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It's believed that 2024 will be a hallmark year for a job change. The global pandemic’s impact on industry, markets, and job descriptions has led many to begin questioning their current positions. The work environment in which we operate has changed - likely forever.
If you aren't doing something you love and that brings you an opportunity for financial freedom, it's time to begin thinking about it.
One area that has seen many individuals try their hand at entrepreneurship is the cannabis industry. With cannabis becoming legal in more states every year, now is the chance to jump in on what may be an incredibly lucrative - and limited - financial opportunity.
If you are thinking about going all-in on the cannabis business in 2024, there are a few questions you need to ask yourself before you pour out your life savings into a new venture.
From logistics and legality to financial and physical considerations, coming to the table with a strategy can help you boost your chances of success. Let's take a look at 20 questions you should answer before starting your new cannabis venture in 2024. To help you answer these questions strategically, we've broken them down into four essential sections:
Going to Build Your Cannabis Business in 2024? 20 Questions to Help You Get Started
The Basics: Logistics & Legality
Before you start putting pen to paper to come up with a name and location for your new cannabis business, let's start with some legal and logistical questions:
1. What is the legal status of cannabis in your state or country?
2. Is there a medical marijuana industry already established in your area? Are you going to be competing against other growers?
3. How do you plan to grow cannabis legally in your location? What permits and permissions do you need?
4. Will you be selling your cannabis as retail, wholesale, or both?
5. Do you have experience growing plants for personal use or commercial purposes before this new venture?
As the cannabis business is relatively new to the legal system, you must have your ducks in a row before setting off to open a brand new growing and distribution business.
Down to Business: The Financial Questions
Next, it's time for the fun stuff: dreaming up your new cannabis business! From coming up with a name and brand to deciding on your business model, make sure to answer these critical questions:
6. Will you need investors to help cover start-up costs and build the product base to capitalize on market demand for cannabis products next year?
7. What do you plan to charge for your products, and how will you produce them? (indoors, outdoors, hydroponics, organic soil growing, etc.)
8. How will consumers find out about your business, and who are your competitors?
9. What is your marketing and branding strategy?
10. Do you have a business plan for the first year of operations?
11. How much experience do you have in owning and maintaining a business?
12. Do you plan to have full-time or part-time employees, or will you be working alone with occasional volunteers?
13. What are your personal strengths and weaknesses as they relate to operating this type of business?
14. Do you know what it costs to run a greenhouse operation of your scale, and how much you'll need to get started?
15. What kind of savings do you have set aside or will be able to set aside for this business?
You need to plan for the future by considering your past. Even if you aren't sure where 2024 will see your new cannabis business, having the roughest of drafts of a business plan can help you put the right foot forward - especially when it comes to investors, stakeholders, and potential loan officers!
The Architecture ProcessOnce you've landed on the logistics, it's time to start thinking about building your cannabis business.
While you could start your cannabis business sales online, you will still need a physical location to start growing and maintaining your cannabis products. This is where many new growers and sellers get hung up and ultimately give up.
The good news is that you can overcome these logistical challenges with the right plan and professional cannabis business architect. Yes, they do exist!
Here are some of the most important questions you should ask as you start building your new cannabis business:
16. How much money do you plan to invest in capital equipment necessary for growing cannabis:
● ventilation systems
● fertilizer systems
● irrigation systems
● front-of-house sales systems and retail space
● online sales systems
17. What personal property (land, building, greenhouse, etc.) will you be using to run this business?
● If renting, do you have a signed lease agreement and the landlord's permission to use it for a cannabis business?
● If leasing, how much is your monthly rent payment what does it include? If selling what are the terms of the sale and closing compensation?
18. Do you have a general contractor or other business associates lined up who can help you with building construction, installation of essential equipment, guidance for growing methods, and more?
19. What kind of security system will you employ to protect your property and product from theft or other offenses?
When it comes to building your business, you will need to invest time and money into your physical location.
This includes sourcing the right location, legal and zoning permits, construction costs, or renting a space that's up to code for growing marijuana.
The best way to start working out these details is by partnering with a professional architecture firm equipped and experienced in helping launch cannabis businesses.
The Final Question
20. Are you ready? What's stopping you from starting a new lucrative business in 2024?
The final question may be the easiest to answer but the hardest to act on. However, if you have answered each question on this list, you may be ready to start building a new cannabis business that can explode into a cannabis enterprise in 2023!
The best place to start is with the right cannabis business architecture team. At ARCH7, our team of experienced architects can help you bring your cannabis business alive in 2024 with premier construction and business expertise.
ARCH7 commercial architects work with you from start to finish to help you plan and prepare for every part of your new business. From our initial consultation through schematic design to construction permits and beyond, our team will work with you to make sure you have every element of a successful cannabis business handled.
There’s a lot that goes into successfully launching your manufacturing facility in 2024, and ARCH7 is here to help.
Are you ready to learn more?
Building a cannabis business can be a daunting task, let ARCH7 help you get started with this beginner guide