Since the Farm Bill passed in 2018, cannabis, hemp, alternate cannabinoids, and CBD-based products are bigger than ever. But despite this ongoing green rush, a lot of entrepreneurs entering the marketplace are having trouble getting a foothold, and since the industry is still such a wild west of success and fail stories, we wanted to share some up-front advice for anyone looking to roll out a CBD business and website or e-commerce store.
Establish a Business and Marketing Plan
Having a plan is the absolute first move for any new business owner, whether entering into CBD, delta-9, delta-8, or any new marketplace or product type. Before you think about buying your first product or establishing your marketing, you should have a pretty good idea of what kind of business you want to be, how you’ll make income, and how you’ll run your daily operations. Know which roles you plan to take on yourself and which you plan to delegate.
Most start-up businesses struggle to make it past three years, so be sure you know where you plan to take yourself each year and enable yourself to keep track of your successes and failures in order for your CBD business to expand.
Know the Cannabis, Hemp & CBD Market
Do your research and look into what other companies in your area are doing. Use Google and research the latest hemp extraction methods, cannabis branding and packaging, and the latest regulations regarding CBD worldwide. Look into your competitors and assess where their high and low points are and what gives them the advantage. Go to tradeshows and check out what top earners are doing to draw attention: is it their brand style, the quality of their products, a huge audience reach, or maybe something you’ve never thought of?
A start-up business can get tough fast, and only those with a competitive edge gained through knowledge and a creative angle will excel.
Ask for Help from Other Hemp & Cannabis Professionals
If you feel like you need help, don’t drown in little details. Reach out and get a qualified cannabis/hemp business consultant and/or marketing consultant to help you establish: a marketing and business plan specific for CBD brands, profits losses, and gains statements, a system for tracking your income and/or inventory, and depending on your market – compliance.
While it’s good for a CBD business owner to be knowledgeable about every part of their business, it’s also good to take advice from experts in other fields, and from people who have spent time in the hemp and cannabis industry. Many aspects of running a CBD business are nothing like standard, regulated products!
Hire Expert Graphic Designers and Website Creators to Build Your Marketing
Unless it’s within your wheelhouse, creating your brand and marketing can be a huge time crunch and stress factor for cannabis and hemp start-ups. Its time consuming, difficult to pin down, and can cost a fortune in re-dos if done incorrectly.
By hiring an expert team to handle your branding and logo, website creation, print packaging and graphic design work, and tradeshow materials all under one roof, you can be assured that the final product will be worth your investment. Website development can also be especially fickle, and while easy-to-use and inexpensive services exist, hiring an expert ensures that the job is completed on time and within budget. The goal is to make sure your CBD e-commerce or website rolls out before the competition takes over the scene.
Starting a CBD Business – Final Take Away
If you’re looking to get into cannabis, hemp, and/or CBD-based products, we applaud you! This fast-growing industry is becoming one of America’s brightest futures, and what’s best is that these products can genuinely help people live better life. However, just because you’ve decided to work in a brand new industry with a new positive outlook, don’t forget: it can be highly competitive, highly unregulated, and highly risky – so be sure you’re 100% ready!
Think you’re ready to get your CBD / hemp, or cannabis-based business ready to go? Contact Colorado 420 Websites today and let us make sure your branding, marketing, and website are on point!