If you’ve glanced at the news or at social media recently, you’re certain to have heard of CBD (cannabidiol). Whether it’s your fitness-fanatic friend telling you about how it’s boosting their muscle recovery after workouts, or a heartwarming news story about CBD helping children with epilepsy, CBD is more popular than ever.
You might well be thinking about getting on the CBD bandwagon. Maybe you think it has great money-making potential, or you’re keen to start a green business from home.
Although many industries have been hugely negatively impacted by Covid-19, the CBD market continues to grow steadily. In 2020, the US CBD market is projected to reach $4.7 billion in sales – that’s a 14% increase on 2019’s sales of $4.1 billion.
Getting Started with CBD
You might be wondering how easy – or hard! – it is to get started with CBD.
As with any type of business, it really depends on what sort of business you want to build.
Todd Smith offers some great advice in this article, explaining that it’s crucial to know what you’re aiming for when building a business in the CBD space. He suggests asking yourself whether you’re aiming for a “hobby business to run with your family” versus a “full-time career change” or even a “multi-million dollar business you intend to sell.”
If you want to get started in a quick and straightforward way, you could:
- Use a wholesale CBD program to offer an existing range of products, such as the Joy Organics range. This is a great option if you want to run a store (online or offline) that sells CBD products, as you won’t need to think about anything like product design or your supply chain. It also means you can use the name recognition of a premium brand.
- Use a white label or private label program. This is where you use someone else’s products, but with your own labels on them. You can create and market your own brand … but still without the complexity of starting a CBD business completely from scratch.
Another possibility for entering the CBD industry is to use affiliate marketing. This means using a website and/or email list to market other people’s products, earning a percentage in commission when someone buys. You can get started with just a cheap domain name and website, or a free mailing list.
What Products Are Available in the CBD Industry?
Perhaps you’re new to CBD, or you’re interested in seeing how other entrepreneurs are making CBD work for them.
The CBD industry is huge, with lots of companies entering this fast-growing area. When you think of CBD, you might think of oils that are administered under the tongue or rubbed onto the skin, but there are lots of other types of products that include CBD.
For instance, you can get CBD products aimed at pets, as well as CBD gummies, CBD bath oils, CBD toothpaste, and even CBD toilet paper. Of course, the jury is still out on how effective some delivery methods of CBD are.
Your CBD business could be a fun money-making hobby … or the start of a global brand. Dream big, but don’t be afraid to start small. Entering the CBD industry doesn’t have to cost a lot, and it might just be the best thing you do this year.