Since the emergence of legal cannabis products, the use of CBD oil and other CBD-based goods has exploded in popularity. In fact, 33% of adults in the United States reported having tried CBD products in 2020, a huge leap from the 14% of CBD users in 2019.
If you’re interested in breaking into this burgeoning industry, there’s no better time than now. That said, as with any industry, a lot goes into starting a CBD business. And if you don’t know how to start a CBD business, you’re more likely to make missteps along the way.
That’s why we’ve put together this guide! Use these tips for starting a CBD business, you’ll have a profitable company in no time.
1. Know Your Whys
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Before you can start thinking about how to start a CBD oil business, you need to know your why. There’s no wrong answer here, but knowing why you want to step into the CBD industry will help you make important decisions down the line.
Are you passionate about CBD and its uses? Do you want to create a business that you can run with your family? Are you hoping to build a multi-million dollar brand to sell rather than continue running yourself?
You need to be clear in your motivation before you get started. Have something in mind that will get you out of bed and ready to push toward your business goals each and every morning.
2. Know Your Target Audience
The next step is to consider your target audience. To whom do you intend to market and sell your products? This is a crucial decision, as it will dictate everything from your website design to the packaging of your products.
Trying to be a one-size-fits-all company might seem like a good idea, but you’ll find far greater success by choosing a certain demographic. Do you hope to capture the attention of college students? Young parents? People with chronic pain?
Choose a certain type of person that you envision working with, then build a business plan that will help you connect with that demographic.
3. Craft a Marketing Strategy
Once you have your target audience in mind, you can start to build your marketing strategy geared toward that specific group of people. How will you pitch your business to potential customers?
Let’s say you want to market to college students. Well, the majority of your marketing should be online, as young people tend to spend the most time online of any age group. You could also post flyers at the local college.
Now, your strategy will be entirely different if, for example, you’re hoping to help retired people with chronic pain. This is why it’s so important to keep your intended audience in mind through every step of the process.
4. Name Your Brand With the Web in Mind
You’ve reached the fun part of the business-building process – designing your brand! Let’s talk about how to choose a name. Because believe it or not, your name can make or break your business.
When you’re brainstorming names for your business, it’s essential that you do so with the internet in mind. It’s so important, in fact, that you should really be doing your brainstorming in front of a computer.
Write down a list of possible names for your business first. These names should be unique and personal to you but easy to spell and remember. And, of course, appealing to your target demographic.
Once you have your list you need to find out which domain names are available and which aren’t. As you do this, keep in mind that your domain name should include no numbers and end in a .com extension. Neglecting either of these can make your domain appear spammy and untrustworthy.
5. Build a Website
Now that you have a business name and a domain to go along with it, it’s time to get started with your website. Even if you’re planning to open a brick-and-mortar shop, you need a website. Without an internet presence, you’ll find it exponentially harder to find success in business.
While you’re working on your website, you can choose your brand’s colors. Don’t go overboard here, two to three colors are all you need. The majority of your website should be white to keep things easy to read, with your brand colors used as accents.
Keep your website simple, helpful, and user-friendly. Someone who has never visited your website before should be able to find anything they’re looking for in three clicks or less.
At a minimum, you need a landing page, a shopping page or directions to your physical store, and a blog. If you plan to offer services such as a subscription to your products, you need to learn more about the steps you need to take to offer it to your customers, as well as how to integrate it into your website.
Learn How to Start a CBD Business and Change Your Life for the Better
It’s never the wrong time to change your life for the better. Now that you know how to start a CBD business, you can start taking the steps necessary to build a thriving brand.
The first step is to brainstorm. What does your brand look like? Who are your customers? Will you have a physical store or operate online only?
Once you have the basics written down, you can begin to bring your CBD business to life. And these tips for starting a CBD oil business will help you get there.
Interested in learning more about making it big in business? Take a look at our blog!