Are you about starting a medical marijuana dispensary? If YES, here is a complete sample medical marijuana dispensary business plan template & feasibility report you can use for FREE.
Although marijuana is still very much prohibited in most countries and even in some states in the United States of America, some States still allow it as an alternative source of medicine. If you have interest in starting your own medical marijuana business, then you would need to talk to a lawyer to know if it is allowed in the area you want to establish the business and the limit that is expected of you.
No doubt, medical marijuana business generates huge profits- especially when you are not just into dispensing, but also farming it as well. The truth is that you can’t just put a ceiling on the profits you can make when you have a farm that legally grows marijuana
A Sample Medical Marijuana Dispensary Business Plan Template
Table of Content
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- 14. Sustainability and Expansion Strategy
1. Industry Overview
The Congress, forty years ago, officially placed marijuana in Schedule of the Controlled Substances Act because the government felt that the drug had a high potential for abuse. The Medical Marijuana Project was founded in 1995 so as to increase the support of the public towards non-punitive and non-coercive marijuana policies.
According to a 1999 study, the active ingredients in marijuana were useful in treating pain, severe weight loss associated with AIDS and nausea.
Even though some states have slowly begun to adopt legislation that will make it easier for marijuana to be disseminated, with California leading 18 states; the adoption was through public referendum and legislation. In 15 of the 18 states, patients or their caregivers can cultivate plants to grow their marijuana at home.
Also, states vary on how much marijuana plants one can have on hand for medical use, from 1 ounce up to 24 ounces. Additionally, approved conditions for which marijuana can be used as treatment across the 18 states include HIV/AIDS, chronic pain, cancer, glaucoma, multiple sclerosis, severe nausea, epilepsy and other seizures.
While the prosecution of entrepreneurs and the raid of marijuana dispensaries have drastically reduced, the business still poses a number of difficulties for any entrepreneur, especially as regards raising capital, finding investors, and setting up merchant accounts with banking institutions.
According to a survey, 34% of entrepreneurs in this field alleged that regulatory compliance was the number one challenge, while 24% cited financing as the other challenge.
For those hoping to start a marijuana dispensary, you’d first have to check with state officials so as to be properly guided to the local laws and ordinances that will govern your dispensary’s actions, due to the fact that the laws regarding medical marijuana vary from state to state, and there’s not always one department that is set up to govern the medical marijuana dispensary
Recreational Marijuana Stores industry has experienced an exponential growth of 34.2% for the years between 2010 and 2015. The industry has revenue of $4 billion, with 5,169 businesses employing 74,222 people. Only 23 states and the District of Columbia have laws that permit the use of medical marijuana. 8 of the 23 states, where medical cannabis is legal do not have any dispensaries.
In 2014, more than 1.5 million shoppers purchased legal marijuana from a dispensary, either recreational or medical. Five states have marijuana markets that are larger than $100 million. Colorado and Washington were the first states to open retail marijuana shops in the united states, and had a combined consumer that purchased marijuana products worth $370 million from 2014.
Marijuana food products is on the rise and is forecasted the hottest movements in the specialty food industry. Various retailers already offer pot-infused pastries, candies and other food items, as producers continue to play a larger role within the billion dollar specialty food industry.
An entrepreneur should as a starting point try out the Department of Health Services, before going through the licensing process. Also, it is necessary for any entrepreneur going into the medical marijuana business to sign up a physician, who sits on the dispensary or cooperative’s board of directors. While some states like California do not restrict the amount of dispensaries to a certain zone; other states like Delaware bid out dispensary licenses sparingly.
2. Executive Summary
Tammy Morgan Medical Marijuana Dispensary Store will be located in one of the busiest streets in Los Angeles California, U.S. We have been able to lease a facility for 5 years with the option of acquiring the property once the property is put up for sale.
The facility is well positioned and it matches the ideal picture of a community dispensary store. We are not going to spend much to face lift the facility because before taking over the facility, it was used as a retail shop. Although the business is launching out with just one outlet in Los Angeles – CA, but we have plans to open other outlets in key locations all around California.
Tammy Morgan Medical Marijuana Dispensary Store will be involved in the retailing of medical marijuana and in future other prescription drugs and over-the-counter drugs once we are able to secure the required license. We will also be involved in the sale of beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products.
