The CBD industry has skyrocketed in the last couple of years, and with the increase in attention that CBD seeds and products have received, they are being used more and more in everyday life. Whether for recreational uses, beauty purposes, or for the health benefits, more people are now using CBD, meaning that there is higher demand than ever before for CBD businesses all over the nation.
If you have an entrepreneurial mind and want to get in on the action of this exponentially growing industry, then starting your own CBD business could be the perfect option for you. If you are thinking of taking this career path, we have put together a 5-step guide on how to go about starting your own CBD business in 2019.
Name Your Business
Just like when starting any business, you will need to think of a name that is both catchy, but also gives the customer an idea of what your business is about. Experts in the CBD industry advise against using the word ‘hemp’, ‘CBD, or ‘cannabis’ in your business name because of the negative connotations and the problems it may cause you at the bank and with other agencies. Also, by leaving your business name more open, you have the opportunity to expand and adapt the products you sell, as in this fast-growing industry, who knows what 5 years will bring.
Open a Bank Account
Now that you have decided on your business’s name, you should head down to your local bank and inform them that you have set up a business in the health and wellness industry and would like to set up a business account with them. This will make your business accounts and finances much easier to handle.
Find a Good Supplier
A business is only as good as its products, so it is essential that you use the best suppliers when it comes to buying hemp seeds CBD. There are many different CBD seeds available, so it is important that you find an authentic seed supplier that correctly grows plants without the use of pesticides. The CBD industry is currently so saturated that failure to provide your customers with the best products may result in you losing them to your competitors.
Know the Regulations
Depending on where in the world you are, the laws and regulations surrounding CBD will differ. Therefore, it is crucial that you spend some time familiarizing yourself with where you and your business stands. Make sure that you know exactly what your business can and cannot do/sell and ensure that you know your rights in case you are ever questioned by the authorities.
Any good business owner does their research on their competitors so that they know exactly what they are up against. This will also help you when working on your pricing strategy.
By following these clear and helpful steps, you will be closer to joining this fast growing and popular business sector.