Start A CBD Oil

CBDISTILLERY

Buy CBD Oil Online

Looking to start an online CBD store? Our website builder can help you start your online CBD business and start selling CBD products online Read our detailed guide about a cbd oil business business. Typical target market, growth potential, startup costs, and more for this small business!

Start A CBD Oil

Over the last few years, cannabidiol (CBD) oil has grown from a niche alternative treatment to a multimillion-dollar market. And as more people discover the benefits of CBD, the medical community and legislators alike are taking notice. CBD is used on a daily basis by millions of people, and because of the credibility given to it by doctors, researchers, and lawmakers who support it, more people are trying CBD for the first time every day.

Whether you use CBD yourself or you’re just interested in the industry, now is a fantastic time to enter the market and open your own online CBD store. Shift4Shop has everything you need to handle this unique industry and tap into the huge opportunities offered by the CBD market. You’ll have access to the most powerful eCommerce tools available for starting your store, reaching your customers, and getting the brand recognition that leads to a successful business.

While there is momentum growing in terms of FDA approval and lessening of restrictions on selling CBD products, it can still be a very difficult vertical for businesses to navigate. This is largely due to the lack of federal legislation on the topic in the United States. In particular, eCommerce businesses wanting to sell CBD-related products must adhere to the specific and widely varying laws in each of the 50 states. This guide will help you understand and be better equipped to thrive in this fast-growing industry.

Understanding CBD and CBD Products

There is a lot of confusion around CBD products due to its relationship with marijuana, so let’s go over the facts. CBD is short for cannabidiol, a compound found in all cannabis plants. What makes CBD oils different is that they do not contain THC (tetrahydrocannabinol) which is the compound responsible for the “high” associated with marijuana. CBD itself is completely non-psychoactive, meaning it does not affect the brain like THC does.

People take CBD for a variety of reasons including severe or painful conditions and anxiety relief. Everyone who uses CBD also has their own preferred method of taking it, which can be anything from vaping it to swallowing a pill. As a CBD seller, it’s important for you to understand the types of CBD products available and how they are used, as well as which types of customers the different products appeal to.

CBD Tinctures

A tincture is a concentrated extract made by soaking herbs in very strong alcohol for long periods of time, or in the case of CBD tinctures, by combining natural hemp oil with alcohol or another solvent. Tinctures are administered by placing a few drops of the liquid under the tongue. Only a small amount is needed for a dose because they are so highly concentrated. This method of administering CBD appeals to people who want the fastest way to take CBD and feel its effects quickly.

CBD Isolates

An isolate is a pure substance that has been extracted from its source and refined into a powder. CBD isolate has been processed to remove all the other natural plant substances such as chlorophyll and wax and leave only pure CBD behind. Isolates are colorless and flavorless and can be used in a similar way to tinctures, or can be added as an ingredient to infuse CBD into a variety of foods and beverages. Isolates are popular with customers who like to mix their own CBD products at home.

CBD Topical Formulations

A CBD topical formulation is a cream, salve, lotion, gel, or other preparation made to be rubbed into the skin. These products can be applied directly to inflamed or painful areas similar to other pain relief ointments. They also provide an alternative for customers who don’t like to take CBD orally. These treatments can also include other ingredients like menthol to provide a cooling sensation. CBD can also be used in massage oils.

CBD Vaporizers and Vape Concentrates

Inhalation is a popular method for CBD delivery because, much like with tinctures, the CBD is absorbed directly into the bloodstream and so provides immediate effects. CBD concentrates can be vaped similarly to nicotine e-liquids, so vape supply stores often expand into CBD or vice versa (learn more about selling vape online). Traditional smoking methods like water pipes are also popular, but some CBD retailers find these products troublesome due to drug paraphernalia laws (regardless of their use with legal CBD) and the difficulty of shipping complicated glass items.

Summary of CBD Products and Accessories You Can Sell:

  • CBD tinctures
  • CBD topical formulations
  • CBD isolates
  • CBD vaporizers and concentrates

This list is a summary of hundreds of individual products which can all be sold quite successfully through an online CBD store. Customers will also need to restock their CBD products, including their preferred concentrates and delivery methods which could include numerous types of vaping accessories. If you build your CBD eCommerce website with advanced software like Shift4Shop, you can make the reordering process much easier for your customers by implementing a subscription service for needed products. You can also offer product bundles, like edible variety packs, CBD vape starter sets, and more.

