So, you’re looking to get into the booming CBD business. The market is still relatively new and exponentially growing at a fast pace. Therefore, you’re making a good decision to jump in during the early stages. That being said, it’s a competitive marketplace and it’s important to do your due diligence before getting started. Not only do you want to understand the market, but also the products and consumers. Here are some of the best tips to help you start a CBD business the right way.
- Find a Supplier
One of the things that you need to focus on when it comes to starting a CBD business is your supplier. You need to find a supplier that is reputable and one that you trust. Unfortunately, as with any booming industry, the CBD industry has become flooded with poor-quality products. Not every product you find is going to be something you want to sell. To create a business with sustaining power, you’ll want to find a supplier that will deliver you a high-quality product. Otherwise, your business will falter through a poor reputation. You’ll find reputable companies like Joy Organics that sell CBD wholesale to smaller businesses throughout the country. They pay for third-party lab testing to guarantee they are delivering the highest quality product. Everything they sell is 100 percent pure Hemp from the USA and it contains no THC. Also, their products are all pharmacist-approved. With them, you can get access to a lot of different CBD products including gummies, oils, capsules, and even energy drinks. Along with this, you can find more information about their products and their supply and distribution on their website.
- Learn About Your Target Market
When you are looking to start any kind of business, you need to learn everything possible about your target market. Figure out what your ideal customer looks like and what they want. That way, you will be able to position your product as something they’ll want. Without knowing the in’s and out’s of your target market, you won’t be able to effectively market your business and sell products. You can get Voice Of The Customer surveys through SurveyGizmo. That way, you can get to know your target customer on a much deeper level which can be very beneficial to anyone starting a business. While you might know that there is a market for CBD products, you don’t know why they are interested. Knowing why they want to buy CBD products and what they want in the products they buy is crucial to finding the right product and being able to market it effectively.
- Figure Out If You Want To Run a Brick and Mortar Business or Solely Online Business
When you are looking to start any business selling a product in today’s marketplace, you have the choice to go the traditional brick-and-mortar route or the e-commerce route. You can be successful with either one. You can even combine the two to form a powerful business that reaches both local and global customers. That being said, you don’t want to only start a brick-and-mortar business because you’ll be limited to selling locally. It’s unlikely you get enough business to grow your business through a brick-and-mortar location without an online element. One of the most important things you need when it comes to running a successful e-commerce business is quality customer service and providing a quality shopping experience. Because the space has limited barriers, you have a lot of competition in the online space. It can be very easy for a customer to hop off your website and onto one of your competitors if you don’t provide the kind of experience or products they are looking for. That’s why it’s so important to spend time and figure out what value proposition you want to bring to the table before investing in your idea.
- Get Help With Establishing Your Online Presence
One of the best things you can do to give yourself the best customer experience possible is by hiring an expert and letting them do their job. While you could attempt to go at this alone, it would be putting your business at a disadvantage. There are Shopify experts that you can hire that will ensure you are properly positioned for success. They can help to integrate the right features necessary to help your business be successful. Also, by hiring a professional, you can focus on other key aspects of your business that need attention. A lot of times newer business owners will look to handle a lot of this on their own to save money. Unfortunately, this could end up costing you money in the long run. After all, if you don’t have the requisite experience or skillset, you could set up the store incorrectly which can cost you money and most certainly cost you time.
- Be Versatile and Creative With Your Marketing
You should be using the information that you received from the VOC survey that you did and take a lot of different routes with your marketing to target the right demographics and customers. Don’t allow yourself to use your own inherent bias when coming up with your marketing strategies. Always keep an open mind and follow the data. Coming up with a marketing budget is crucial to ensuring that you aren’t overspending, but you also don’t want the cost to be the only factor that you consider. The returns on your investment and the customer acquisition costs should be prioritized in your marketing efforts.