The whole CBD industry in Canada has skyrocketed in the last couple of years. And with more and more attention that CBD products have been getting from the public, I think we can say that the industry is going to keep growing.
The booming of CBD products also makes many farmers happy as they are now trying to make it into a $1-billion industry. So don’t be surprised if you see hundreds of thousands of acres of land is used to grow hemp plants in Canada. And from the consumers’ perspective, CBD is also very versatile. You can use CBD for recreational uses, beauty purposes, and of course, for health benefits. People consume CBD for various purposes and many of them are happy.
So, seeing this high demand for CBD products, surely many business-minded people are wanting to jump in. if you have an entrepreneurial mind and want to dip your feet into the industry, then starting your own CBD business could be a perfect idea. The demand to shop online across Canada for CBD oil isn’t going anywhere and there is no better time to start than now. Here are four tips to starting your own CBD business and being one of many successful business owners in the ever-growing industry.
1. Choose a great name for your business
Everyone knows that if you want to stand out from your competitors, you need a great name for your business. Think of something that is easy to remember, somewhat related to CBD, and unique enough that no one has ever thought of it before. I know that it is easier said than done, but please take your time before you decide.
Some experts in the CBD industry would tell you to not use words like ‘hemp, ‘CBD’, or ‘cannabis’ in your business name because it would give you problems with the bank or something like that. Besides, plenty of business names or websites have these words in their names already. Also, if your name is open, you can expand it without having to change its name.
2. Open a bank account
Using your personal bank account for your business operation is a big no-no. Always create a separate business account for your business to avoid many problems in the future. You should go to a bank right now and tell them that you have created a business in the health and wellness industry or similar to that and would like to set up a business account with them. Everything that is related to your business account, from finances to daily operations, should only be done via this business account.
3. Work with a reputable supplier
Everyone knows that Canadians have so many options available on the market. Some would say Canadians have too many already. And not to mention that there are plenty of low-quality products that may be harmful to the user. This forces people to be more critical about which products to buy and believe me when I say that people now know about which products to avoid.
So you have to be smart about what kinds of products you want to sell. It is essential that you use the best suppliers when it comes to getting CBD. By working with a reputable supplier, you can eliminate many problems at once and don’t have to worry about backlashes from unhappy customers.
This point is also related to the applicable law and regulations. I know that not many people love to read the law and regulations, but if you want to get into the CBD industry, you must know about them. Deepening your knowledge of how the government does things will save you a lot of problems down the line. And by selling legal and safe products, you can make sure that your business’s longevity.
4. Learn from your competitors
Some people have been in the industry for a very long time. So you can always learn something from them. Do your research into your competitors to see what they’re doing that makes them strong. This will also give you a good idea of what you’re up against and adjust accordingly. For example, pricing strategy is one of the most important things that you can learn from your competitors. And by pricing your goods well, you can compete with anyone.
Interesting Related Article: “How Business Name Affects Business“