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Have you ever wanted to run your own CBD business?
If not, you’re already behind a competition, especially because the market for CBD is expected to hit $1.8 billion by the year 2022. For entrepreneurs who are wondering how to start a CBD business, we wouldn’t blame you for wanting to get a head start on the game either.
Are you in love with the health benefits that CBD has to offer? Join the club. To begin your journey, start your very own CBD business with the help of this complete guide!
Setting Up Your CBD Oil Business
You might be wondering: how can I start my own CBD oil company?
One of the first things that you should do is select a solid name for your new CBD company. Despite what you may think, it is actually not a good idea to include cannabis, hemp, or CBD in your title.
That’s because it can scare off big banks and creates complicated problems that you can otherwise avoid. Plus, you have no idea what state your company will be several years from this point.
While you may start out by selling CBD products, your business may evolve over time. Therefore, it is not wise to choose a name that won’t grow with you.
On top of that, choose a business name that is easy to spell and easier to remember. Think about your clients telling their friends about your new company. For starters, keep it simple, limiting your name to two easy words.
However, that’s all the only way to choose your CBD business name. Additionally, feel free to ask your friends and family for their suggestions. Once you settle on the right name for you, check GoDaddy.com to see if the domain is free as well.
The next step is to make your CBD company name official. When you are starting a CBD business, it is super easy to turn your company into an LLC. You don’t have to hire any fancy lawyers to do the paperwork for you either.
Simply finding a legal service online will take less time and cost you less money in the long run. In addition to this, use the same name for your entity as you did for your business. For example, a business that is called Organic Evergreen could set themselves up as Organic Evergreen, LLC.
But now what?
Designing Logos And Opening Bank Accounts
In case you didn’t know, the next step is to design your new company logo. Whether you hire a freelance designer or choose a boutique firm, there are tons of talented people out there who are can create a quality design.
For those of you who choose boutique websites like 99Designs.com, all that you have to do is provide your:
- Company name
- Special colors
- Design requests
Then, several designers will work hard to design the perfect logo. Several days later, you will have one of the best CBD logos in the game. How can you possibly beat that?
Now that we’ve covered your logo, it’s probably time to talk about your CBD oil business plan. First of all, opening up a bank account in your new LLC name is a must-have for any business owner. To do this, you will need your employee identification number to complete this step.
When you are ready, head over to your local bank and tell them that you are in the “health and wellness industry” before asking them to set up an account. As long as you remember not to tell them that you are a hemp or CBD-related business, you should be good to go.
After you receive the green light from your bank, applying for a special merchant account should be a breeze. Be sure to find a merchant processor that specializes in CBD manufacturers as well.
As usual, remember to keep your CBD merchant account separate from your current bank. This is especially true since they most likely won’t be working together!
Finding Customers And Building A Website
Like any hemp-related business owner, offering quality CBD products is the name of the game. As you may know, the better your CBD products are, the more likely that your customers will reorder them. Otherwise, you are going to end up with an overstocked inventory in no time.
Not to mention that your company may have a higher than usual refund request and return rate too. You don’t want your customers to make disputes and return products to your merchant account processor, do you? We didn’t think so.
It gets worse: those with chargebacks of more than 1 percent will have greater odds of getting closed out of the CBD industry as well. Once your merchant account processor turns against you, then chances are that they all will.
If your company is truly successful, then you’ll most likely receive reorders from people from all walks of life, including:
- Doctors
- Personal trainers
- Chiropractors
Once this is done, building a website for your CBD business is one of the most important things that you can do. For starters, use a simple template online. Then, look at your site on your computer, tablet, or phone to see if it displays well.
With website templates, all that you have to do is drag-and-drop your content into the proper spot. If you’re not sure how to make your brand stand out, you can even base your design off of another brand that you admire.
Nonetheless, that’s not to say that you should straight up copy their content. If so, Google will definitely recognize your mistake, giving your website a “negative strike” instantly.
After you’ve secured your company website, you may want to sign up for a social media account. Just make sure that you get the same social media handle consistent across every social channel!
Fulfillment Companies And Marketing Strategies
Are you in the market for crystal resistant CBD distillate?
If that’s the case, then you’re going to have to find a reliable fulfillment company first. Once you find the perfect fulfillment company for you, they will ship your CBD products to your client’s home or place of business as soon as possible.
Have you built a solid marketing strategy yet?
If not, then you’re missing the glue that we’ll hold your CBD business together. In terms of marketing your product, there are literally thousands of ways to do it. The best part is that you can choose more than one advertising avenue as well.
To begin, think about 20 different ways that your business can make money. While it will be easy to think of the first couple of ideas, it may become a struggle as the list goes on. When you finally brands on 20 ideas, it’ll be stress-free to pick out the right method for you.
Hopefully, this big idea will be the main “money-maker” for your new CBD business. If not, there’s no harm in combining several marketing strategies to apply to your CBD brand either. The more, the merrier, right?
For those of you who are feeling totally clueless, there’s nothing wrong with sending out a few lead magnets first. This is a special deal that you can offer to future clients to gain their email information. Typically, lead magnets include some sort of freebie as well, like a downloadable:
- PDF checklist
- Report
- eBook
- Whitepaper
- Video
This could be a remarkable way to gain a substantial email subscription list too. As a matter of fact, lead magnet tactics make marketing to your target audience easier than ever. What company wouldn’t want that?
Start Your Own CBD Business Today
Still not sure how to start your own CBD business today?
To be completely honest with you, the whole process is much easier than you’d think. As if that’s not enough, our handy guide later everything that you need to have a successful start.
From creating a name and establishing a brand to designing logos and opening bank accounts, we’ve got you covered. After that, building a website and finding clientele should come naturally for those with top-notch CBD products.
Of course, you have to find the highest quality CBD distributor too. That’s because poor quality products equal slower return rates. To avoid this, be sure to offer your customers discounts regularly.
Since people love sales and discount codes, you can easily sit back and watch as the word about your new CBD business spreads. The rest should be a piece of cake!
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