Starting a CBD business is no walk in the park, it takes hard work, time, and dedication. However, if you can find the drive to put in the work and the time, you can create a highly successful business. The CBD market is one of the fastest growing industries currently, projected to reach over $20 billion in generated revenue by 2024. With the right knowledge and a good amount of hard work, you can make a real splash in a big way by starting your own CBD business.
To make sure you have a smooth start, we’re sharing some key tips to spark the success of your business: establish a plan, know the regulations, and promote your products.
Establishing a plan
Obviously, you can’t just go about creating your CBD business willy nilly. Standing out from the pack means being organized and reaching your goals efficiently and effectively. This is done by creating a business plan with accurate goals, finances, potential challenges, and defining elements unique to you and your business. Conducting yourself in this manner allows you to address problems before they arise and create a path forward for you and your business.
Clarity and transparency are also your best friends. It’s important to build trust with your community and customers. This is done by being open and honest with your actions and intentions. Being clear about what your products are made from, where they’re sourced, and your methods of production and distribution, allow customers to trust you and understand the business they are supporting.
When getting into the CBD business it’s important to understand the regulations surrounding hemp and cannabinoid products. CBD floats in a rather gray area so it’s important you don’t accidently get yourself or your business in trouble.
Namely, it’s prohibited by the FDA to advertise medical claims associated with CBD. However, there is legislation in the works that would allow CBD to be marketed as a dietary supplement. For now though you have to be careful and creative how you market your CBD products.
Promoting your products
Despite these constraints, there are many ways to market your CBD products. The key is to make your business recognized by the widest audience possible. You want to do everything you can to promote brand awareness and build a customer foundation.
To start, get out into the community. Do pop-up events or promotional tours to attract new customers. Here at oHHo, we have a truck you might have spotted, Paco, spreading our CBD goodness!
Another great avenue to explore is influencer marketing. This really helps to boost brand visibility, as well as credibility among your target audience. Followers look to these figures for recommendations and trust their opinions, so find creators who align with your business’s message and values and you are bound to gain loyal customers.