Read on to learn the biggest key points to keep in mind when starting a CBD business so you can set yourself and your business up for success.
If you’re reading this, chances are, we don’t have to sit here and explain to you the booming of the cannabis industry in the last 10 years, because you’re already aware of the incredible profit margin currently available in today’s market.
Identify Your Niche And Product
Simply walking into a convenience store these days, it’s obvious that one can almost buy CBD-anything. CBD gummies, ointments, creams, droplets, pet gummies… the options may seem endless at first. The first step before focusing on anything else will be in identifying the market you want to tap into and the best CBD products to help your company reach its objectives, starting your CBD business on the right foot.
Know Your Laws
The signing of the Farm Bill in 2018 legalized the production of hemp for commercial use in 2018; making the sale of hemp-derived CBD legal on a federal level.
However, one still has to keep in mind that companies cannot legally advertise CBD products as dietary supplements or as health products to improve any conditions, despite the temptation.
So when starting your CBD business, it’s important to keep in mind the regulations that could limit your marketing strategy and create your business plan centered on this plan of action.
Here at Island Products we aim to simplify this process for you – once you have identified the products you want to sell and the brand you want to be, our expert team will step in and recommend the best options for your company based upon your needs and the current regulations.
Find The Perfect E-Commerce Website For Your Business
Having the right business plan and the right supplier isn’t enough – you need to also identify the best ecommerce platform for your business. The tech that will launch your product and your website needs to create an experience that will make your customers come back to you time and time again.
How To Find (And Maintain) Your Competitive Edge
To find and maintain your competitive edge, you have to develop and sell high-quality products that will withstand scrutiny from regulators as well as educated consumers. Island Products makes it simple for you – our R&D team in Vermont does all the product research for your company, so you don’t have to; providing you with the best products for each season. When you become a client of Island Products, you also receive free marketing consultations, sales strategies, and the expertise and backing of our entire team of professionals.
The CBD industry, although widespread, continues to crave the diligence and creativity of new businesses every year. This is the right time to start building a company that lasts. Contact our Island Products team today to learn more!