By: Rachel Garland
Do you want to start a hemp CBD business?
If so, what does your dream company look like?
Give yourself the freedom to think BIG.
Can you clearly picture the kind of life you want to lead?
Maybe it’s running a family owned hemp farm or it’s having the ability to work from anywhere in the world with a remote business.
Both options (and so many others) ARE POSSIBLE!
To give you a better idea about the opportunities available, here’s a quick look at different ways of starting a hemp CBD business.
There are five main approaches:
1.) Hemp CBD Store
2.) Farming Hemp CBD
3.) Hemp CBD Wholesale
4.) White Label Hemp CBD
5.) Dropshipping Hemp CBD
Now, it’s important to mention you are not limited to a single option.
This is about building YOUR dream business.
And by better understanding the opportunities available, you can find the right fit for you.
Keep reading to learn more about the advantages and drawbacks of each approach when it comes to starting a hemp CBD business.
Are you passionate about sharing hemp CBD?
Do you embrace change?
Are you skilled at creating exceptional experiences?
Do you want to open your own store one day?
Are you eager to help more people?
By answering yes to any of these questions, it’s a clear indication that starting a hemp CBD store could be a great opportunity for you.
The current market value of the global CBD industry is estimated to be 9.3 billion – AND GROWING!
If you’re someone who dreams of opening their own storefront and is eager to join the green rush, why not open up shop in your own community?
You can carry your own products, other top brands, or a combination of both.
There are BIG opportunities here!
An advantage of opening your own hemp CBD store is not only the quality of products you can provide…
But the unique experiences you can offer.
Personal connections with customers go a LONG WAY towards building your business.
Here’s the thing, though:
In order to stand out and build a thriving hemp CBD store, you need the right approach.
Trying to do what everyone else is doing isn’t going to cut it.
Instead, think about:
Great Customer Service
These elements will set your business apart.
If you’re ready to create amazing shopping experiences with equally amazing products, now is the time to start your hemp CBD store!
Do you love being outside?
Are you someone who enjoys gardening?
Do you want to be more sustainable and self-sufficient?
Are you willing to work long hours?
Do you prefer hands-on tasks rather than being on a computer?
Are you someone who wants to get closer to nature?
If you answered yes to any of these questions, hemp farming could be for you.
Have full control from seed to shelf by producing products directly from your farm.
Hemp farming is a lucrative option for those who are willing to get their hands dirty.
The 2018 Farm Bill in the United States legalized hemp farming federally.
However, you will still need to get a license from your state department of agriculture.
The requirements for licensing vary by state.
That being said, this process is far easier and less costly than seeking a medical or recreational marijuana license, for example.
Hence why it is a viable opportunity for small business owners.
Looking up your state’s laws and starting the licensing process is step one.
It is a time intensive process so plan accordingly.
AKA I recommend starting this sooner than later.
A big advantage of farming in comparison to other hands-off approaches like dropshipping (which we will get into later) is a closer connection with your products and customers.
Your heart and soul goes into every part of the process.
As a hemp farmer, you can choose to use sustainable practices and oversee key elements of your crop such as the soil quality and water for a truly green product.
But that’s not all!
Hemp happens to be an incredibly environmentally friendly crop.
Research indicates hemp can actually improve soil health.
The quick growth rate also makes it an ideal cover crop.
Given that this industry is expected to blossom in the coming years, growing hemp is a great way to join the green rush!
You may be curious, though, do you need to live in a certain climate to start farming?
Luckily, hemp is a hearty and versatile plant!
Farmers around the country from the east coast, south, midwest, and west coast are growing hemp.
You are certainly not limited to a single climate to start farming.
That being said, do your research first.
Hemp, like all plants, has an affinity for certain environments.
The best grow techniques will depend on your location.
Therefore, make sure you have a clear understanding of how to help your plants thrive.
Now, on the flip side, this is obvious but it needs to be said – farming is HARD WORK.
Being a farmer is a lifestyle and it’s not for everyone.
You must be prepared to tend to your plants around the clock.
This is a long-term commitment.
From planting to harvesting, long hours are simply part of the job.
You must also be cautious of getting “hot” seeds, as in over 0.3% THC content.
Companies may advertise that their seeds are compliant but in actuality they contain over the legal limit of THC, the psychoactive component in the plant.