We are in medical marijuana dispensary business to retail medical marijuana as permitted by the law in California to our customers at the lowest prices they can get anywhere in the United States of America. Our employees are well trained and qualified to handle the wide range of customers that we are positioned to serve. We will engage in the sale of prescriptions at reduced prices both at the counter and online orders.
Tammy Morgan Medical Marijuana Dispensary Store plans to operate a 24 hours 7 days a week dispensary store. We are in business to service both walk – in customers and mail order customers and shipping provisions has been finalized.
Our work force is going to be well trained to operate within the framework of our company’s corporate culture and also to meet the needs of all our customers. Tammy Morgan Medical Marijuana Dispensary Store will ensure that all our customers are given first class treatment whenever they visit our store.
We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base grows. As regard prescription drugs and over-the-counter drugs, we will ensure that we get our customers involved in the selection of brands that will be on our racks and also when make some business decisions.
Tammy Morgan Medical Marijuana Dispensary Store is a family business that is owned and managed by Tammy Morgan and Family. Mrs. Tammy Morgan is going to be the Chief Executive Officer of the business; she has a first Degree in Pharmacy and an MBA from Harvard University. She has well over 12 years of experience working as a pharmacist and medical researcher with the United States’ government.
3. Our Products and Services
Aside from the dispensary of medical marijuana which is or core products, Tammy Morgan Medical Marijuana Dispensary Store will in future also retail a wide range of prescription drugs from different manufacturing brands to customers who are based in Los Angeles California and every other city where our outlets will be opened.
We will also engage in the sale of beauty products, cosmetic, postcards (greeting cards), baby products, convenience foods and other related products (small scale medical equipment / instruments et al).
4. Our Mission and Vision Statement
- Our vision is to become the largest medical marijuana dispensary store in the whole of California and also amongst the top 5 leading medical marijuana dispensary stores in the United States of America.
- Our mission is to establish a first class medical marijuana dispensary store that will not only retail medical marijuana but also make available a wide range of generic and branded prescription drugs from top pharmaceutical manufacturing brands at affordable prices to the residence of Los Angeles and other Cities in California.
Our Business Structure
Tammy Morgan Medical Marijuana Dispensary Store is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified people to man various job positions in our organization. We are quite aware of the rules and regulations governing the pharmaceutical industry of which medical marijuana dispensary falls under which is why we decided to recruit experienced and qualify employees as foundational staff of the organization.
We hope to leverage on their expertise to build our business brand to be well accepted in the United States. When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. These are the positions that will be available at Tammy Morgan Medical Marijuana Dispensary Store;
- CEO (pharmacy owner, superintendent pharmacist and supervising pharmacist)
- Pharmacist (Manager)
- Merchandize Manager
- Pharmacist technician (3)
- Information Technologist (Contract)
- Sales agents (3)
- Cashier (Counter Agent).
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Responsible for providing direction for the business
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for recruitment
- Responsible for payment of salaries
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for managing the daily activities in the company (dispensary store)
- providing advice about health issues, symptoms and medications in response to customer enquiries
- Responsible for recruiting, training and managing staff
- Responsible for processing prescriptions and dispensing medication
- Responsible for ordering, selling and controlling medicines and other stock
- Responsible for meeting medical representatives
- Responsible for managing the organizations’ budgets
- Responsible for keeping statistical and financial records
- Responsible for preparing publicity materials and displays
- Handle marketing services
- Interfaces with third – party providers (vendors)
- Control the sales floor inventory
- Supervise the entire sales staff and workforce
- Handle any other duty as assigned by the CEO
- Manage vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Helps to ensure consistent quality of drugs and products on our rack
- Responsible for the purchase of goods and products for the organizations
- Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
- Ensures that the organization operates within stipulated budget.
- Ensures that the store facility is in tip top shape and conducive enough to welcome customers (This includes turning on equipment such as computers, scales, printers and fax machines)
- Ensures that goods and products are properly arranged
- Responsible for processing prescriptions
- Responsible for sterilizing the counter tops, scales, pill counting trays, and other medication measuring devices.
