What do you do now after you’ve made the decision to launch your cannabis business?
There is a slim chance that someone in your network has the knowledge to help you navigate best practices, laws, accounting and reporting requirements, and business operations for your new venture.
The cannabis sector is still relatively new, despite its tremendous growth.
This is exactly why a specialized cannabusiness consultant is a must-have! Another key player, after a consultant, is a bookkeeper with experience in cannabusiness.
Both of these outsourced services offer substantial benefits to you. Today, we’ll look at just how using cannabis business consultancy can help you grow your brand-new business.
Let’s get to it!
Compliance With FDA And GMP For Cannabis Businesses
Cannabis consulting companies and individual cannabis advisers are aware of the importance of ensuring that your cannabis business complies with all applicable laws and regulations.
The truth is that most states still have a long way to go before they have cannabis industry rules in place.
If you’re unprepared, you might find yourself shutting your doors almost as quickly as you opened them.
A word of advice – you’ll likely get the most relevant recommendations from a cannabis consultant who:
- offers services to other companies that must obtain FDA approval
- is aware of Occupational Safety and Health Administration (OSHA) requirements
- abides by food compliance regulations
It’ll be easier to follow future FDA requirements when you draw on their expertise. When you proactively build around the present regulations for food, your cannabusiness will probably exceed even your expectations!
Applying For A Cannabis Business Licence
A cannabis consultant can be the ideal place to start if you don’t already have the right licensing to operate a cannabusiness. Here’s a quick list of why you should consider getting a consultant:
- Complex obstacles surround cannabis license applications in several states, including Mississippi, Louisiana, and Wisconsin.
- You won’t have another opportunity for years if you operate without a license.
- The majority of state officials are releasing cannabis licenses gradually in order to observe how this new business develops before handing them out to just anyone.
- The requirements for licensing vary by state. You must first effectively display your:
- Plans: marketing, building, security, staffing, product, distribution and operational
- Location of facilities
- Strategies: funding, investment, and long-term financial
Additionally, you must figure out how to stand out from the rest! Do you have original ideas that will set you apart and maximize your chances for success? How will they help your neighborhood and the local economy?
Cannabis Business Plan Preparation
Passion planning and expert business planning are two very different things. Which have you carried out for your cannabusiness?
An expertly crafted cannabis business plan will assist you in:
Getting the Funding Your Cannabusiness Needs
How will you obtain the first cash necessary to set up your cannabis business and have everything in place?
Before you connect with cannabis stakeholders, there are a few actions you need to take, such as risk assessment, political analysis, and long-term return calculation.
Keep in mind that cannabis is still categorized by federal law as a Schedule I substance. The majority of financial institutions won’t assist you with financing, and potential investors might be hesitant.
Despite the cannabis industry’s brief lifespan, you’ll need to collect reliable data to persuade potential stakeholders that collaboration with you is worthwhile.
Completing Market Research
The cannabis market is developing quickly. When it comes to cannabis enterprises, there is no such thing as a straightforward market analysis.
You can get assistance from a qualified cannabis consultant to carry out in-depth market and industry studies.
Locking Down Your Core Values, Mission, and Goals
No two cannabis businesses are the same, and they shouldn’t be. You must identify the key elements that will propel your company to success. What separates you from other businesses? What is your secret sauce? Is it a recipe, a technique, or how you treat your customers? You will be better able to articulate your mission, goals, and the fundamental principles guiding all you do when you have outside input.
Getting The Right People On Your Team
For your cannabis business, you want the best talent. When it comes to hiring the right staff for your cannabis business, cannabis consulting firms and advisors recognize what to look for.
Roles could consist of: cultivation technicians and managers, dispensary managers, trimmers (wet and dry), packagers, harvesters, and budtenders.
Figuring Out Your Place In The Cannabis Industry
Will you fit in the cannabis industry as a grower, dispensary, or elsewhere along the supply chain? Do you sell cannabis products?
What skills are necessary for you to succeed in your chosen field? You can better grasp your responsibilities as a cannabusiness owner with the aid of a consultant.
We’ve also written about the numerous bookkeeping and accounting procedures you’ll need to keep your business operating properly. Check out this article.
Getting The Support You Need To Open Your Cannabis Business
The major piece of your cannabusiness that generates income is your operations, and your company’s degree of compliance may be the most crucial aspect of its operations.
There are many rules that you must abide by. Of course, you’ll also want your business operations to be productive. Operations also cover the following in addition to what you specify in your license application and business plan:
SOP creation, planning for future business development, hiring and training new employees, overseeing facility construction, creating a plan to ensure workplace safety, developing partnerships, conducting audits to ensure compliance with regulations, and developing your business
Cannabusiness Consulting: What Should You Look For?
- Fortunately, you have plenty of options for cannabis business consulting at your fingertips. Want to know what you look for in a consultant?
- A person that is knowledgeable on EVERY facet of the cannabis industry that affects your business, whether it be production, packaging, retail, or distribution. You may be a part of any one of these areas. Find a person whose services jive with those you provide.
- Ask for only what you need. If you already have a cannabis business, you might only need to speak with a consultant to get quick advice.
- Review their credentials and client list. Make sure the person you choose has experience, references, and other evidence (in numbers) of how they can increase your profits while maintaining compliance.
You’ll win by working with a cannabusiness consultant whether you’re just getting started and need to create a strong licensing application or you’re up and running and want to stay compliant.
Before you realize it, the money will start coming in (with their assistance)! You’ll need to make sure your finances are in order before that happens.
We can assist you with following special cannabusiness regulations, cutting down on the time it takes to manage the financial aspect of your daily operations, and keeping the IRS happy. To get started, schedule a free consultation!