Why your Cannabis Startup Needs a Game Plan
You’ve got that million-dollar idea, thought of the company name, designed the logo, have started posting on social media, but does your startup have a financial game plan?
A financial game plan details out how you will be structured, your financial goals and financial plan, and how you will pay yourself, save for taxes, and make a profit.
- Your Structuring: There’s a lot of different ways that you can structure your business and the way that you choose to structure your business will have a direct impact on your taxes and the plans you have for your business in the short and long term. Make sure that you have a plan in place that aligns with your business goals.
- Your Tax Plan: Taxes are an unavoidable part of business, yet most business owners are stressed when it comes to tax time. Your financial game plan sets you up for tax success from day 1, so you know how much you need to allocate towards the government and you’re not scrambling at the end of the year to pay for taxes.
- Your Operating Plan: Your operating plan is a critical part of your financial plan because it tells you how much it costs to operate your business. If you’re thinking about hiring employees, launching a new product line, marketing on a different channel, these costs should be included in your operating plan.
- Sales Plan: Sales is the lifeblood of your business. Your sales plan needs to detail out your sales goals, your sales strategy, tactics, and your sales process. Your sales plan looks at your pricing, your customer’s purchasing habits and anticipates the average customer orders.
- Owner Pay Plan: You started your business to give yourself more time and freedom. A major part of your freedom is paying yourself as a business owner. Your financial plan needs to include how you’ll pay yourself consistently as an owner.
- Profit Plan: A profit plan is a proactive method for building your wealth should be a priority in your business each month. This details out your target profit allocations and quarterly profit distributions.
As a startup entrepreneur, you need to be an active part of the financial game. Having a thorough financial game plan will help you stay on track and start right.
Take yourself to the next financial level! Get a Financial Coach for your business today!