Online sales are at an all-time high and, simultaneously, the CBD market is better than it has ever been and is still growing. Put those two together and you have a good business model. And that is what this article is about: starting an online CBD business.
Starting any small business online usually comes with some basic inexpensive processes. Coupled with some other processes that are custom to the CBD market and a little something extra to push your business ahead of the competition, and you have a solid online business. And all this is surprisingly easy to do here’s how.
Pick a CBD Product to Sell
Before choosing a CBD product to sell, you must first ascertain the viability of that product in its current market. This gives a realistic view of market conditions and informs profit projections. Because the CBD market is growing does not mean all CBD-based products are equally profitable, some are more popular and profitable than others—know what sells. A general rule is that you should sell what you like or believe in, but a little statistics doesn’t hurt.
When selecting a product, also remember to check if CBD is legal in the state you wish to operate in. Some states have fully legalized CBD and CBD-based products, some states put some rules and regulations on it, while some others have banned it altogether. Know the legal situation in your state so you don’t find yourself operating outside the law. Once you have selected a CBD-based product to sell, you can move to the next step.
Choose a Supplier
You’ll want a trusted supplier that will deliver on time, that won’t mix up orders or flake—this is paramount to your business operations. You’ll also want a supplier who prides itself on quality; no amount of marketing negates bad quality.
Always pick suppliers that specialize in producing the products you wish to sell, who have a track record of delivering quality. It’s better to work with a supplier who is great at producing one thing than a supplier who is average at producing a number of things. In essence, if you sell CBD oil, choose a supplier that is great at producing CBD oil. If you sell CBD vape cartridge—which is a popular CBD-based product—choose a supplier that is great at producing CBD vape cartridge.
It’s always a smart move to reach out to others who have done business with the supplier you choose to move forward with to get firsthand testimonials about the quality of their service.
Get a Business Name and Domain
Once you have a product and a supplier, it’s time to handle the formalities, starting with a business name. You can get creative with this, but there are still guidelines that should influence your choices for the best possible name. Some of them are:
- Choose something easy to pronounce and remember.
- Choose a name that has a connection with the industry.
- Be watchful of connotations, especially in foreign languages.
- Ensure it doesn’t infringe on someone else’s trademark.
Once you have secured your name and registered it with your state government, it’s time to build a website. There is a list of website builders and hosting services you can use that do not require any technical expertise whatsoever.
After registering your business, you need to handle shipping. Your arrangements will depend on your business model. If you plan to stock inventory, then you’ll need a traditional delivery service. However, if you plan to use a dropshipping model—which is quite popular due to flexibility and low overhead cost—then you would need dropshipping suppliers to fulfill your orders.
Tell People About Your Business
The Internet is a loud and busy place. You have to tell as many people about your website through your marketing efforts or risk being drowned out by the sheer volume of other businesses.