There is perhaps a no better time to start a CBD business than the present. The CBD market is currently exploding with growth and is estimated to grow to a $16 billion market by 2025. With that being said, starting a CBD business is quite challenging, and there are numerous steps you need to take and obstacles you will need to face in order to get solvent. With that in mind, here are the steps you should take to start a CBD business online.
Table of Contents
Familiarize Yourself with the Laws
One of the first things you need to look into when starting an online CBD business is the state and federal laws surrounding CBD. As of the 2018 Farm Bill, hemp can now be sold and manufactured provided it is under a certain THC threshold, which federally is .03 per cent THC. If your CBD products feature over this amount of THC, then they will not be liable for federal protection under the Farm Bill and will be considered as marijuana plants. You certainly want to avoid this, so make sure whatever suppliers you use are reputable and are not purposely or unwittingly selling you CBD with more THC in it than you want.
In addition to this, you’ll want to make sure that the state that you’ll be doing business in allows for the cultivation and selling of CBD products. Some states do not allow this, and you’ll want to look up the rules and regulations in your particular state. If you’re unsure as to whether your CBD products could be legally sold online, you should consult a local attorney to make sure you’re in the legal clear here.
Pick an Online Platform to Sell CBD
Once you’re ready to sell CBD online, the first step is to find the correct platform. Shopify recently allowed CBD to be sold on their platform, and have a great guide on how to get started selling CBD online. Of course, you’ll want to look at other options, but e-commerce platforms like Shopify allow you to set up a store almost instantly and get to selling your products as soon as possible. They also offer dedicated guidance and support in setting up online CBD stores so that you can rest assured that your store is set up correctly and legally – all while avoiding any potential pitfalls that could hurt you later down the road.
Market Your CBD Store
Once you have your online CBD store set up, it’s time to start marketing. As with all e-commerce stores, it’s impossible to stay solvent if you’re not bringing in new visitors and trying to sell products to them. To do so, you’ll want to do everything from email marketing, social media ads (make sure to avoid any false claims here), as well as offering discounts and lead magnets on CBD. Using this combination of tactics, you should have no problem finding an initial base of customers. Once you’re able to do that, the next step is to create a referral program to bring in even more business.