Are you thinking of venturing out and starting your own CBD brand? If so, then you’re going to need to learn everything there is about CBD and the business of selling cannabinoids.
This article offers a general guide for people coming into the CBD business for the first time – although presumably, you’re going to be looking into more detailed research before actually launching your brand. Use this for now to get a good idea of what to expect from your new business:
- Know the law
This sounds like an oversimplification but it has some basis. Remember, cannabidiol only became legal in the U.S. recently (2018) and while that’s a good thing for weed farmers who specialize in CBD, there are still a bunch of issues that still plague the market.
So for instance, there isn’t any solid regulation policy by the federal government that brands can adhere to, and because of this, some financial services have been pulled back from hosting CBD business.
This means that when you’re setting up your business, there may be a challenge in finding a bank to process your online payments for CBD. That being said, you will still find a few options available.
- Develop a strong business plan
It goes without saying that you can’t get into business without a decent business plan. But the thing about it is that you can’t just come up with a business plan that works from scratch without spending a bit of time gathering data.
Learn everything there is to learn about the CBD business – preferably by engaging with people who actually know a thing or two about selling cannabidiol. That way, you won’t be stepping into the unknown, and your business will have better chances of success than just winging it.
- Find good suppliers
This will help you get good quality products that you can then sell to markets online. One way you can go about this is to tap into other people’s suppliers, and just get the contacts of the most trusted people in the business, and ones that you know won’t create problems within their own supply chain and cause your business to suffer in the process.
By all means, consider working with suppliers who have been in business for at least a few years, and have accumulated contacts all over the world where cannabidiol is farmed. That way, you can find more flexibility with pricing (when you get it at lower prices from contacts nobody knows about), and of course, if there’s ever a drop in CBD supply, you should always have an emergency contact who can provide the product.
- Create and upgrade your website
Get a professional to work on your site, and give it all the basic features such as mobile accessibility, simpler and friendly user interface, pricing, a bit of information about different types of products that you sell, and so on. Your website should be up there competing with the best and most successful people in the industry, so don’t hold back when it comes to customization and user-friendliness.
- Market and sell your products online
This is probably the most important part after you’ve started the business. There are a wide array of tools that anybody can use to market CBD products online; and we’re talking social media, email, paid ads, and so on. Even word-of-mouth advertising shouldn’t be ignored. Do everything you can to market your products and use avenues that allow you to come into contact with large audiences – preferably the ones you’re targeting.
Social media gives you a wonderful platform with which you can launch products and market your brands, especially with help from industry influencers, who act like gatekeepers and can get you in front of millions of potential customers if they like what you have to sell. Contact a few brand influencers about marketing your products, but before you do this, spend a bit of time creating your own contacts and establishing an online presence so that when you do contact someone about this, they should find that you have a well-established client base.
Remember, there is no right or wrong way to get your products moving; all you need is the right platform so that people can see what you have to offer. CBD is a growing industry, so there is plenty more money to be made. Don’t worry about who’s ahead at the moment; instead, focus on creating your own customer base by providing high quality products, and generally being a cool, level-headed individual.