4 Tips to Help You Start a CBD Business
Just a few years ago, CBD was a niche product that had only just become legal. Now, it’s at the center of a booming market projected to rake in $20 billion by 2024. There aren’t many new products that offer the same potential for profit and success as CBD for entrepreneurs. In addition, since the industry is new, there is less competition within the CBD space than in more established enterprises like beauty or clothing retail. Not only that, but you’ll be getting in on the ground floor of what could be a revolutionary product in health and wellness, depending on what medical studies reveal about CBD’s health benefits. If you’re considering getting in on this growing industry, keep reading for four essential tips that can help you start your own CBD business.
1. Learn about your local laws and restrictions.
Even when it comes to CBD, there are a variety of laws and restrictions that any business should be aware of. First, there is a difference in the eyes of the law about CBD derived from hemp as opposed to CBD derived from marijuana. Hemp by-products are legal for sale in the United States, while high CBD marijuana strains containing THC aren’t legal for sale in all 50 states. Those products would be restricted to states where medical or recreational marijuana is legal for use.
2. Start with good seeds.
There’s no substitute for providing customers with a quality product. When it comes to hemp or cannabis, that means you need to start with good seeds. Given how many seed companies there are, new growers may find they don’t know what to look for or where to begin. Don’t rush; getting this right is an essential part of your business.
Greenpoint seeds are one example of a well-regarded company that provides quality products to grow cannabis. While they offer a smaller selection of high CBD strains, the reviews of their products speak for themselves. If you live in a state with marijuana products containing THC are legal, you can even consider expanding your CBD business to include a dispensary.
3. Invest in quality software and technology for your business.
If you’ve never had to find a point of sale system for a business before, it can be tricky to know where to start. Searching “retail point of sale software free download” can give you some options that will allow you to test out the service before you commit to using it long term. Having efficient and effective software that allows you to manage inventory and process sales quickly is necessary for any growing business.
4. Find creative ways to advertise.
CBD may be legal, but some platforms won’t allow advertising for CBD products. Facebook has recently changed its policy to permit CBD ads, but many other websites haven’t. Often, CBD businesses find themselves having to be creative to get the word out about their products. That means investing heavily in the digital spaces where you can run advertising and utilizing search engine optimization to attract customers and provide information about your products.
Also, make use of social media to build your business. Using social networking for your cannabis business is a great way to connect with your audience. It’s legal and provides a great way to connect with the large number of audience. So, next time you are working on marketing, use Cannabis business social network as a priority.
If you’re planning to start your own business, it can be tricky to decide what products or services give you the best chance at achieving profitability. However, the CBD industry is already incredibly profitable, and it seems only to be growing. With the legal situation clearer now, entrepreneurs can make more informed choices about creating and growing their businesses. There are still restrictions on CBD advertising and its sale and possession in other countries outside the U.S., so you’ll need to ensure your business is entirely compliant with the law if you want to stay operational. Getting involved in the CBD industry requires doing a little more work and being more creative than other ventures, but the potential profit is well worth giving it a go.