I’ve got a great idea for the medical marijuana industry. What do I need to get started to pitch this idea?

You Need A Business Plan to Start A Marijuana Company. While they are not easy or fun to write they are a necessary part of starting virtually any business.

A business plan requires considerable research in your industry, investigating your competition, recognizing your market, estimating realistic milestones, the structure of the company’s key management, accurate financial projections and a myriad of other matters that should be addressed.

For better or worse, a business plan is absolutely essential. Not only does it improve your company’s internal operations by setting tangible goals for your team, it also validates your company from the perspective of investors and the other business relationships key to your company’s success.

Parties (especially investors) do not enter into long term business relationships with start-up/young companies unless they are comfortable your business takes itself seriously. A tried and true way for them to assess your expertise is by reviewing your business plan.

While the legality of marijuana comes closer each year to the end of its blanket prohibition, there is still a stoner type stereotype that remains in many peoples thinking. Indeed, some of these people might be important to the success of your fledgling business. One of the hardest things people moving into this business will have to overcome are these long held beliefs which can only work against you. One of the best ways to accomplish this starts with a well written and thought out business plan.

Moreover, a well-written business plan acts as your company’s “resume” when third parties are thinking about whether or not to do business with you. This is especially true when you are trying to seek private investors who will want to know that their money is being well spent.

If you have doubts about your writing abilities, rest assured there are plenty of professionals out there who can help. You should speak with an experienced attorney about the specifics of your situation before making a decision. At LawTrades, the attorneys on our marketplace have experience in working with entrepreneurs who specialize in this new industry and have successfully helped other startup companies comply with the complex maze of business and regulatory hurdles you will face should you decide to move forward with your new business. Hope you check us out!