More people are turning to Cannabidiol (CBD) as a health supplement to help relieve their pain and anxiety these days. It has turned the CBD industry into an exploding market, with one market study forecasting it to reach $20 billion by 2024.
There is no better time to start a business selling CBD. It might seem daunting to start a new business if you’ve never done it before, or if you’re not the most familiar with CBD as a product. Here are three tips to help get you started.
Focus on Online Markets
With the coronavirus pandemic causing havoc to most industries, they especially hit physical retail stores hard. On the other hand, businesses that were equipped to sell products online actually saw their revenue increase in most markets.
As people stayed home and businesses shut down, they turned to the internet to do their shopping. Even with the pandemic starting to slowly pass and businesses re-opening, there is some uncertainty for the future of brick and mortar stores.
It could be because of fears of more waves of the coronavirus hitting the world in a few months, or people might just be more wary of shopping in stores if they don’t have to. Either way, you will be in a better position to succeed if you focus your efforts for online sales.
Build a website and optimize it so customers can find you. Be active on social media. Sign up for every online marketplace that allows CBD products to be sold. Look into paid advertising through Google, Facebook, and so on.
Look Into Wholesale Partnerships
If you are worried about growing pains because of your inexperience in the CBD industry, there are programs that can help you. You can find Wholesale Partnerships where you can pay to receive assistance from established CBD businesses. Things like Joy’s B2B program give you wholesale pricing for products that can be branded for your business.
They sometimes also include advice on running a CBD business, which can be invaluable for you. This is especially helpful in getting guidance on navigating the murky waters of local or regional laws and regulations on how you can sell CBD. It might be generally legal everywhere, but every state has their own rules.
Be Transparent with Lab Testing Certificates
One of the biggest concerns that people have with buying CBD is the wild west market caused by those different regulations. People are wary of getting low quality products that are full of harmful contaminants. It can turn people off of ever buying CBD.
That’s why the industry has lab tests and certificates verifying the CBD content and purity from contaminants as a best practice. If you manufacture your own, you can manage this easily. If you purchase your product wholesale through a White Label program, make sure you choose a partner that can provide it.
These tips are only the tip of the iceberg for knowledge you’ll need to launch a successful CBD business. But they represent a good starting point. Use them as a launching point for the research you’ll need to do to hit the ground running with your new CBD business.