Hemp Farm Business Plan Template [Updated 2023]

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IV. Customer Analysis

You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

Demographic Profile of Target Market

[Company Name] will primarily serve manufacturers, and regional distributors, along with end consumers of hemp products. Distributors and manufacturers of hemp produce in the region see growth in interest in hemp products and need such ingredients for suppliers. These businesses typically gross from $5 million to $50 million in annual revenues and source their supplies from within a 100-mile radius of their facilities.

The precise demographics of the town in which the business is located is as follows:

Total Population26,09710,725
Square Miles6.893.96
Population Density3,789.202,710.80
Population Male48.04%48.84%
Population Female51.96%51.16%
Target Population by Age Group
Age 18-243.68%3.52%
Age 25-345.22%4.50%
Age 35-4413.80%13.91%
Age 45-5418.09%18.22%
Target Population by Income
Income $50,000 to $74,99911.16%6.00%
Income $75,000 to $99,99910.91%4.41%
Income $100,000 to $124,9999.07%6.40%
Income $125,000 to $149,9999.95%8.02%
Income $150,000 to $199,99912.20%11.11%
Income $200,000 and Over32.48%54.99%

Customer Segmentation

The Company will primarily target the following customer segments:

  • Regional Distributors: Regional distributors source hemp products from small and medium hemp farms, and sell them to manufacturers who process, package and sell the products.
  • Manufacturers: Small manufacturers that process hemp produce work directly with local farms to keep costs low whenever possible.
  • End-consumers: The Company will sell it products to this segment, who have a valid hemp license and reside within 100-mile radius of the farm.
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