CBD has experienced an unprecedented surge in popularity in recent years, leading to a corresponding rise in the number of CBD businesses in operation. If you are thinking about joining those other businesses and want any chance of survival, then here are four things you need to know.
The Product
It goes without saying that any business needs to be familiar with their own products. However, with a product like CBD, it is even more important than usual. That’s because there are a lot of claims made about the potential benefits of CBD, so some people tout it as being an effective treatment for a wide range of ailments. However, the jury is still out on most of these purported benefits, and science still has some way to go.
It is important that you are able to advise your customers accurately. Offering inaccurate advice, especially when it is medical advice, can land you with some serious trouble. Make sure that you take the time to really get to know the CBD manufacturer and what it can and can’t do.
The Law
Laws regarding CBD vary across the U.S. and the world. If you are going to sell CBD, then you need to know where you can and cannot ship it to. It is also important to check whether you are allowed to handle CBD in your state. While it is very unlikely that you would be arrested for possessing CBD, even in the states where it is technically illegal, it is always risky to start a business on legally shaky ground.
Even if CBD is illegal in your state, you can still sell it using a dropshipping model. Under a dropshipping model, customers will order products from you, and they will be shipped directly from a supplier or manufacturer. This means that you won’t have to actually hold any of the products yourself.
What Forms Will You Sell?
CBD is available in a variety of different forms. If you are going to start selling it to then you need to know about these different forms and what the practical differences between them are. Different forms of CBD have different onset times and durations. For example, products that are vaped tend to take effect very quickly but are also relatively short-lived. On the other hand, if you take your CBD orally, then it will take longer to work but the effects will last longer.
How Will You Sell It?
Opening a physical retail store in 2020 isn’t going to be feasible for most people. However, you can use platforms to set up an online CBD store quickly and easily. Once you’re up and running, you can start selling straight away.
You also have the option of building your own website from scratch or paying someone to build one for you. However, this is going to be the most expensive and difficult way of getting set up. If you want to get up and running as soon as possible while keeping your costs low, using an existing platform will cut out a lot of the hardest work.
Once you have all of the above topics down, you are ready to start selling CBD. Make sure that you have a proper business plan, not just a vague ambition to sell CBD.
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