Choosing a CBD Supplier

Choosing a CBD supplier is a very important decision that will affect the quality of your products, the satisfaction of your customers, and the reputation of your brand. Because of the well-known benefits of CBD, “fake” CBD oils are found in stores everywhere. These oils are considered not to be true CBD because they’re derived from hemp seeds — which contain very little CBD — rather than from the stalks and leaves of the plant where the most CBD is found. It’s crucial for your business that you choose a manufacturer that makes genuine CBD that will have the effects your customers want. This way, you can immediately differentiate your business from the brands that provide no benefit and only seek to cash in on a trend.

When evaluating a CBD supplier, find out as much as you can about their manufacturing process. Remember that if you want to sell CBD oil products, those products must be derived from industrial hemp with a THC content of less than 0.3%, processed from the plant itself and not the seeds. Here are some other considerations to keep in mind when

Medical Claims

CBD retailers are not allowed to make medical claims on their websites, and neither are suppliers. Even though research shows potential benefits, the Food and Drug Administration (FDA) hasn’t yet evaluated these statements. CBD suppliers, including both wholesalers and consumer-level retailers, are required to display the FDA’s disclaimer on their website. If you’re looking at a supplier who makes medical claims about their CBD products, be aware that these statements have no FDA backing. Don’t choose a supplier based on medical claims, and if the supplier has particularly bold claims on their website (e.g., “cures cancer”), you likely want to avoid that supplier entirely, as breaking this rule means the supplier may be breaking others as well.

Pricing

As a business owner, you should always look for ways to lower your costs, as long as you don’t compromise on the quality of your merchandise. CBD suppliers’ pricing can vary greatly and sometimes this is reflected in the quality of the product. For example, higher-priced CBD products are often more pure and potent — but this isn’t always the case. Make sure you learn as much as possible about the supplier so you can learn whether the quality of their products justifies the pricing. Likewise, stay away from suppliers who sell at abnormally cheap prices. These rock-bottom prices are almost always a sign of cutting corners and producing an inferior product.

Extra Services

Some CBD suppliers offer additional services like dropshipping and private labeling. While the quality of the product should come first, it’s also very helpful to know if a supplier can provide these services. If you’re planning on dropshipping your CBD products, this option is crucial to your business model. In addition, private labeling allows you to sell fully branded products with your own business name and logo, which helps you become established in the industry and start earning the trust of your customers.

Understanding the Legality of CBD

Whether you plan to stock inventory or sell by dropshipping, the quality of your supply chain makes all the difference. It’s also vital to choose a supplier that’s right for your business and can get your products to you in a timely fashion. Since the CBD industry is growing, it’s becoming easier to find good suppliers that will work well with you.

Federal Regulations

The Agriculture Improvement Act of 2018 (commonly known as the 2018 Farm Bill) legalized hemp on the federal level by removing hemp and its derivatives from the federal list of controlled substances. This legalized CBD so long as it derives from “hemp,” which is defined as the plant Cannabis sativa L. and any part of that plant, but only if it contains no more than a 0.3% concentration of delta-9-tetrahydrocannabinol (THC), which is the psychoactive component of cannabis.

See also  CBD Oil Biotech

Any plant that contains a higher than 0.3% concentration of delta-9-THC is classified as marijuana and remains a federally controlled substance and illegal on a federal level. And because it is still illegal, any CBD derived from such marijuana is also rendered illegal. The FDA has determined that CBD constitutes a drug or drug ingredient because a form of CBD is the active ingredient in an FDA-approved prescription drug (the drug EPIDIOLEX, for the treatment of certain seizures). Because of this, the FDA has taken the position that it is not lawful to add CBD to food, dietary supplements, or pet foods, even if the CBD comes from legal hemp. The same is true for other forms of delta-9-THC, since there are two drugs approved for therapeutic uses that contain a synthetic version of this substance.

