The CBD industry is constantly on the rise and is expected to be worth over $22 billion by 2022. These statistics alone have brought about a spike in the number of people interested in selling CBD online. However, getting into the CBD industry involves more than just buying the products and putting them on your shelf. It involves several important steps that must be taken into consideration for success to be guaranteed.
This article will take a look at some of these steps and why they are important for your journey into selling CBD.
- Know the laws guiding the sale of CBD
The first step in setting up your online CBD store is getting yourself acquainted with many of the laws concerning the sale of CBD in your location. According to stipulated laws, a CBD product is only legal when they are made from hemp with a THC content of 0.3%. Paying attention to these laws will determine how long you will last in the online CBD business.
- Get all the required licenses and permits
Getting into the CBD business will require that you get ahold of some federal and state provided licenses. You are also going to need a tax identification number or employer identification number. This will help prevent issues of legal limitations or liability in the long run.
- Create a solid business plan
Any serious-minded entrepreneur knows to prepare a viable, solid business plan. First, you’ll need to conduct a proper feasibility study and determine what CBD products you want to sell based on this. Once you do this,take your time to determine your customer base and find the easiest way to reach out to them. When doing so, you’ll also want to seek possible sources of funding for your business and make valid projections that will ensure that you maintain a proper focus on your long-term goals.
- Build your brand
Start by choosing a name that will reflect what your business is all about. Stay away from names that include cannabis or hemp as you stand the risk of getting flagged, especially for entrepreneurs interested in selling CBD online.
- Find the right supplier
The wrong supplier could spell doom for your business that is just getting on its feet. Choosing a supplier with inferior products will only ensure that you lose customers before you even start.Ensure that your chosen supplier only deals with quality products. Seek testimonials from previous buyers and check out for their ratings and reviews.
- Open a business bank account
Endeavor to open a separate account and get a different credit card for your business. This will go a long way in helping you manage your finances and helping you separate your private life from your business.
- Create a website
This is a necessity for entrepreneurs looking to sell CBD online. An official website is one easy way of reaching across to your clients. It also makes it easier for you to get information about your brands across to your clients. Having a website for your CBD business will also add credibility to your brand.
In conclusion, with the current spate of events, the CBD industry is going to be very massive in the near future. There is no better time to get onboard than now. Pay attention to these steps and watch your business grow with the industry.