- Handles administrative and bookkeeping tasks, inventory control, stocking shelves, and data entry
- Performs monthly inventory counts, file paperwork, and stock inventory
- Handle any other duty as assigned by the floor manager (Pharmacist)
- Manages external research and coordinates all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyzes the volumes of transactional data generated by customer purchases
- Sources for clients for the company
- Responsible for promoting the company’s image
- Responsible for creating marketing and sales strategies, etc.
- Represents the organization in some strategic business meetings
- Handles any other duty as assigned by the floor manager (Pharmacist)
- Manages the organization website
- Handles ecommerce aspect of the business
- Responsible for installing and maintenance of computer software and hardware for the organization
- Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
- Manages the organization’s CCTV
- Handles any other technological and IT related duties.
Cashier (Counter Agent):
- Receives payments on behalf of the organization
- Issues receipt to customers
- Prepares financial report at the end of every working week
- Handles financial transaction on behalf of the company
- Interfaces with our bankers
- Responsible for payment of tax, levies and utility bills
- Handles any other duty as assigned by the floor manager (Pharmacist)
- Responsible for cleaning the store facility at all times
- Ensures that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of the pharmacy facility
- Handles any other duty as assigned by the floor manager (Pharmacist)
6. SWOT Analysis
Tammy Morgan Medical Marijuana Dispensary Store is not looking forward to operate a regular medical marijuana dispensary, but we want to become the biggest medical marijuana dispensary store in California. We want our dispensary store to be the number one choice of all residence of Los Angeles and other cities in California.
We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up our dispensary store.
Despite the fact that our CEO (owner) has a robust experience in retail pharmacy business and medical research, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business.
This is the summary of the SWOT analysis that was conducted for Tammy Morgan Medical Marijuana Dispensary Store;
Our location, the Business model we will be operating on (physical store and online store), opening 24 hours daily and 7 days in a week, multiple payment options, well – packaged medical marijuana, wide range of prescription drugs, home delivery services and our excellent customer service culture will definitely count as a strong strength for us.
Our perceived weakness is the fact that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business.
The opportunities that are available to medical marijuana dispensary business are unlimited and we are going to position our business to make the best out of the opportunities that will be available to us in Los Angeles – California.
Just like any other retail business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies (healthcare reform). It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new and bigger / well established medical marijuana brand in same location where our outlet is located.
7. MARKET ANALYSIS
- Market Trends
The market trend in retail pharmacy industry of which medical marijuana dispensary business falls under is directly influenced by a country’s healthcare reform policies. The fact that the pharmaceutical industry is highly regulated means that any entrepreneur who wants to run a medical marijuana dispensary business must be ready to play by the book or they will be booted out of business.
Loads of other factors influences the market trend in the industry and it is normal to see bigger medical marijuana dispensary stores cum retail pharmacy stores (especially those with chains of outlets) weathering the storm whenever there are major shaking in the industry.
In essence, the easiest way to build a solid and highly profitable medical marijuana dispensary business cum retail pharmacy business is to engage in opening various outlets in key cities around the U.S. No doubt the industry will continue to grow and become more profitable because the aging baby-boomer generation in Unites States is expected to drive increasing demand for medical marijuana and prescription drugs.
Medical marijuana dispensary stores cum retail pharmacies are now making use of technology to effectively manage their business by plugging financial leakages which happens to be one of the biggest challenges that retail businesses faces. The use of technology, i.e. CRM software et al is very effective in helping retail businesses manage their clientele base.
8. Our Target Market
Tammy Morgan Medical Marijuana Dispensary Store is in business to service a wide range of customers in Baltimore, Maryland. We will ensure that we target self – pay customers (who do not have drug plans), mail order customers, and walk in customers, and what have you.
Generally, those who need medical marijuana ranges from those with severe pain, insomnia, anxiety, glaucoma, HIV/AIDS, epilepsy, nausea, cancer, and any other ailment that the physician deems that the use of the medical marijuana is fit for.
The fact that we are going to open our doors to a wide range of customers does not in any way stop us from demanding and screening prescriptions as required by the law. Our staff is trained to effectively service our customers and still play by the rules governing the industry.
Our customers can be categorized into the following;
- Corporate Executives
- Business People
- Elderly people
- Expectant Mothers
- Sports Men and Women
- Middle aged people – who are usually working stressed from work and may have insomnia.
- The aged who might suffer from severe joint pains and every other age categories who falls under the conditions listed by the physician.
