Unlike in the past when it was surrounded by negativity, cannabis has, over the years come to be embraced by societies in different parts of the world. This is especially the case as some of its active components such as CBD have been found to have numerous health and therapeutic benefits. A 2011 study that was published in 2014 in Hawaii’s Medical Journal of Medicine and Public Health revealed that cannabis could be helpful in providing relief from pain, depression, insomnia, stress, and anxiety. From the same study, some of the subjects in the survey reported improved appetite and increased concentration. Even though scientific research about on the medical significance of the green herb still continues, there are many other proven health benefits of marijuana and its constituents.
This, together with the fact that its medical use (and sometimes recreational use in some places) is permitted in most US states and other countries around the world, has given rise to a whole new booming business. Basically, the major active components in marijuana are CBD (cannabidiol) and THC (Tetrahydrocannabinol). Both compounds look so similar in chemical makeup, but are CBD and THC are so different both in terms of their molecular structures and the effects they have on the human body. CBD is known to be the more beneficial, less harmful component, and is thus the most marketed product. As a matter of fact, THC is still illegal in most countries around the world, owing to its various mind-altering effects.
But back to the main agenda, selling CBD oil and other CBD products has grown to become a very lucrative business today. However, most willing entrepreneurs are still in the dark on how to go about starting such a business. Well, the truth is that it isn’t so hard after all, provided you know the crucial basic steps. This having been said, let’s get to hitting the nail on the head!
Here is a step-wise list of ways on how to start up a business using private label CBD products.
1. Understand the Relevant Laws, and Regulations
Before you even think of venturing into any business, it is important to consider doing your research regarding the legalities and illegalities surrounding the kind of business you’re getting into. And considering the fact that marijuana and its products have not been on the good light in the past, you need to be keener and more cautious. In the US, for instance, the Federal Government considers CBD oils, supplements, and other cannabidiol products Legal as long as they are extracted from industrial hemp and they have a THC concentration not exceeding 0.3%.
Additionally, you will need a number of business documents and permits to be able to sell Private Label CBD Supplements online. Some of these may include business licenses, incorporation, and a taxpayer identification number (TIN) document. On top of this, you will want to ensure the following:
Transparency in company policies, product packaging, dosage information
Provide resourceful information about cannabis and CBD
Comply with other state laws
It is also important to avoid making direct claims about your supplements’ ability to cure, treat, prevent, or diagnose any disease. Such claims may get your business in hot soup. Most online CBD entrepreneurs continue to provide a disclaimer stating that “these statements have not been verified by the FDA,” just to be on the right side of the law.
2. Find a Reliable Supplier
Once you’re square with the laws and regulations, the next important thing is to get a reliable supplier who can provide you with high-quality products. The 3 main aspects to concentrate on when choosing a supplier is their way of extraction, their sources, and their certification. As for the method of extraction, CO2 extraction is one of the most preferred ways as it is safe and produces the best quality of extracts. It is also important to know where the raw hemp is sourced from and ensure that you’re dealing with a certified CBD supplier. It may cost you quite a number of hours on research before you can find a consistent supplier that you can trust to help you develop loyal customer relationships, but it sure will be with the effort.
3. Create a Stunning Website
In the world of today, you just can’t hack it in business without a highly-functional website. This is especially the case if you’re dealing with products such as CBD oils and supplements. To maximize your revenue, you will want to invest in creating an attractive, user-friendly website that is easy to navigate. You’ll also want to provide lots of helpful information, resources, and blog articles on the website. Most importantly, you will need to invest in a secure payment system that will allow your customers to be confident that their purchase and privacy information is safe and secure when conducting transactions over your online store. Once you create your site using a reliable website building platform or service, be sure to invest in internet marketing strategies such as SEO, social media marketing, email marketing, among others.
4. Build a Professional Brand
The next crucial step after building a stunning website is to speak your language to the world and let them know who you are and what your CBD products are all about. But then again, building a successful brand name involves more than just marketing. You’ll need to get creative enough and think about what exactly your business represents. Come up with a creative slogan for your business, reach out to your target market through the various marketing channels and ensure that you establish and maintain high customer service standards. In a nutshell, it’s more about getting your prospective customers to believe in your products rather than driving the sales numbers only.
In this age and day, you should always expect to face competition in business, regardless of the line you’re in the industry. As a matter of fact, the CBD supplement business is one of the most competitive nowadays. With the above pointers, however, you have all it takes to get your marijuana supplement business up and running in no time.
Published by Matthew Piggot