The Profit Insider

Insight to help you make the profitable business decisions

Getting started in the cannabis industry

The cannabis industry is diverse and profound. There are so many options on how you can get involved. Even if you don’t have a green thumb or want to work in a dispensary, you can serve the industry in other ways (ancillary). Over the past few years, ancillary jobs such as accounting, legal...

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Setting up a Chart of Accounts for a Cannabis Business

One of the first steps of getting your accounting system set up, is getting a solid chart of accounts for your business. Depending on what sector you fall in - your chart of accounts will be different. A business needs and should want to know where funds come and go. Your chart of accounts is a...

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​The real reason why entrepreneurs and startups should create business plans

You’ve got that million dollar idea, thought of the company name, designed the logo, are starting your social media campaign, and now realize you need investment. So what’s the logical next step? To create a business plan to get funding. A business plan should not be a means to an end, but a...

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The secret to applying for a cannabis license

Starting a licensed cannabis business doesn't happen overnight - thousands of hours are invested into the planning, building, and launching of a cannabis business. If you're thinking of starting a cannabis businesses here are four steps to taking action today. 1. Do your research Many...

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Advertising, Promotions, and Free Give Aways of Cannabis in California

Who doesn't love a free promotion? We scour the aisles of Trader Joes, Costco, and hit up our favorite famers market for free samples. We see promotions all of the time. Starbucks has its Happy Hour. Grocery stores have the buy 5 get one 1 free deal, and how often do we go to the sale racks...

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Successful Cannabis Businesses do these 5 things

Starting up is hard. Starting up a successful business in the cannabis industry is even more challenging because of a highly competitive marketplace, high barriers to entry, constantly changing regulation, restrictions to banking and access to capital, and punitive taxes and regulation. 80% of...

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How To Streamline Your Inventory Management Process

The inventory management process involves a variety of complex steps in order to keep track of stock. The goal of inventory management is to properly control your company’s inventory, while also giving you a clear overview of where your stock is at all times. Today we will be taking a look at...

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Does your inventory not reconcile? Do you have shrinkage?

Is your inventory not reconciling?Inventory is one of the most valuable assets of any company, and inventory management must be taken seriously. Inventory managements starts with effective business processes around customer invoicing and ordering, vendor and order management, record keeping and...

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Building a Global Cannabis Brand? Here’s One Law You Need to Know

Many US brands are already working in the international cannabis market, through licensing their product/service to other countries. But beyond the glory of carrying an international brand, there are certain risks of taking your cannabis brand global. Barriers to entry are tough in a foreign...

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The January Deadlines Every Cannabis Business Needs to know

It's that time of the year, new beginnings, new goals, and oh - 2019 accounting and taxes. There are two important filing deadlines in January for cannabis businesses. Issuing 10-99s to independent contractors and filing the information statement for form 8300. These are due by the end of the...

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