In every business there is competition, however, this competition means that you have been handed a passport to try your best in seeing that you are still visible on the business radar at all times. This is so that we can make our own business work out and so that we can as well compete favorably with others.
The retail pharmacy industry is known to be highly competitive in the U.S and in most parts of the world. The industry is growing and there are alternative ways through which clients / patients can get their medications / prescriptions / drugs.
There are alternative provides like mail-order firms, grocery chains, mass merchants and dollar stores; these are the real competitors in the industry. These competitors ensure that they do all that lies within their powers to gain favorable market share of the available market in any given region.
In this industry, most of the competitive dynamics center around the quality of cannabis dispensed, the service offered, the location where the dispensary is at, discounts offered for the products, and to some extent the brand of the business plays a huge role. Even though competition is stiff especially from the big, well-backed enterprises, smaller enterprises can still get their fair share of the market, if they stay true to the competitive dynamics.
It is a fact that small medical marijuana dispensaries/retail pharmacy store will always struggle with larger medical marijuana dispensaries/pharmacy chains when it comes to pricing power and brand recognition which is why smaller retail pharmacy store always go out of their ways to deliver excellent customer service. It is through top notch customer service that they can secure a fair share of the available market.
Smaller retail pharmacies ensure that each order carries a printout. The printout accompany the medications providing directions on how patient are expected to take the medications, other drugs that should be avoided concurrently, and other useful information.
Tammy Morgan Medical Marijuana Dispensary Store is coming into the market well prepared to favorably compete in the industry. Our store is well positioned and visible, we have enough parking space with good security. Our management staff is well groomed in retail pharmacy and all our employees are trained to provide customized customer service to all our clients.
We are going to be one of the few medical marijuana dispensary stores in Los Angeles that will be open 24 hours a week and 7 days a week. We have enough staff that is ready to run a shift system. At Tammy Morgan Medical Marijuana Dispensary Store, we will ensure that we have a wide range of products (prescription drugs and over-the-counter drugs.
We will also be involved in the sale of beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products) available in our store at all times. It will be difficult for customers to visit our store and not see the product that they are looking for. One of our business goals is to make our medical marijuana dispensary store a one stop shop.
9. SALES AND MARKETING STRATEGY
- Sources of Income
We know that it is very vital to state and act on the ways through which we have decided to raise funds. Our source of income will be majorly in the retailing of medical marijuana and the retailing of prescription drugs and over-the-counter drugs.
Tammy Morgan Medical Marijuana Dispensary Store will also generate income from the sale of beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products.
10. Sales Forecast
One of the true marks of an effective entrepreneur is being able to forecast sales based on the magnitude of work that has been put into the business. It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.
Below are the sales projections that we were able to come up with for the first three years of operations;
- First Year-: $100,000 (From Walk – in customers): $150,000 (From Mail Order customers)
- Second Year-: $250,000 (From Walk – in customers): $270,000 (From Mail Order customers)
- Third Year-: $500,000 (From Walk – in customers): $550,000 (From Mail Order customers)
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.
Also whilst for casting, we know that we have got to be very realistic with your projections so that we do not lose focus
- Marketing Strategy and Sales Strategy
The marketing and sales strategy of Tammy Morgan Medical Marijuana Dispensary Store will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer medications at lower prices compare to what is obtainable in Los Angeles.
We will also ensure that we have wide range of drug supplies in stock for both quick shipment and store front pick up. All our employees will be well trained and equipped to provide excellent and knowledgeable customer service.
We know that if we are consistent with offering high quality medical marijuana, drugs and excellent customer service, we will increase the number of our customers by more than 25% for the first year and then more than 30 percent subsequently.
Before choosing a location for our medical marijuana dispensary store, we conduct a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Los Angeles – CA.
We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time. We have hired experts who have good understanding of the retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Los Angeles – CA.
We do not see hiring the best hands in marketing as a waste of money; rather we see it as a wise investment that will guarantee a lot within a short period of time. In summary, Tammy Morgan Medical Marijuana Dispensary Store will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters to residence, business owners and organizations
- Advertise our business in community based newspapers, local TV and local radio stations
- List our business on yellow pages ads (local directories)
- Leverage on the internet to promote our business
- Engage in direct marketing
- Leverage on word of mouth marketing (referrals)
- Enter into business partnership with hospitals, health care provider and health insurance companies.
