cannabis industry. Are you a distributor?
What are the strengths you’ll need to thrive in your chosen area? A consultant will help you understand how to best undertake your role as a cannabusiness owner.
Additionally, we’ve written on the various accounting and bookkeeping practices you’ll need to keep your business running smoothly. Take a look here.
Operational Readiness And Support
Your operations are the main revenue-generating areas of your cannabis firm. Arguably, the most important part of your cannabusiness operations is its level of compliance.
There are numerous regulations you’ll need to follow. And of course, you’ll want your operations to run efficiently. In addition to everything you outline in your license application and business plan, operations also cover:
- Preparing of standard operating procedures (SOPs)
- Hiring and training of staff
- Planning for future growth and expansions
- Supervising facility construction
- Ensuring workplace safety
- Building of partnerships
- Performing audits for regulation compliance
- Developing your organization
What To Look For In A Cannabis Consultant
Luckily, there’s no shortage of cannabusiness consulting options available to you. Here’s what you should do when you’re scouting for help:
- Find someone who is knowledgeable about ALL aspects of the cannabis industry that relate to your firm — cultivation, packaging, distribution, or retail. You may be involved in one or all of these. Find someone whose services match your own range of offerings.
- Don’t ask for more than you need. If you’re already running a cannabusiness, you may just want to have a consultation call to ask a few questions.
- Look at their background and client history. Make sure this person not only has experience but testimonials or other proof (in figures) of how they can help you attain more profit while ensuring compliance.
Whether you’re just starting a cannabusiness and need to prepare a winning license application, or already have operations underway and want to stay within regulation, you’ll benefit from using a cannabusiness consultant.
With their help, the money will start rolling in before you know it. Before it does, you’ll need to ensure your money is in order.
As a cannabis bookkeeping firm, we can help you follow specific cannabusiness laws, reduce the time it takes to handle the financial side of your day-to-day transactions, AND keep the IRS happy with you. Book a free consultation to get started!