Important Considerations Regarding a Cannabis Business Plan in Ontario

Important Considerations Regarding a Cannabis Business Plan in Ontario

Ontario is still one of the most populated and popular provinces in Canada. This booming market makes it a favorable place for people looking to start a business. Any type of business you wish to start will require an Ontario Business Plan. If you want to get in on the latest trend, you’ll need a cannabis business plan.

Cannabis businesses have been booming since being federally legalized in 2018. Whether it’s growing it, processing it, packaging it, or providing services to the businesses that do all of that, there are countless opportunities to get involved. Before making the big leap and drafting that Cannabis Business Plan, there are a few things you’ll need to consider.

Check All the Legal Boxes – Cannabis is now similar to alcohol or tobacco. It may be federally legalized but, it is still controlled and is highly regulated and monitored. It requires licenses and permitting and has additional oversight than other industries.

When creating your business plan, no matter the industry, you always need to cover the legal aspects.

Legal implications can create significant barriers to entry and introduce increased risk – compared to some other businesses. You’ll need to address these in your Ontario business plan if you want serious players to take your plan seriously.

Know the Market and Industry – The cannabis industry is still in its infancy. It is imperative to have your finger on the pulse of the industry and market. This allows you to stay ahead of the curve, minimize risks, and capture opportunities.

This knowledge should come in a variety of ways. As with any cannabis business plan, you should do quantitative research through paid services like Statista or IBISWorld. You should also get more practical qualitative research through observation and surveying your clients.

However you approach your market research, make sure to include this information throughout your business plan. It doesn’t just belong in the market and industry analysis section. It should also be included as support to other decisions you make and present throughout your plan as well.

Know Your Audience – How you present the information in your Ontario Business Plan also needs to be considered. This will mainly come down to audience. If you are writing for an investor, you’ll want to word the plan in one way. If you’re presenting the cannabis business plan to a loan officer, you’ll likely word it another way. Regardless the audience, just make sure it’s written with them in mind.

Network Like Crazy – Because the industry is so young, there are constantly new players entering and leaving the market. In any industry, it is quite often about who you know and creating strong allegiances with others. This is perhaps even more true in the cannabis industry.

So, make sure to attend industry events and join groups that will help you create or grow your network.

These new connections could become partners, investors, customer, or suppliers. All key relationships to foster and develop to ensure your Ontario business plan is a success.

Use Professionals if Needed – Not everyone is good at everything and no entrepreneur has the time to accomplish everything on their own. Crafting the Cannabis Business Plan may just be one of those things you decide to outsource. Professionals will likely provide a much more cohesive plan, provide valuable objective insight, and probably also get it done quicker too.

Not matter your background, consider the benefits hiring a professional could have on your plan. It’s an investment in your future worth making. Pair this with all the other advice above and you will be well on your way.