- Attend pharmaceutical related exhibitions/expos.
11. Publicity and Advertising Strategy
Regardless of the fact that our medical marijuana dispensary store is well located in Los Angeles – CA, we will still go ahead to intensify publicity for the business. We are going to explore all available conventional and non – conventional means to promote our retail business.
Tammy Morgan Medical Marijuana Dispensary Store has a long term plan of opening outlets in various locations all around California which is why we will deliberately build our brand to be well accepted in Los Angeles before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Tammy Morgan Medical Marijuana Dispensary Store;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Los Angeles – CA.
- Engage in road show from time to time
- Distribute our fliers and handbills in target areas
- Position our Flexi Banners at strategic positions in the location where our retail store is located.
12. Our Pricing Strategy
It would be really wrong to go ahead and fix pricing without first determining other factors that surrounds costing.
This is one of the reason why at Tammy Morgan Medical Marijuana Dispensary Store, we will work towards ensuring that all our products (medical marijuana, prescription drugs and over-the-counter drugs and beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products) are offered at highly competitive prices compare to what is obtainable in The United States of America.
The fact that we are going to be offering our products at cheaper prices does not in any way means that we will sell sub – standard products. Selling our products at a lower price than what is obtainable in our competitors store means that we will only reduce our profit margin and gain sales margin.
- Payment Options
At Tammy Morgan Medical Marijuana Dispensary Store, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;
- Payment by cash
- Payment via Point of Sale (POS) Machine
- Payment via online bank transfer (online payment portal)
- Payment via Mobile money
- Check (only from loyal customers)
In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any hitches. This is very vital so that we do not lose focus.
13. Startup Expenditure (Budget)
From research, it can be deduced that starting a medical marijuana dispensary business isn’t something that comes cheap, neither is it for those that are faint of heart. The first set of money to be spent just to make an application before entering this business is usually non-refundable, and is always in thousands of dollars.
The start-up cost also depends on the requirements of the state one would be operating in. some states that you have cultivation location, others don’t.
There are those who have low capital and really want to go into the business, the advise would be to either wait or go into another line in the industry that isn’t dispensary like going into the provision of marijuana infused products including edibles and salves.
This is also not a business that can be operated from home, even if you intend to go into another line of marijuana like growing. They all require a regulatory structure. The items listed below are the basics that we would need when starting our own medical marijuana dispensary business in the United States, although costs might vary slightly;
- The Total Fee for Registering the Business in Maryland – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses for the grand opening of People’s Choice Retail Store in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- Cost for hiring Consultant – $2,500.
- Cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
- Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
- Cost for Shop remodeling (construction of racks and shelves) – $20,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
- The cost for Start-up inventory (stocking with a wide range of products) – $150,000
- Storage hardware (bins, rack, shelves,) – $3,720
- The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
- Cost for Supplies (Assorted bottles, boxes, envelopes, etc. for dispensing and shipment)- $3,000
- Cost for store equipment (cash register, security, ventilation, signage) – $13,750
- Cost of purchase and installation of CCTVs: $7,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
- The cost of Launching a Website: $700
- The cost for our opening party: $7,000
- Miscellaneous: $10,000
We would need an estimate of $500,000 to successfully set up our medical marijuana dispensary store in Los Angeles – CA. Please note that this amount includes the salaries of all the staff for the first month of operation.
Generating Funding/Startup Capital for Tammy Morgan Medical Marijuana Dispensary Store
Tammy Morgan Medical Marijuana Dispensary Store is a private business that is solely owned and financed by Tammy Morgan and family. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.
These are the areas Tammy Morgan Medical Marijuana Dispensary Store intends to generate our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
It is the wish of all business to become so successful so that they can have good succession plans. More often than not, having a good succession plan will help you know the direction your business is headed to. As such, the future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure.
If all of these factors are missing from a business (company), then it won’t be too long before the business close shop. One of our major goals of starting Tammy Morgan Medical Marijuana Dispensary Store is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to sell our product a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin.
Tammy Morgan Medical Marijuana Dispensary Store will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the shop: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Compilation of our list of products that will be available in our pharmacy store: Completed
- Establishing business relationship with vendors (wholesale pharmaceutical companies): In Progress