Launching your own CBD business in 2019: Here’s what you need to know!

06/17/2019

CBD is one of the most-talked-about things these days and not just because of its health benefits. While yes, it is true that it has been proved to manage a lot of symptoms of different kinds of illnesses such as stress, anxiety, and a lot of others. But the other reason why people are looking into CBD these days is because of the business opportunities it offers.

Just in 2018, it managed to gross $600 million, and business experts expect it to grow from now on. This would be a perfect time for people who are looking to start a business in CBD products because people are expecting it to be one of the most profitable business right now. But whenever there is a surge in the popularity of anything, there is always a chance of risk associated with it.

In the case of CBD business, low-quality products are one of the top risks that come with it. But that's what this blog is going to be about. Making sure you know everything before launching your own wholesale CBD products business. Following are a few things you need to keep in mind before starting your own CBD business in 2019:

Know what the law says:

The first thing you need to know is what the law says about CBD. According to the federal government, CBD products are legal only if people extract it from the hemp plant. And it doesn't contain THC content more than 0.3%. If your CBD products are found to contain THC content more than 0.3%, then they would be deemed illegal to sell by the law.

Though CBD and THC are both cannabinoids found in the hemp plant, there is a considerable difference between them. THC is a psychoactive compound, meaning it produces mind-altering effects in a person. On the other hand, CBD is a non-psychoactive compound. Hence the rules regarding THC are strict.

Selling CBD products as a retailer- be it online or in store, has different laws. They are:

1) Obtain your incorporation, business licenses and employer/tax identification numbers (EIN/TIN)

2) The company policies, the dosage of the product and packaging should be transparent

Formulating a strong business idea:

Your business is going to be as good as your business idea. So make sure you have developed a strong business plan. It should set out everything that you plan to achieve by doing that business, including your goals, mission statement, vision, and strategies which you are going to present to your investors and stakeholders.

Other major factors include:

1. Products and services: What is your CBD product going to look like and what market is it going to serve? (CBD hemp oil wholesale for personal care or bulk CBD wax for health care)

2. Potential customer: Who is going to be your potential customer?

3. Monetary funds: Who will be investing in your business?

4. Marketing strategies: What strategies are you going to use to attract consumers towards your product?

5. Sales standard: What standard are you going to set for your sales, and how will you make sure you are on track to achieve them?

Finding appropriate suppliers:

Whether you are going to create your wholesale CBD products or going to use the help of a distributor, what you need to find is a high-quality supplier. Before selecting a supplier, make sure that you know everything about CBD. Because only then you will be able to identify whether the product you are getting is of top quality or not.

Following are the two documents you need to check with your supplier to ensure the quality of the products you will be getting:

1. Certification and a Certificate of Analysis (COA)

2. Current Good Manufacturing Practice (cGMP)

Create and enhance your website:

These days, selling something on the internet is as easy as just thinking about it, all with the help of internet. Make sure you have created a user-friendly website which would make the experience of those people surfing your website delightful. There are going to be a lot of people who would be interested in the products you sell.

So make sure that the website you have created is easily accessible, entertaining. And that people can come across it no matter what they search on Google. You can do this by creating genuine content and using a strong SEO strategy so that your ranking on Google would go higher.

Work on your brand:

After you have created a website, the next thing you should do is put your all focus on your brand. People are going to ask you different questions. That comes with the nature of the job. You need to be always prepared for any kinds of questions that might come your way.

Another thing that is important here is being an expert in the world of social media. You will have to work on different kinds of strategies to attract customers through social media. You can use attractive photos of the CBD products you are going to sell and make engaging promotional campaigns.

Create your website for free! This website was made with Webnode. Create your own for free today! Get started