Although it’s not new, with changes in laws and regulations and the benefits becoming more widely known, CBD is taking off quickly. There are so many CBD benefits, like the fact that you can use CBD for pain relief, or the fact that it can help with more serious conditions, like seizures. It’s no surprise so many people are interested in using these products. There are others, though, who aren’t just interested in getting in on the CBD marketplace as a consumer—they want to get involved as a business and take advantage of all the potential the industry has to offer.
If you’re someone who is interested in getting into the CBD industry and are considering selling CBD online but aren’t quite sure how to get started, here are five of the first steps you need to take to get your online CBD business going, growing, and thriving:
1. Review and Understand the Laws and Regulations Surrounding CBD
The first step when selling CBD online is to make sure that you’re familiar and in compliance with all laws and regulations. CBD is not yet legal in every state, and some states place specific restrictions on its sale, purchase, and use, so before you spend a dime on products or start building your website and store, you’ll want to make sure that you’re in full compliance with the law. The best way to do that is to hire an attorney who can go through your business with you to ensure that everything is how it should be and keep you in compliance. In addition to hiring a lawyer, it’s always a good idea to read and understand the laws yourself so that you can build your business accordingly and have to make fewer changes later.
2. Come Up with a Business Plan
After you’ve determined what the laws are and what you need to do in order to operate, it’s time to come up with a business plan. If you prefer, you can write up a full business plan beforehand and then make changes once you are familiar with the laws and regulations but coming up with a business plan after the fact will help ensure that you stay in compliance.
When deciding on your business plan, you’ll want to consider things like whether you prefer to source your own products and sell them in your online store or want to create a storefront and dropship products from a supplier.
3. Get Your Funding, Business License, and Tax ID
After your business plan has been completed and you feel like you’re ready to go, you’ll need to apply for and obtain your business license and tax ID. Even if you are planning to start small and keep your operation minimal for the time being, you’ll need to have everything in order. You will also want to start pitching your business to investors or applying for loans to ensure that you have the startup capital you need. Even though online sales can be much cheaper than starting a brick and mortar store—especially if you’re going to be dropshipping—it can still take more money to get started than you have available in your personal funds.
4. Find a Trustworthy and Quality Supplier
After funding has been squared away and you have all of the necessary documents to open and operate your business, you’ll need to ensure that you have a trustworthy and quality supplier to provide you with the products you want to sell. Not all suppliers are created equal; while some companies, like Verma Farms, grow and manufacture their own products, others source them from third-parties, some of which are based in China and other foreign countries. The quality of your supplier will determine the quality of your product which will determine the quality of your business and whether or not you can keep happy customers coming back for more.
5. Choose a Domain Name and Build and Optimize Your Website
Once you have a product source and everything else squared away, it’s time to get started on your website and the front of your company. When it comes to choosing a website platform, you may need to do your research. Not all platforms (or even merchants) will let you use them to sell CBD. Once you find the perfect platform, though, you can start building your website and setting up your store, then optimizing it for SEO. You can come up with your domain name too, but remember, you’ll want to choose a domain name that is memorable but not too long or difficult to spell.
Final Thoughts
After you’ve checked off the items above, you’ll be well on your way to entering this growing industry and selling CBD online. As you create and execute a solid marketing plan, add quality photos to your site, and collect customer reviews, you’ll be able to start enjoying not only the benefits of CBD but also the benefits selling CBD can bring as well.
What made you decide you want to sell CBD online?
