Within the last several years, the cultivation of marijuana has become big business. Marijuana has been proven to be a successful treatment for quite a number of medical conditions and illnesses, and this fact has opened new doors for entrepreneurs looking for their next big business opportunity.
The first step taken by those entering into this new, or not so new, business, is to draw up a medical marijuana cultivation business plan. A good, step by step business plan is essential to the forward thrust and eventual success of any business, but especially a business in a genre that has not been a legal possibility before. A medical marijuana cultivation business plan sets down the blueprint for the business, beginning from the very day it is put down on paper, right through to seeing the business up and running successfully. It is a map, so to speak, to be followed in order to reach a goal. The business plan will also be the tool used if outside funds are required in order to help give the new business the initial boost it needs to get started. Investors feel better about where their money is going if they can see a step by step plan, thoughtfully and realistically put down in black and white. A well thought out business plan will be a key component throughout the development of the business.
After making the decision to begin a medical marijuana business, and working out a good business plan, it would be helpful for the entrepreneur to contact some medical marijuana consulting services for further input and direction. There are many steps to be taken, and these types of consulting services are trained to walk the new business contractor through the process with as little stress as possible. A medical marijuana business license will be an immediate necessity, and a consulting service in this situation will make the paperwork easier to navigate through.
Statistics show that 76% of doctors have given their approval to the use of medical marijuana. Medical professionals who said that they would prescribe it for the use of their patients in minimizing their pain also said that it would be the responsibility of the patient’s caregivers to do all they can in order to help decrease the patient’s suffering. Doctors also stressed the importance of understanding the possible effects of abusing prescription drugs and the importance of the use of medical marijuana being the patient’s own choice. Most doctors also had personal knowledge of cases where the use of medical marijuana was a help to patients. Even so, with all this being said, at this point in time studies done on marijuana only investigate its medicinal qualities about 6% of the time. By 2012 over 20 types of marijuana were under the microscope of the American FDA for possible medical use.
However, in spite of the pros and cons still being hashed out in the medical community, medical marijuana cultivation is continuing to be an increasingly successful new business for people stepping out to try their luck. Taking the time to show integrity in each step toward their goal will pay off in the end of anyone hoping to embark on this new business. A lot will ride on the success of a well written medical marijuana cultivation business plan.
A good medical marijuana cultivation business plan will include several elements, the first being what is called an Executive Summary. The Executive Summary will introduce the entrepreneur to perspective investors, and will explain a little about what he or she does and why their business is exceptional. Very often investors will read this Executive Summary, which should be limited to one page, in order to decide whether or not they should read through the rest of the business plan. It is imperative for this page to catch their interest.
Next will be the Market Analysis of the business. Will the business be local or national, and why? In the case of the marijuana industry, something should be said of its legalities and regulatory overtones.
Organization and Management should be next, with Products or Services following, and then Marketing, Growth, and Financial Projections. Lastly will be the pitch, and then the closing of the deal.