Accordingly, products containing cannabinoids cannot currently be legally sold as dietary supplements nor can they be added to FDA-approved ingredients and sold legally. The FDA regularly issues warning letters to CBD sellers advising that the FDA considers this the sale of unapproved new drugs in violation of the Federal Food, Drug, and Cosmetic (FD&C) Act. In addition, the FDA considers any claims that CBD can be used to treat medical conditions or for other therapeutic uses as the sale of misbranded or mislabeled drugs also in violation of the FD&C Act. Misleading labels and unsubstantiated claims on products may also be deemed deceptive trade practices in violation of consumer protection laws.

State Regulations

On a state level, there is a vast range of laws, regulations, and treatments of both hemp-derived CBD and marijuana-derived CBD. Caution is warranted because state laws are not always equivalent and do not necessarily allow the same conduct. State laws concerning hemp-based CBD may permit or prohibit one or more of growing, selling, and/or using. States may also treat sales of CBD products differently, whether they are for medical or recreational purposes and whether or not they can be incorporated into foods, dietary supplements, and/or topical lotions.

Many states follow federal guidelines on these issues but many do not. When selling CBD products, it is important to show that the specific CBD products you are selling are lawful within the state in which it operates. Keep in mind that several states also require retail licenses and/or registrations for merchants to sell already-processed CBD products, including Louisiana and New York.

Marketing Guidelines

The FDA has advised that whether a CBD or other hemp-related product may be marketed and sold depends, among other things, on the intended use of the product and how it is labeled and marketed. In particular, ingredients that are derived from parts of the cannabis plant that do not contain THC or CBD might be able to be marketed as dietary supplements and may not require the same type of lab certification. In any case, all products marketed as dietary supplements must comply with all applicable laws and regulations governing dietary supplement products.

In no instance may CBD products be marketed using unsubstantiated claims that the product can prevent, diagnose, mitigate, treat, or cure any diseases, and should NOT contain any misleading claims or statements lacking substantial scientific support.

Any marketing of CBD across state lines (which includes most eCommerce merchants) will implicate federal regulations in addition to the laws and regulations governing each state involved in the transaction. CBD sold within a state will be governed primarily by that state’s laws, although some federal regulation may still be a factor.

Selling CBD Through
Shift4Shop

Some eCommerce providers won’t allow you to sell CBD, but with Shift4Shop this is not a problem! In fact, Shift4Shop has more built-in features to help a CBD business than any other shopping cart software.

Here are some of the reasons Shift4Shop is the best eCommerce platform for an online CBD store:

Support for High-Risk Payment Providers

While CBD is legal to sell, it’s considered a high-risk industry by payment processors and many providers won’t work for sales of these products. Shift4Shop, however, provides a seamless payment experience for Shift4Shop customers.

Easy Tax Setup

CBD is subject to taxes that vary from state to state, including sales tax and sometimes a state-specific cannabis-related tax. Shift4Shop makes it simple to automatically charge the correct tax rates — no matter where your customers are located.

Full Suite of Powerful SEO Tools

Many of the most familiar online advertising methods aren’t available for CBD sellers — for example, Google and Facebook will not run CBD ads. Therefore, a strong search engine optimization (SEO) strategy is crucial. Shift4Shop has the best built-in SEO features in the industry, all geared toward helping your website get listed fast and start gaining rank immediately.

Built-In Blog and Content Pages

Since SEO is so important for CBD sellers, you need a way to fill your website with high-quality content that will rank well in searches. With Shift4Shop, you can instantly add a blog to your site for posting the latest CBD news, studies, homemade edible recipes, product updates, and anything else you see fit. You can also create unlimited extra pages to provide vital information like your store policies, product purity guarantees, general CBD educational information and FAQs, and much more.

General Compliance

Here is a quick checklist for you to help make sure you are approved to sell through Shift4Shop:

Post all ingredients, product descriptions, and labels in your shop in order for Underwriting to review and ensure that the products are FDA compliant.

Activate Shift4Shop age verification tool

Complete the CBD Compliance Statement Form and agree to the terms posted on shift4shop.com.

Provide a copy of your hemp handler license or special hemp processor license based on the state’s requirements for the sale of hemp-derived CBD products and/or state, tribal, or federal licensing information during the submission of your store (listed under the compliance statement).

Certify your products with a third-party laboratory for all of the listed products for sale in your store and post the results from the laboratory for consumer review and underwriting purposes.