Too many farmers do not realize this until harvesting.
In order to legally sell your hemp CBD, it must not have more than 0.3% THC content.
You can avoid this costly mistake by looking for licensed suppliers who provide their-party lab results for their hemp seeds.
You’re putting in the work to grow an amazing crop, make sure you know exactly what you’re planting.
There are many different hemp CBD strains.
Lab results are the best way to verify the quality and cannabinoid content of seeds.
Something else to consider when it comes to farming is your experience level.
Hemp is a hearty plant that grows in a wide variety of climates.
It is not necessarily difficult to cultivate.
As with any crop, there are unique aspects to growing hemp.
Many new growers struggle if they don’t do their homework first or bring on an experienced grower to help.
Hemp farming may not be for everyone.
Yet, if you love this kind of lifestyle, it’s highly rewarding and fulfilling.
Just ask any passionate hemp farmer how they feel about their work and you’ll come to find that many of them express that there is noting else they would rather do.
These farmers are living their dream and so can YOU!
While farming has its fair share of challenges, as with any path you pursue, if you love what you do, nothing can stop you.
Are you someone who loves sales?
Do you enjoy working directly with business owners over consumers?
Are you self-driven?
Do you thrive when working in fast-paced environments?
Are you someone who is more extroverted than introverted?
Do you enjoy negotiating?
Answering yes to any of these questions is a sure sign selling wholesale CBD could be the right for you.
Wholesale involves buying goods in bulk from a manufacturer or distributor and then reselling those products to other businesses such as CBD retail stores.
A big advantage of selling wholesale is that you do not have any product production costs.
Instead, you are purchasing goods from already established brands that are ready to be sold.
But that’s not all!
As a wholesale CBD seller, you are purchasing products at discounted rates and selling those items in bulk.
If you price accordingly, you can easily see how this can be a profitable venture.
Because you are not weighed down by production costs you can quickly respond to changes in the market.
For example, let’s say you notice that a certain brand or product is selling more than others, you can easily adapt by ordering more of that item.
By working as a middleman, you can easily expand into new markets.
You can sell wholesale CBD to your neighborhood retail stores or shops three states over, the opportunities here are enormous!
Of course, while there are many advantages to wholesale, there are also some disadvantages to be aware of.
Wholesale sellers have far less control over their products, leading to decreased quality control.
Do you really know what products you’re selling?
Many manufactures claim that their products are the best…but don’t just take their word for it.
Only work with legally licensed manufacturers who provide independent third-party lab results.
If you want to take it a step further, visit their facility and try their CBD for yourself.
One poor product has the potential to ruin your relationship with retailers.
You can easily avoid this mistake by doing your due diligence.
Something else to consider when selling wholesale is storage.
If you are going to buy products in bulk, do you have somewhere safe to store them?
Sunlight and certain weather conditions can degrade products over time.
Therefore, it’s vital to ensure you have a proper storage facility.
Otherwise, you’re putting your investment on the line!
Buying bulk typically means you’ll get a discounted rate.
Storing a lot of inventory is not only costly, it’s also inconvenient.
While you may plan on selling your products right away, that is not always the case.
As a wholesale hemp CBD seller, you need to have a place to store your inventory.
In short, make sure to factor in your storage costs.
Another question to consider, how will you stand out from other wholesale sellers?
This industry is growing rapidly and there is certainly opportunity.
Yet, when you’re selling the same exact product as someone else, how will you convince retailers they should buy from YOU?
Competing on price is not a wise move.
There is always someone else who will underprice you.
This is where the importance of your relationship with retailers and salesmanship will come into play.
Highly successful people selling wholesale CBD thrive in fast-paced environments, listen to the needs of their customers, adapt to changes in the market, and build lasting relationships.
For the hungry and the driven, wholesale is a great way to get into the CBD business.
The freedom to sell already established goods from top brands to retailers and outlets nationwide, if you love sales, wholesale could be the right opportunity for you.
Do you want to build a highly influential hemp CBD brand?
Are you someone who doesn’t want to be tied down to a physical storefront or farm?
Do you excel at business expansion?
Are you looking to enter the industry ASAP?
If so, investing in white label hemp CBD products could be a great option!
