Around thirty percent of people within the United States use some form of contemporary and alternative medicine, sometimes referred to as holistic medicine. This number is growing larger as more people are disappointed with modern traditional pharmaceutical methods to cure ailments.
Due to these shared frustrations, there are many CBD business opportunities that exist. Even people unwilling to try THC products, the active psychoactive compound in cannabis, are willing to try CBD for all sorts of reasons.
If you’re wondering about the CBD industry and how you can become a small business owner by capitalizing off of the many CBD products out there, keep reading.
Industries Embracing CBD
Since CBD has many uses, it has popped up in every market. Many brands see the appeal that CBD has to their consumers, coming up with unique products that catch the attention of customers of all ages.
An obvious industry taking advantage of CBD’s popularity is the food and beverage industry. This industry hasn’t taken off due to the legalities still surrounding CBD and the cannabis plant as a product in general. But, many restaurants offer CBD-infused dishes, while other brands make CBD-infused beverages, gummies, and other goodies.
There have been many brands using CBD in skincare and makeup formulas. CBD is known as an anti-inflammatory, which makes it a good ingredient to incorporate into these types of products.
Nutraceuticals or supplements meant to provide health benefits embrace CBD as well.
The hemp industry utilizes the plant for various products, ranging from clothing and shoes to paper and insulation.
CBD Business Opportunities: Distribution
When honing in on CBD business opportunities, start with one idea. This way, you can master one aspect of the industry and work your way toward expanding your brand, product, or company.
One idea is to become a distributor. This involves establishing a warehouse to house inventory, and getting clients or investors to who you regularly ship out products. You’ll have to communicate with manufacturers.
A large part of this job is networking with various types of people. You’ll want a good manufacturer and to learn how to plan well in this industry.
Another job that works the back end of the CBD industry is being a part of a marketing team. Marketing has a wide range of opportunities and can be done while you still make income from other means.
There’s affiliate, content, social media, internet, and website marketing. You may be responsible for getting influencers to promote your products through their social media pages. You can host events, sponsor conferences, and advertise products on different blog websites.
The startup costs for this are low. Only a small percent of your revenue from the sales should be going toward marketing, establishing a website, and running your marketing campaigns.
Becoming a CBD blogger or reviewer allows you to work from pretty much anywhere in the world, be your own boss, and make passive income. You can even incorporate CBD marketing strategies, such as using affiliate links, into your blog posts for even more extra income.
You generate revenue from every sale made through the links to CBD products on your posts.
In addition to regular blogging, reviewers generate trust from your viewers. People seeking out CBD products online appreciate the honest feedback left by reviewers and are more willing to buy products that don’t feel extensively marketed to them. Instead, a review opens up a dialogue of communication for the brand and consumers to take part in.
CBD Pet Products
There’s an entire market devoted to CBD pet products. These are useful for pets who have a hard time settling down, get anxious, and need help with the pain.
You could make CBD food and treats, topicals, or even infused blankets. Dogs and cats have an endocannabinoid system, as humans do. This data suggests they can enjoy using CBD products.
Many pet owners who use CBD products for themselves would be interested in buying them for their pets. This is especially true if they’re made and targeted to the consumer correctly.
You can order bulk ingredients to create high-quality, safe CBD products marketed toward pets.
Tips for Having a Successful CBD Business
Like with any business, you’ll be successful if you do your research, have a genuine brand, and communicate effectively with your customers.
Begin by sourcing legitimate hemp and CBD products. Farmers who are certified USDA organic are the best option, as you do not want to promote products that have residue of chemicals, pesticides, and other toxins from the farming process.
Transparency goes a long way in gaining repeat customers. Any product you end up making should have as much information as possible on the label. Label the percent of THC, if it was made with alcohol or CO2, and if the CBD used was sourced from isolates or extracted plant material.
There are laws and regulations to be aware of surrounding CBD usage. Get the proper licenses while making sure any of the products you make or are distributing have been lab-tested. Depending on where you are, there are different legality issues to know about CBD.
Always stay up to date with new information the FDA comes out with in regards to CBD.
Start Your Business
Consider the many CBD business opportunities that exist before beginning your entrepreneurship. You can start small by running an affiliate-linked blog, or go big and establish yourself as a CBD distributor. The only way to become successful in the industry is by getting in the industry and learning everything it has to offer.
For more tips on entrepreneurship, read more posts on our ‘Business Talks’ blog page.