Several states require retail licenses and/or registrations for merchants to sell already-processed CBD products, including New York and Louisiana.

CBD Labeling

Merchants must label CBD products in conformance with applicable regulations and in a manner that mitigates risk of regulatory agency enforcement actions. As each state may have its own laws that govern labeling (and sometimes these laws can conflict with one another), there is no one-size-fits-all approach. If a particular state is a relevant jurisdiction, its laws should be more thoroughly examined. Below is a summary of general guidelines that pertain to federal labeling requirements. Generally, labels should include:

How to Start a CBD Oil Business

A CBD oil business will sell and/or manufacture CBD oil for a variety of purposes. This may happen either online or in stores, though most people won’t open up a specific retail location selling CBD. Most businesses will sell the oil for general purposes (e.g., anxiety, chronic back pain, etc.), though some will concentrate purely on cosmetic uses, with others even blend CBD oil and coffee.

Learn how to start your own CBD Oil Business and whether it is the right fit for you.

Start a cbd oil business by following these 10 steps:

  1. Plan your CBD Oil Business
  2. Form your CBD Oil Business into a Legal Entity
  3. Register your CBD Oil Business for Taxes
  4. Open a Business Bank Account & Credit Card
  5. Set up Accounting for your CBD Oil Business
  6. Get the Necessary Permits & Licenses for your CBD Oil Business
  7. Get CBD Oil Business Insurance
  8. Define your CBD Oil Business Brand
  9. Create your CBD Oil Business Website
  10. Set up your Business Phone System

There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your cbd oil business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

Luckily we have done a lot of this research for you.

What are the costs involved in opening a cbd oil business?

If you grow your own hemp and turn it into CBD oil, then your costs to start will be low. You can begin selling your product online with little more than a website made for a few hundred bucks with Squarespace and commercial liability insurance in case a customer sues you after using your product. You can also consider partnering with an established farmer to grow their business and your own.

What are the ongoing expenses for a cbd oil business?

Owners need to account for the cost of farming, insurance, and staff salaries. They may also want to hire a lawyer to keep up on the rapidly changing laws.

Who is the target market?

Practically anyone can use this product. CBD oil is used to relieve anxiety, soften skin, and reduce chronic pain. Most famously, it’s given to kids who have severe seizures to reduce their frequency and severity. It can even be taken by people for general relaxation at any time. CBD oil is derived from cannabis, but it does not cause a psychoactive effect like THC will.

See also  Does CBD Oil Affect Potassium Levels
How does a cbd oil business make money?

CBD oil businesses will create their own profit margin for their products, based on the scope of their operation, quality of their product, and demand for CBD oil among their target demographic.

How much can you charge customers?

It’s not unusual to see CBD oil sold for $60 for just 30 mL. 100 mg in a 2 oz bottle of skin lotion can be sold for $85.

How much profit can a cbd oil business make?

CBD oil businesses can make a good deal of profit once their customer base is established. If you charge an average of $60 per product at a 50% mark-up, you’ll need to sell 200 products every month to make $6,000 in profit. This goal can be easier to meet than you may think given the exceptional demand.

How can you make your business more profitable?

CBD oil owners can branch out to different types of products to boost their profits. From skin care to make-up to tinctures to vaping to edibles, there are a lot of different options available.

What will you name your business?

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our CBD Oil Business Name Generator

If you operate a sole proprietorship, you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name, we recommend researching your business name by checking:

  • Your state’s business records
  • Federal and state trademark records
  • Social media platforms .

It’s very important to secure your domain name before someone else does.

Find a Domain Now
Powered by GoDaddy.com

STEP 2: Form a legal entity

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your cbd oil business is sued.

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

  • ZenBusiness ($49 + State Fees)
  • LegalZoom ($79 + State Fees)

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services. You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It’s really easy and free!

You can acquire your EIN for free through the IRS website, via fax, or by mail. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?.

Learn how to get an EIN in our What is an EIN guide or find your existing EIN using our EIN lookup guide.

Small Business Taxes

Depending on which business structure you choose, you might have different options for how your business will be taxed. For example, some LLCs could benefit from being taxed as an S corporation (S corp).

You can learn more about small business taxes in these guides:

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.

Additionally, learning how to build business credit can help you get credit cards and other financing in your business’s name (instead of yours), better interest rates, higher lines of credit, and more.

