Since the passing of the Farm Bill in 2018, CBD has become the shining star of the health and wellness industry. Since the Bill has legalized the sale and purchase of CBD products in all 50 states of the US, people are considering starting their own business of the same. Well, the CBD market is expected to grow by $20 billion around 2024, and thus, we think you should absolutely go for it!
Even though it is a great idea to indulge in CBD business these days, one should also learn and understand about good working of the business as well as making good money out of it. Thus, if you are someone who is considering starting a business of selling CBD oil, then this little article might be of some help to you. It is informative, short but crisp, as well as precise.
First of all, what exactly is CBD?
CBD is the acronym of cannabidiol, a cannabis compound that is most popular for its medical and healing qualities. In recent years, people have claimed that CBD has contributed to dealing with health issues, such as anxiety, insomnia, depression, skin problems, digestive issues, seizures, and even cancer.
However, unlike other cannabis products, it is non-psychoactive in nature. The reason behind the same is that it contains very little amount of THC, which is another cannabis compound primarily responsible for producing ‘high’ in the brain. In other words, consuming or inhaling CBD oil or other products, will not get you stoned. Since it has been legalized in all the 50 states of the US, you can consume CBD in the form of oil, capsule, vape, edible, topical, etc.
Be assured that it is absolutely safe to use CBD, even without doctor’s prescription because it is 100% natural. However, if you are already on medical prescription, then it is recommended to consult a medical practitioner about the same.
How to start a CBD oil business?
CBD oil business requires just as much work and effort as any other business in the world. Thus, it is required on your part to be completely aware about the knows and hows of the business. The good thing is that the CBD market is on constant boom these days, and thus, it is a great opportunity to launch your own business.
Once you decide to start the business, it is vital to gather all the necessary information regarding the same. Learning about the legal obligations of the product and business, both is one way to do it. The 2018 Farm Bill has legalized industrial hemp, and that includes CBD oil and other products as well.
CBD is no longer a Controlled Substance, and even though it is being regulated by the Food and Drug Administration, the regulations are still being devised. Thus, the CBD industry is still falling under the grey category. It is thus vital to understand the legal obligations related to a running CBD oil business.
Another important thing to learn about starting a CBD oil business is its marketing techniques. It is usually recommended to use the avenues like Amazon and Alibaba, for they ensure the safety of the products, and provide from the much-needed advertising of the products as well.
Additionally, it would be great if you have a running website of your own and sell the products from there. However, it is important to get your products tested by a third party and obtain the certificate of analysis. This will make your products safe to use and your brand will also obtain the reputation of a good company.
Additionally, you must also learn about the banking services, affordable insurance, accessing the capital of the same, etc. before finally owning the business.
How to make good money out of selling CBD oil?
Now that you have decided to start your own business, or you have already started one, it is time to focus on building the company and bringing in profits. Thus, here are a few suggested ways to get good money out of your selling CBD oil.
- Sell high quality CBD oil only
When you start any business, the best way to help it grow is by making your customers happy. How would you do that? By selling high quality and one-of-a-kind products. In this case as well, you must do your research and get a supplier who delivers only high-quality products. Thus, it is important to learn about the manufacturing process as well as the signs of the best quality CBD oil. When you are learning about the same, only then, you will be able to distinguish between the quality of CBD products, especially when customers usually complain about getting fake CBD products delivered on their doorsteps. When it comes to business, goodwill is everything.
- Research, research and research
From establishing your business to launching it, and deciding the price, packaging, shipping and delivery of the product, good research is needed. Additionally, you can also learn about the marketing methods best suited to promote your business to reach a wider number of audiences. This will also require an in-depth research. So, it is recommended to find a researcher to do the job and soon you will invite an influx of profit in your business.
- Genuine connections
Establishing reliable and authentic connections in the field is one of the most important things to do in any business. The same applies in this case too. You can attend the conferences and shows related to CBD and make as many connections as you can. In this way, you get to open a lot of opportunities to build profit and grow your brand.
- Have a standardised business license
Whichever state you have established your business in, will require a standard permit or license to set it further. After obtaining the permit, you can legally keep the stock of CBD oil, food license for obtaining your own CBD oil or edibles, and other important things that will bring great profit to your business. Get in touch with a license expert to learn about the same.
- Have an influential online presence
Well-renowned brands like NuLeaf Naturals have coupons on many 3rd party sites, which pushes consumers to buy from them. This tactic can be adopted by a new brand. In addition to this, we all know that being present on social media is one of the great ways to build your business and earn a good amount of money. Thus, you should grow your online page by sharing engaging content for potential leads and users in general. You can hire a digital expert or a marketing company to do the job for you since it will play a major role in taking your business forward.
One thing that you must remember even after your business takes flight is to never compromise on the quality of your product. The reputation and goodwill of your company is very important for money to flow in and obtain permanent customers. Keep up with it and you will soon get to see a great amount of money flowing in your account. CBD, anyway, is a popular market right now and people are always going to leave CBD oil and other products for their well-being. Thus, you can always go ahead with it.