Starting your own CBD business could be overwhelming, but it’s going to be worth it. Since the pandemic started, people have become more conscious of their health. Interests in natural products and medicine skyrocketed. Many have discovered the benefits of CBD for health. The cannabis industry is booming despite the misconceptions about it. Thanks to all the information available on the internet that talks the truth about CBD to educate people. If you are planning to join the industry, this article could help you with your preparation.
Here are the steps to starting your CBD business.
- Know your “why’”
When starting a business, it is important to know your real purpose. Why are you doing what you’re doing? Or why do you want to do it?
Is it a hobby? Are you looking for a career change? Knowing your “why” is a great way to motivate yourself. When the desire starts, achievements come. Your desires are what make you get out of your comfort zone.
When starting a business, you might feel clueless, intimidated, and everything is like trial and error. Along your journey, there will be ups and downs. When it happens, remembering your “why’s” will keep you going.
- Understand the laws and regulations around CBD
According to the 2018 Farm bill, commercial production of hemp is legal as long as it contains less than 0.3% of THC. Selling and manufacturing industrial hemp and other hemp-derived products is legal across the country. However, there are still some states that prohibit selling and using hemp products. Some states allow both recreational and medicinal use. Some allow medicinal use only. It’s best to do your research or check with a local legal specialist about the restrictions of hemp products in your state.
- Identify the products you’d sell
If you visit physical or online CBD shops, you’ll see the wide variety of CBD products they offer. CBD in different forms such as CBD cream or ointment, makeup, oil, gummies, chocolate, pet treats, vape, etc.
Now, which products would you sell? Would you go with the trend and sell the hottest products in the market, or would you go for selling classic products? It’s for you to decide. For the market assessment, starting with the general niche is suggested.
Here are some examples:
- CBD flower for recreational use
- CBD supplements for health and wellness
- CBD infused food and drinks
- CBD for pets
- CBD cosmetics
- CBD devices
After choosing the general niche, let’s go down to the product types. What types of products would you like to sell? Here are some examples:
- CBD edibles- gummies, chocolate bars, candies, etc.
Edibles are hot products in the market since they are enjoyable, easy, and quick to take.
- CBD cream – CBD cream or topicals are for external use and best for muscle pain, joint pain, menstrual pain, or body pain.
- CBD Tinctures- Tinctures have an unpleasant taste and smell sometimes, but most users prefer them for their fast effect.
Determine your Target Market
Understanding your target market, you’ll create more effective marketing strategies because you know who to target, and you can focus on studying their behavior.
When choosing your target market, you may consider these questions:
- Who are they?
- What do they do?
- What do they care about?
- What’s their shopping behavior
- Where do they shop?
- What is my brand’s connection to them?
You need to understand your market. Know how they think, their behavior, and what they need so you’ll be able to provide them with solutions.
- Find a supplier
Finding a reliable CBD supplier is the most important part of starting a CBD business. To sell nationwide, you need to make sure that their products are hemp-derived, not from marijuana.
Another thing to consider is the quality of their products. As a starting business, you need to build your brand’s reputation and get your customers’ trust and loyalty. Choose a supplier that can give you Premium hemp products to build and grow your CBD brand.
- Choose e-commerce platforms to build your store.
There are so many e-commerce platforms that you can use to sell your CBD products. You can create your own website store easily and sell your products online.
Here are some platforms you can choose from:
Start Marketing/advertising your Brand
Now that you have your website up and running, it’s time to introduce your brand to your market. Even though CBD is hot today, we should not expect people to go to your store automatically without introducing your brand. You need to reach your customers through advertising.
Here are some great tips for advertising your business.
- Focus on your blog content
- Use social media to connect with your customers
- Leverage SEO
- Partner with influencers
Starting your CBD business could be daunting and overwhelming, but always remember that you think of your “why’s” and keep moving forward when you’re going through ups and downs. Make sure to educate yourself about your business industry and know how to advertise your business. Of course, you can hire someone to do that for you, but learn how to do it yourself as much as possible.
When hiring people or agencies to advertise your business, better choose those who have experience running CBD campaigns or are familiar with the legalities and nuances related to CBD.