If you’re just starting your cannabis business, you want to make sure that you are setting up your profit systems the right way. 

Profit systems for your cannabis businesses include how you set up your accounting, how you set up your invoicing, and how you manage your cash flow through building and using an operating budget, and who is on your profit team.

Poor planning at the very beginning of your business will cost you money later.

In this episode, Simone shares what to focus on when building your profit plan for your business. Some major highlights:

Getting your legal and admin ducks in a rowBusiness and profit systems to implementGetting clear on your taxesHaving the right people on your team
If you're interested in learning more about the ins and outs of running a profitable cannabis business, check out THC Accounting.

Connect with us on Instagram @cannabisbusinessminds @businesswithsimone.

Have any feedback? Shoot us an email at simone@cannabisbusinessminds.com.Support the showConnect with us!
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Linkedin: Cannabis Business Minds Podcast

Have any feedback? Shoot us an email at simone@cannabisbusinessminds.com.

Cannabis Startup Businesses - Set your profit foundations right the first time

Upskill on your cannabis business, finance, and compliance skills! If you’re looking for quick, easy, and value-added information about doing business in the cannabis industry, then look no more. Each episode of Cannabis Business Minds will provide you with valuable tips and insight from industry leaders that you can apply to your own business or career. Hosted by CPA and Cannabis Advisor, Simone Cimiluca-Radzins, CPA.

Business

Investing

Careers

Management & Marketing

Business News

Shopping

Entrepreneurship

In this episode, Simone unveils her latest focus, centered on the crucial elements of success: money, mindset, and business.


Simone explores the concept of achieving financial wholeness in the entrepreneurial journey, regardless of the industry you operate in. She emphasizes the need to build a business that supports you financially and allows you to realize a profit by adding value through your work.


Financially Whole is an amazing 90-day journey that you will go through together one-on-one and as a group that will transform how you show up in business, your money mindset, and give you the sales, money and business systems that can make a massive shift in your business.


Website: https://www.bewithsimone.com/
Financially Whole (program): https://www.bewithsimone.com/course/moneymastery 
Instagram: https://www.instagram.com/be.with.simone/

Why Money Mindset Is Key to It All

In this episode, we dive deep into the challenges faced by small businesses in the cannabis industry and the solutions that can help overcome them as Simone continues her conversation with Kenneth Mason, CEO of Equibis.
Kenneth shares his insights on the unique challenges faced by small businesses in the cannabis industry, from navigating legal requirements to accessing capital and banking services. He also talks about the importance of having a strong support system and building relationships with other businesses in the industry.
As a Chicago-based entrepreneur, Kenneth sheds light on what's happening in the cannabis business scene in the city, from new regulations to emerging trends and opportunities.


About Our Guest
Website: www.equibisaccounting.com
LinkedIn: https://www.linkedin.com/in/kennethmasoncpamba/
LinkedIn (Equibis): https://www.linkedin.com/company/equibis-accounting/


Ask a Cannabis Expert: https://cannabisbusinessminds.com/ask-a-cannabis-expert/


Connect with us!


Website: cannabisbusinessminds.com
Instagram: cannabisbusinessminds
Youtube: cannabisbusinessminds

Small Business Challenges in Cannabis Industry

In this episode, we delve into the career transformation of Kenneth Mason, who went from being an accountant to becoming an entrepreneur empowering small businesses through Equibis.


Kenneth shares his insights on navigating entrepreneurship as an accountant and the lessons he learned along the way. He also talks about his first dip into entrepreneurship and how it led him to discover his true purpose.


Kenneth emphasizes the importance of staying true to his purpose and being clear on his end goal, which helped him overcome challenges and achieve success in his career.




About Our Guest
Website: www.equibisaccounting.com http://www.equibisaccounting.com 
LinkedIn: https://www.linkedin.com/in/kennethmasoncpamba/
LinkedIn (Equibis): https://www.linkedin.com/company/equibis-accounting/


Ask a Cannabis Expert: https://cannabisbusinessminds.com/ask-a-cannabis-expert/


Connect with us!
Website: cannabisbusinessminds.com
Instagram: cannabisbusinessminds
Youtube: cannabisbusinessminds

From Accountant to Entrepreneur: Empowering Small Business Finances

Do you have a cannabis business that needs to raise funds? The process of fundraising can be difficult and time-consuming, so it's crucial for startup founders to have a strategic approach.


In this episode, we delve deeper into business valuations and investing with Richard Bernard, Vice President of Houlihan Capital's Valuation and Financial Advisory Group. Here are some of the major topics we cover:



 How to begin the fundraising process for your company
 Tips for discussing fundraising with potential investors
 An explanation of the "SAFE agreement" and its key components
 Richard's insights on the current state and future of the cannabis industry, including perceived challenges
  Advice for anyone looking to enter the cannabis industry
  The most important lesson Richard learned when starting out





About Our Guest
Richard Bernard is a Vice President in Houlihan Capital’s Valuation and Financial Advisory Group. Mr. Bernard performs valuations for public and privately held businesses, business interests, gift and estate planning, financial accounting, and tax reporting purposes. His responsibilities include conducting due diligence, performing financial analyses, and drafting valuation reports.


Prior to joining Houlihan Capital, Mr. Bernard was an Analyst in the Valuation Advisory group of Duff & Phelps, where he focused on business enterprise and intangible asset valuations for financial reporting and tax compliance purposes and portfolio valuations focusing on alternative investments.


Website: https://www.houlihancapital.com/ 
LinkedIn: https://www.linkedin.com/in/richard-bernard-08502b38/ 




Ask a Cannabis Expert: https://cannabisbusinessminds.com/ask-a-cannabis-expert/


Connect with us!


Website: cannabisbusinessminds.com
Instagram: cannabisbusinessminds 
Youtube: @cannabisbusinessminds

Fundraising and Investing on Cannabis Businesses

Business owners must take into account numerous factors that heavily influence a company’s value. In this episode, Richard Bernard, the Vice President of Houlihan Capital’s Valuation and Financial Advisory Group, sheds light on the process of valuing businesses within the cannabis industry. Some key takeaways include:



 Bernard's background and involvement in the cannabis industry and his work with Houlihan Capital
 An overview of the evolution of valuations over the years and the current state of the industry
 Common valuation techniques applied to the cannabis industry
 The impact of taxation and the role of 280e on a company's valuation





About Our Guest
Richard Bernard is a Vice President in Houlihan Capital’s Valuation and Financial Advisory Group. Mr. Bernard performs valuations for public and privately held businesses, business interests, gift and estate planning, financial accounting, and tax reporting purposes. His responsibilities include conducting due diligence, performing financial analyses, and drafting valuation reports.


Prior to joining Houlihan Capital, Mr. Bernard was an Analyst in the Valuation Advisory group of Duff & Phelps, where he focused on business enterprise and intangible asset valuations for financial reporting and tax compliance purposes and portfolio valuations focusing on alternative investments.


Website: https://www.houlihancapital.com/ 
LinkedIn: https://www.linkedin.com/in/richard-bernard-08502b38/ 




Ask a Cannabis Expert: https://cannabisbusinessminds.com/ask-a-cannabis-expert/


Connect with us!


Website: cannabisbusinessminds.com
Instagram: cannabisbusinessminds
Youtube: @cannabisbusinessminds

Cannabis Startup Businesses - Set your profit foundations right the first time

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