Ellis Smith here at the American Cannabis Company, hope you are well, thanks for tuning in.
I want to talk to you about why it’s important to have a business plan.
Once you have kind of assembled your team together and you have a focus and direction on what type of business you want to start: extraction, cultivation, transportation, dispensary, whatever that is, this is going to now give you that road map.
That business plan is that road map is going to give you that direction, is going to help give you that focus, is going to help give you an understanding of where do you want to operate, what that market research is going to tell you about the demographics that you’re going to be targeting, that are in that area you’re going to be operating in, and it’s going to also extrapolate information from your pro forma model that’s going to look at some of your financial information, and it’s going to really show how the business is going to function from year one to year five, and really break down all the details behind what it takes to operate a business.
And so this is a very important tool. It’s more or less for your internal needs. Some of this information can be broken down into a pitch deck to be used for financing and raising capital. But for the most part, this is really your road map and guidance on how to run and operate your business. And we really ironed out all the details and help you get a focus on the direction you’re going in.
There are some great online templates you can access to use these as guidance to write your own. There’s great information to research out there to find out your assumption, information that you want to put in there or hire someone like ourselves to help you with this.
Either way, this is going to be the tool that you can use the month to month, year to year. It’s a living document. Try to update it year after year just to make sure that you have a focus and a direction and you’re staying on track.
So that’s why it’s important to have that business plan. Thank you.