So you want to start a business selling CBD? Well, you came to the right place. It’s important you know what you're getting into, as well as what it takes to create a business selling CBD. We at oHHo have compiled the information you need to get started and begin to create your business.
Starting a CBD business is not unlike starting any other business, just with a different focus of attention that you need to apply. You have to create a business plan, understand the CBD market, know how to market CBD, and be aware of the laws and regulations around CBD. In this brief article, we will cover all that and before sending you on your way.
Creating a business plan
Any good business needs a good business plan. You need to be organized and have tangible goals in mind for your business to achieve each step of the way. This is done by looking ahead and establishing strong objectives and recognizing the potential obstacles in your path. This way you will be better prepared to handle anything that comes your way as you begin to grow your business. Finances are also going to be vital to the survival of your business. You are going to need to keep track of expenses and revenue and recognize that most businesses are not profitable for the first few years.
Understanding the CBD market
You are going to have to do your research to understand the CBD market and its customers. What kinds of people buy CBD products? What kind of products sell well? What CBD products will your business sell? These are important questions to investigate. You will need to establish a target audience and cater your business to addressing them and their needs.
Clarity and trust are also going to be your best friends. As you begin to build your customer base, you need to be transparent about your company and its decisions in order to foster a community that both trusts and supports you.
While legal, CBD products have some regulations in regard to how they are marketed and sold. In 2018, the Farm Bill legalized the commercial production and selling of hemp and hemp derivatives. However, there are some caveats. CBD products can not be marketed as dietary supplements, sold in food products, or boast health benefits.
Besides those limitations, feel free to get creative and market your CBD products however you can! Some good methods to consider are influencers, pop-up events, and social media advertising. Whatever you can do to get your message in front of your audience is great!