When creating your hemp CBD business, it’s important to have a plan. Begin by creating some goals of where you want your business to go, as well as challenges you may face getting there. This will help you focus on what you want to achieve, while preparing you to overcome the obstacles that you may come across.
Your hemp CBD business plan will be unique to your business and its needs, but we at oHHo want to provide some basic information and tips to help guide you through the process. Any good business plan should lay out three key components: your product, your target audience, and how to reach that audience.
Obviously, in this instance we are talking about CBD products. CBD products, however, are quite a broad category. To narrow down the type of products you want to sell, there are a few factors to consider. Namely, what kinds of products can you get your hands on or make on your own? Secondly, what types of products do you think you will be able to find an audience for? Lastly, how wide a variety are you willing to explore? Most likely, when starting a CBD business you will want to choose a few common CBD products to distribute. This can include products such as CBD oil, CBD gummies, or CBD topicals such as balms or creams. By choosing a few key products you can start to establish your business before branching out.
Once you have established what kind of CBD products you want to sell and how to source them, it is vital you find an audience willing to buy them. You will want to do market research, conduct surveys, collect demographic data, anything you can think of to narrow down the audience you want to target. This will allow you to focus your marketing and advertising efforts to a specific group of people more likely and more open to purchasing your products.
Reaching your audience
With most of the heavy lifting out of the way, all that is left is to communicate the products you have to the audience you have found. This can be done in a multitude of ways and is where you can really get creative with it. Some good avenues to explore are influencer marketing, pop-ups, social media promotion, and just some good old basic advertising. Influencers are a great resource because they already have an established and loyal audience. If you can partner with an influencer you share your business’ ideals and values, most likely their followers do as well and will be interested in your products. The sky really is the limit here, find what works for you and keep at it.