Opening A Dispensary In New York: A Thorough Business Plan Is Vital
Starting a marijuana retail business in New York state requires meticulous planning. As such, writing a business plan should be one of the first steps you take in the process of opening a dispensary. Business plans typically begin with an executive summary, which is a succinct summary of your overall business model and intentions. Next, comes an outline of the structure of the company – what kind of ownership and managerial system will you set up?
Prior to writing the business plan, you should conduct some intense market research. Who is your niche clientele? What kind of local dispensary competition will you be facing? Use this research to inform the next section of your business plan. Explain how this market research will help you strategically merchandise your dispensary. What will make your business and your products unique?
You’ll also need to outline your budget. Try to be as accurate and detailed as possible. Include particulars on everything from building costs, labor, rent, and licensing to security, insurance, marketing, inventory, and more. States in which cannabis is legal have laws that require dispensaries to have specific security attributes such as guards, one way doors, cash vaults, and minimum pixel video cameras. Finally, include information about where you will borrow money, how much you intend to borrow, and how you will pay it back.