Are CBD Stores Profitable?
Yes! Well, they can be. CBD stores are just like any other business, you need to know what you're doing, put in the work, and know that there are no shortcuts to a successful business. If you can do all that, with a little help from us here at oHHo, you can absolutely run a profitable CBD store.
To start your CBD store and business, you’re going to need a business plan. This means establishing goals for your business to reach and creating detailed plans of how to do so. Also, it’s important to think ahead about what kind of obstacles you may encounter as you move forward. This way, you will be better prepared to handle anything that comes your way.
Finances are also going to be essential to manage. You will need to budget and keep track of expenses and profit as you begin to build your business. If you plan to have an in-person store you have to think about location, as well as rent and how that will affect your profits. As a rule of thumb, most businesses don’t see profits for the first two years. You have to be aware of that possibility and prepared for it. Once you get the ball rolling, however, CBD stores can be extremely profitable with the industry on track to reach $20 billion in sales by 2024.
What does full spectrum mean?
There are three versions of cannabidiol, or CBD, sold today: CBD isolate, full spectrum, and broad spectrum. CBD isolate is the compound on its own and is often sold as a powder that can be added to food or drink. Full spectrum means that the full spectrum of cannabinoids present in a hemp plant are extracted and put into the product. This allows for a stronger and more beneficial effect according to research studies. This also means a trace amount of THC is present as well, but less than 0.3% and not nearly enough to get you high. Broad spectrum is the same as full spectrum, but there is no THC whatsoever.
Cultivating your competitiveness
In order to stand out from the pack, you’re going to need to be competitive. That also means being creative, innovative, and resourceful. Find a good source for your products. Do market research to discover what kind of products your customers want and how to advertise to them. Get creative with advertising, do pop-up events and find influencers that match your business’ values and energy. There are thousands of ways to get ahead of your competition and really take the stage if you have enough drive.
Help from oHHo
oHHo offers a Community Builder for entrepreneurs exactly like you! We help those wanting to start CBD businesses get off the ground with exclusive benefits and support. Give it a look so we can help you break into the CBD market with a bang.