Raising capital for a new business is tough, especially during the COVID-19 pandemic. Individuals do not want to take risks right now, so here are some alternative ways to raise money for your cannabis business plan.
Our CEO, Michael Mayes, recently gave some advice with Forbes on how entrepreneurs can raise money for a cannabis business plan.
Raising Money for Your Cannabis Business Plan
There are many ways that you can raise money for your own cannabis business without relying on investors.
First off, try to raise your own money. Although this may sound obvious and not ideal, if you are confident in your cannabis business it is worth it. So, get your goals and start with partially funding your own business. The cannabis industry is extremely profitable and is worth the investment. If you have any questions about this business make sure to contact our cannabis consultants at Quantum 9.
Secondly, partner with someone else. Double the team means double the work. So, working with another person will result in a more successful and thought out cannabis business plan. Make sure to choose a partner that is just as committed as you in your cannabis business journey.
Tips from a Cannabis Consultant
Lastly, our CEO, Michael Mayes, recommends having a thorough cannabis business plan. He states that he always tells young entrepreneurs to create a stellar business plan, pro forma, and investor presentation on Prezi. Mayes also mentions that friends and family are the most likely to invest in your startup and this will help you get to the proof of concept stage. Lastly, he mentions that once the model is proven, additional funding rounds can commerce at higher valuations.
All in all, starting a new business can be stressful. With that, our cannabis consultants are eager to help new business owners in creating their own cannabis business plan. To contact our cannabis consultants, click here.
