If you have the entrepreneurial bug, it’s more than likely that you’ve read at least a couple of blogs or new articles talking about how CBD is a gold rush. After all, the CBD industry is projected to grow 5x by 2025, with sales expected to go from just under one billion dollars in 2020 to $5 billion in five years.
With that being said, unless you already have a lot of experience with CBD, then it might be a bit intimidating to jump into the industry and start a business, no matter how much growth is expected in the near future.
If starting a CBD business has been on your horizon, we’ve decided to put together a shortlist of the steps you need to take to get your CBD business off the ground and to ensure it’s made for long term success.
WHO IS YOUR TARGET MARKET?
As with any type of business, it’s extremely important to narrow down who your target audience is. While it may seem counterintuitive, you don’t actually want everyone to be your customer. The more you can narrow down your demographic, the easier it will be to plan, execute, sell, and build a relationship with your customers.
Being a one-size-fits-all is just not possible.
Determining who your target customers are will define your brand, your product, and even little things like how you run your marketing campaigns and write your copywriting material.
Forming a bond with your audience is essential for creating a successful business of any kind, so the better you know who and how they are will allow you to think like them and ultimately provide them with what they want.
CREATING YOUR BRAND
Once you understand who your target market is, you can begin designing your brand. While you may have your own personal preferences for colorways, packaging, your logo, and other aspects of your brand, it’s important to design everything for your audience.
At the end of the day, your branding is meant to appeal to your audience, their needs, and desires.
You need to look into every aspect of your business, from your logo, colors, website layout, brand voice, packaging, and much more.
FIND A CBD PARTNER
Once you have your branding prepared, it’s time to take the first massive step into getting your business off the ground; finding a CBD partner.
We almost always recommend finding a veteran partner that can take a lot of the heavy lifting off your back and, in many ways, help you get your feet wet in the business. Working with a reputable brand like Wholesale Hemp Suppliers allows you to start your business without incurring many of the expensive upfront costs. Working with us allows you to avoid holding large inventory since you can order from us in bulk. On top of that, we take many of the other essential tasks right off of your plate and have our veteran team of industry experts take care of them.
If you’re serious about starting your CBD business, we can help. Shoot us an email or give us a call, and we guarantee we will bring your vision to life.