As studies continue to link cannabidiol (CBD) to a range of health benefits including reduced pain, anxiety, and depression, CBD has steadily graduated to the main stage of health and well-being. With expert CBD oil manufacturers now taking care of the complex creation and supplying process, there has never been a better time to start your own CBD retail business. So, what are the first things you should do when building your business?
Consider WHY you want to start a CBD business
Anyone considering starting their own business should always ask themselves why. What is my motive? Everyone wants to make money, and that’s fine. But are you passionate about the CBD industry? Starting and running your own business requires blood, sweat, and tears. Having a genuine passion and interest in the benefits of CBD products for your customers is crucial for ensuring your long-term dedication and ultimately, success.
Make a business plan
As sourcing product from CBD oil manufacturers takes out much of the initial costs, a CBD start-up can require surprisingly little capital. However, knowing the costs of buying and selling your product, as well as any overheads and unforeseen costs, is vital to ensuring your financial viability. Even if you plan on running your business from a garage or spare room, a business plan can help identify risks and opportunities which may not have been immediately obvious to you.
Choosing a manufacturer
If you have decided to go down the white label CBD route (the best option in our unbiased opinion!) then you must find a CBD oil manufacturer. Ensure your supplier is reputable, regularly audited (e.g. by MHRA), and compliant with any legal standards (e.g. HACCP, GMP).
Decide on your products
In a market where competitors are selling similar products, it pays to diversify. There are now a whole host of innovative products you could be selling, including oils, skincare, and e-liquids. Diversifying your range increases your ability to up-sell and cross-sell while merchandise and accessories (think t-shirts and vape devices) represent exciting opportunities for expansion.
Marketing & Selling
Will you be an online-only business, or have you always dreamed of opening a store? Regardless, having an active online presence is paramount to success in the digital age. Not only does an online store allow you to reach a huge audience with the click of a button, but you can showcase your products, reviews, and be available to your customers 24/7.
Branding
As a growing number of UK sellers specialising in CBD products, creating a unique brand will be integral to your ability to engage and excite customers. Focus on what makes you special. Do you provide amazing customer service? Do you have great loyalty bonuses? Do you have exclusive products? Find your USP and create a brand that people will recognise and trust.
A warning
Not to dampen your entrepreneurial spirit, but there are a couple of things to consider when starting your CBD business. Firstly, always adhere to MHRA guidelines which largely prohibit promising any specific ‘medicinal’ health benefits from your CBD products. Secondly, take care when shipping internationally as not all countries allow CBD products.
