Plan to open a CBD shop? Here are some important aspects you need to know
CBD: The cannabis and hemp industry has grown significantly in the past year, especially due to the CBD sector, which has become very popular among those looking for an alternative way to deal with health issues.
CBD, a compound found in cannabis and help plants, proved to have an array of health benefits, including anxiety and pain relief. This is making CBD a household name and a compound we will be hearing more about in the following years. Source Unsplash
The buzz created around CBD tuned the market into a very competitive one, as entrepreneurs look for ways to launch a CBD business or expand their business to contain CBD products. Oils, tinctures, topical creams, infused edibles, and capsules are just a few types of CBD products you can find on the market under various labels.
Predictions say that, by 2024, the U.S. CBD market will hit $20 billion in sales. This shows the huge potential of the CBD industry and prompts many people to consider opening their first CBD business. But even a booming industry like CBD is not short of challenges, as the journey to opening a CBD shop is not exactly child’s play.
If you are considering launching your first CBD shop, here are some important aspects you need to remember in order to achieve success.
Learn where your CBD Comes From
Of course, the first thing you need to do when you want to start a business is learning as much as you can about the industry. Besides knowing what CBD is and how it can help people, you also need to familiarize yourself with the types of CBD that exist on the market. This way, when you will start searching for wholesale CBD flower vendors, you will know exactly what type of CBD to look for.
CBD can come from both the hemp and cannabis plant, with the key difference between the two being the amount of TCH contained. THC, as you probably know, is also a compound found in the cannabis plant, and is mostly recognized for its psychoactive properties.
Hemp-derived CBD contains less than 0.3% THC, which makes it a much popular choice among users that are not looking for any type of “high” associated with THC. Cannabis-derived CBD, on the other hand, contains over 0.3% THC and is still considered federally illegal.
Decide On The Type Of Products You Are Going To Sell
As the CBD industry continues to grow, more and more CBD-infused products are seen on the shelves. If you want to start a successful CBD shop, you need to select only the best products for your customers. Getting lost in the array of options is not an issue for consumers only, but for retail sellers as well, as navigating the market to select a variety of high-quality products can be quite challenging. The options are endless even when it comes to choosing cannabis seeds. For the start, it’s better to choose seeds that are well-loved. For example, White Widow feminized seeds are favored all over the world, so you know they will be easier to market than newer, hybrid strains.
Here are some types of CBD products that you will want to consider for your shop:
CBD tincture : This is basically CBD oil that usually comes in a specially-designed bottle with a dropper. CBD tincture is taken sublingually, by placing a few drops under your tongue and keeping the oil there until it is absorbed.
CBD edibles : Edibles are some of the most popular CBD products, especially due to the convenient way the CBD is delivered. From candies to baked goods and foods, the CBD edibles sector is one of the fastest-growing in the industry.
CBD topicals : Topical creams, lotions, gels, and sprays are mostly used to treat localized pain and aches. Because the products are placed directly on the skin, over the area that causes pain, the alleviating effect is sometimes felt faster than when using CBD capsules or edibles.
CBD capsules : Capsules and pills are mostly preferred by those looking for a discreet way to take CBD. They look similar to any other supplement pill and can be taken anywhere in your purse or pocket. People suffering from digestive issues are the ones more likely to take capsules to treat their condition.
Market Your Products The Right Way
Marketing is a huge part of any successful business, and in a competitive field such as the CBD market, you need all the tools you can gather in order to stay ahead of your competitors.
Unfortunately, marketing options are very scarce for the CBD market, and you will need to get a bit more creative with the way you advertise your products. Huge e-commerce platforms such as eBay and Amazon make it very difficult for vendors to sell CBD products, and social media advertising is barely an option. In many cases, paid ads for CBD products have led to banned accounts and suspensions.
SEO remains your best marketing option, together with customer loyalty programs and establishing an e-commerce store as well. Work to rank high in organic searches and invest in good content for your website. You have very few options, so you need to make the best you can out of them.
Work to Gain A Competitive Advantage
Speaking of the competition, if you want to survive on the market, you will need to start gaining a competitive advantage. If you are not planning to develop your own CBD products, ensure you are only purchasing from reputable vendors that sell high-quality products, and provide certification for them. This will ensure your customers get the best from you and continue to come back to your shop.
Be informed and stay up to date with everything that happens in the industry. You want your customers to see you as an established authority so that their trust in your business continues to grow. Double-check everything, anticipate potential changes, and learn to spot growth opportunities.
Establish an online presence as well, and make sure you also keep a blog section where you can post informative content for your customers. This is one of the best ways to establish yourself as a knowledgeable source and be recognized as an authority even by your competitors.