Steps To Starting Your Own CBD Business
The CBD industry is booming in the United States, and if you’re hoping to start a new business, it’s the perfect time to get in. The 2018 Farm Bill legalized selling all products with less than .3% THC, opening the door for a booming market full of hemp and CBD products for customers to enjoy. Providing products that genuinely improve the health and wellness of your customers is rewarding in and of itself, but the financial opportunities within the CBD market can also be significant. If you’re looking to start a new business in an industry with huge growth potential and a quality product to market, a CBD business might be a great idea for you.
What is CBD and what Products can I Sell?
CBD is comprised of hundreds of cannabinoids, which are the compounds found in cannabis and hemp plants. You may be most familiar with THC, the cannabinoid responsible for the high you experience smoking marijuana. CBD does not contain significant quantities of THC and does not intoxicate. Research on all the benefits of CBD is ongoing, but patients are enthusiastic about its therapeutic value. There’s a wide range of products that can be sold. Try Plain Jane is a great example of a CBD business that offers fantastic selection. One popular option is CBD prerolls, which allow for the experience of smoking a joint legally, and customers rave about their anxiety-reducing effects. Plain Jane also offers other common CBD products like oils, salves, and topical lotions.
How do I get My Business Started?
Getting into a fledging industry means handling some uncertainty in the market and in your planning, but handling that uncertainty can lead to fantastic rewards. The regulatory landscape within the industry is ever-changing right now, so adaptivity and creativity are required to thrive. Just like any other business, you’ll need to create a plan and a budget, secure funding, and find a way to sell your product, but the CBD industry does require unique preparations. The most important thing to keep in mind is that in a burgeoning market like this, standing out amongst your competition is crucial. Make sure you’re focused on maintaining strict quality standards. Obtaining certifications like USDA organic, Good Manufacturing Practices, and FDA facility registrations can help demonstrate your commitment to quality.
What challenges might I face?
Naturally, CBD businesses face many of the same challenges as traditional ones. For example, as you begin to expand, handling queries from your customers might become overwhelming for a smaller business. Utilizing a cloud based contact center like Bright Pattern can handle incoming messages across all your platforms and free up your employees to focus on their other tasks. CBD does pose specific challenges that you won’t find in other industries, though. Banking can be difficult since some payment processors and banks are hesitant to do business with CBD companies because of the changing regulatory landscape. Insurance and access to start-up funding can also be complicated by those issues. Still, things are improving rapidly, and solving these problems is becoming easier and easier every day.
There are several serious hurdles to overcome when starting a CBD business, but the opportunities presented for success are huge. If you can demonstrate a strong commitment to creating the best products, adapt and manage your business’s approach to staying within federal regulations, and use your creativity to stand out amidst the competition, you’ll find yourself with an amazing business that is both profitable and beneficial for your customers. Running a business where you can make money and feel good about the products you’re selling is all that most entrepreneurs can ask for.