Starting a CBD business can be daunting. It is difficult to know where to start and what course to chart in order to lead a successful business. Lucky for you, we here at oHHo have created a ten step guide to help you build your CBD business and become part of one of the largest growing markets.
Step 1: Identify your CBD niche and products
It’s important when starting your CBD business to determine what kind of products you want to sell. There is a wide variety of CBD products such as oils, gummies, or topicals such as creams and balms. To carve out your niche, you need to decide what kind of products your business will be centered on.
Step 2: Understand the laws and regulations surrounding CBD
Obviously, as you begin creating your CBD business it's vital you understand the laws and regulations surrounding the cannabinoid. In 2018, the Farm Bill legalized the commercial production and selling of hemp and hemp derivatives. However, there are a few caveats so do your homework!
Step 3: Create a thorough business plan
Once you have familiarized yourself with the CBD market and its rules, as well as established what kind of CBD products you wish to sell, you need to create a thorough business plan. This means outlining detailed goals, finances, potential challenges, and defining elements unique to your business.
Step 4: Find a supplier to source your products
With the focus of your business’ CBD products defined, you have to find suppliers to source them. This will take a bit of research and good negotiating to find the right products at the right price.
Step 5: Build a website
It’s crucial for any business in today's world to have an online presence. Put in the work and spend the extra money to create a well working and good looking website that reflects your business and its values.
Step 6: Create a social media presence
Social media presence is another critical aspect of a well rounded business. You need to be able to talk to potential and current customers through the avenues they explore online.
Step 7: Identify your target audience
As your business begins to take shape, you must narrow down the audience you want to target. This means conducting market research and defining tangible aspects of your potential customers.
Step 8: Market your products
With a clear target audience defined, the next step is to market your amazing products to them! This can look a lot of different ways and is where you can really get creative.
Step 9: Work to foster trust with your customers
As you begin to develop a customer base, it’s important to treat them well so they hang around. It’s vital you are open and transparent with your customers in order to build trust and loyalty.
Step 10: Learn and grow
From here, all you can do is continue to learn and grow. A business is always in the water, learn to manage the helm and steer your business forward and onward.