White label is a product or service made by one company that another company sells as their own brand.
Simply put, instead of making the products yourself, you outsource this job to someone else.
That company then puts YOUR logo on their products.
You sell those products with your unique branding.
How is this different from selling wholesale?
When you are white labeling, your logo is featured, not another company’s logo.
It’s worth mentioning that you can sell your white label products wholesale.
For example, if you sold a bulk order of your white label CBD oil to local retailers, that would be a wholesale order.
As you can see white labeling opens up a lot of opportunities for brand building.
Another advantage of choosing to white label is the ability to quickly get your goods on online and retail shelves.
Product development is a time consuming process.
White labeling is the chance to start selling right away.
You do need to factor in the costs of white label services.
By building your own brand, you create the value.
This gives you more freedom for setting the price of your products.
You also have smaller profit margins.
There may be no production costs but you are still going to have to pay someone to white label your products.
This depends on who you’re working with and the type of products you plan on selling.
Find the best provider for your business by doing your research first.
Make sure your customers are only getting the very best hemp CBD.
Something else to consider is the strength of your brand.
The ingredients of your products are likely to be identical to some of your competitors.
Which begs the question, how will YOU stand out?
THIS is the importance of brand building!
It’s what’s going to separate your CBD productsfrom the rest.
Without brand, your business isn’t likely to survive, let alone thrive.
Yet, if you have amazing products with an equally amazing brand, the sky is the limit!
White labeling is a profitable opportunity to create your own line without investing in product development.
It’s time to make your mark in the industry!
If you’re ready to build a highly influential hemp CBD brand, white label is a great way to get started!
Are you a self-starter?
Do you want to work from anywhere in the world?
Are you ready to get your business up and running right away?
Do you excel at market research?
Are you looking to quickly scale your business?
Answering yes to any of these questions is a sure sign dropshipping might be a great fit for you.
Dropshipping is when you sell products on your website but instead of fulfilling those orders yourself and shipping it out to the customer, a third-party supplier does it for you.
This “hands-off” approach enables you to enter the industry without significant capital requirements.
It is far less costly to dropship items individually than buying a bunch of products and storing them.
This increased flexibility makes it easier to adapt to changes in the market.
For example, let’s say you notice a certain brand or product is selling more than others.
You can easily start carrying more of that item without the risk and expense of buying too much inventory and then having to store it.
By running a 100% online hemp CBD business, you have far more freedom of choice in terms of your location, hours, and product selection.
So long as you have a great CBD e-Commerce website, you’re ready to start selling!
How incredible is that?
Within a matter of a few weeks you can get your business off the ground up and running.
Now, as many advantages as dropshipping offers, there’s also some downsides.
As a dropshipper you have smaller profit margins.
AKA – you’re not going to earn as much per product when you’re outsourcing.
Therefore, you’re going to need to sell more products.
This can be challenging with significant CBD advertising restrictions.
In addition, when a third-party supplier is fulfilling your orders and shipping them out, there is a higher chance for miscommunication and decreased quality control.
What if a customer purchases something that is out of stock, especially during prime shopping seasons like the holidays?
Or, what if a product arrives defected?
As far as the customer knows, they are purchasing these products from YOU.
So even when it’s a factor outside of your control, it still falls on your shoulders.
Hence why selecting the right dropshipper is so important.
Your business’s reputation is on the line.
So do your research, only cary the best products, and build an amazing brand and you’ll be ready to scale to new heights.
Now, at this point you may be curious, is dropshipping better than other options like farming, wholesale, or white label?
In short, no.
The best option depends on the type of hemp CBD business YOU want to create!
Get laser clear on the life you want to lead and the impact you want to have.
This will lead you in the right direction.
By going through this guide, you hopefully have a clearer idea on where you want to go from here.
Now, it’s up to you to make the first move!
Ready to start building your hemp CBD business ASAP?
CBD Business, Hemp BusinessRachel GarlandAugust 6, 2020hemp, hemp business, cbd store, cbd business, hemp shop, hemp flower, cbd flower, hemp farming, wholesale hemp, wholesale cbd, drop shipping cbd, white label hemp, white label cbd, farming cbd, hemp farm, hemp branding, cbd branding, dropshipping cbd, dropshipping hemp, dropship cbd, dropship hempComment
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