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

  • Separates your personal assets from your company’s assets, which is necessary for personal asset protection.
  • Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Open net 30 accounts

Net 30 accounts are used to establish and build business credit as well as increase business cash flow. With a net 30 account, businesses buy goods and repay the full balance within a 30-day term.

NetMany net 30 credit vendors report to the major business credit bureaus (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how businesses build business credit so they can qualify for credit cards and other lines of credit.

Recommended: Read our best net 30 vendors, guide and start building business credit.

Get a business credit card
  • Separate personal and business expenses by putting your business’ expenses all in one place.
  • Build your company’s credit history, which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from Divvy and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

Federal Business Licensing Requirements

Although CBD oil does not produce psychoactive effects like the THC found in marijuana, the two products are associated closely enought that the production and sales of CBD are currently in a legal grey area. Before starting your CBD oil business, it is important that you make sure to read up on both state and federal laws regarding CBD products. This will help ensure your business functions smoothly and avoids legal trouble.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a CBD oil business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses.

For information about local licenses and permits:

  • Check with your town, city or county clerk’s office
  • Get assistance from one of the local associations listed in US Small Business Associations directory of local business resources .
Certificate of Occupancy

A CBD oil business is generally run out of a place where the oil is manufactured. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO). A CO confirms that all building codes, zoning laws and government regulations have been met.

  • If you plan to lease a location :
    • It is generally the landlord’s responsibility to obtain a CO.
    • Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a CBD oil business.
    • After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
    • You will be responsible for obtaining a valid CO from a local government authority.
    • Review all building codes and zoning requirements for your business’ location to ensure your CBD oil business will be in compliance and able to obtain a CO.

    STEP 7: Get business insurance

    Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

    There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.

    Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers’ Compensation Coverage.

    Recommended: Learn what business insurance for your CBD Oil Business will cost.

    STEP 8: Define your brand

    Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

    If you aren’t feeling confident about designing your small business logo, then check out our Design Guides for Beginners, we’ll give you helpful tips and advice for creating the best unique logo for your business.

    Recommended: Get a logo using Truic’s free logo Generator no email or sign up required, or use a Premium Logo Maker.

    If you already have a logo, you can also add it to a QR code with our Free QR Code Generator. Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

    How to promote & market a cbd oil business

    CBD oil is popular enough that you’re going to have some stiff competition. Most people are going to be looking for CBD oil online — especially if they’re looking for the more concentrated, medicinal products. Paid online ads, organic blog content, and social media can help attract people to your product. If you’re selling general, lower-intensity sprays, then you can develop relationships with general health stores or even grocery stores to stock your products.

    How to keep customers coming back

    Customers are going to need to feel relief after taking your products. While research is few and far between, you can do your own analysis of which products are working for different demographics by asking for feedback. This can help you suggest the right product so that there’s less experimentation (and frustration) on the part of your customers.

    Still unsure about what kind of business you want to start? Check out the latest Small Business Trends to help inspire you.

    STEP 9: Create your business website

    After defining your brand and creating your logo the next step is to create a website for your business.

    While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

    Here are the main reasons why you shouldn’t delay building your website:

    • All legitimate businesses have websites – full stop. The size or industry of your business does not matter when it comes to getting your business online.
    • Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
    • Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

    Using our website building guides, the process will be simple and painless and shouldn’t take you any longer than 2-3 hours to complete.

    Recommended: Get started today using our recommended website builder or check out our review of the Best Website Builders.

    Other popular website builders are: WordPress, WIX, Weebly, Squarespace, and Shopify.

    STEP 10: Set up your business phone system

    Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

    There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2022 to find the best phone service for your small business.

    Recommended Business Phone Service: Phone.com

    Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it’s fair pricing.

    Start a CBD Oil Business in your State

    TRUiC’s Startup Podcast

    Welcome to the Startup Savants podcast, where we interview real startup founders at every stage of the entrepreneurial journey, from launch to scale.

    Is this Business Right For You?

    This business is great for people who have a genuine interest in how cannabis can be used to bring relief to users. Owners should understand the complexities of the plant and how different strains can help treat certain ailments.

    Want to know if you are cut out to be an entrepreneur?

    Take our Entrepreneurship Quiz to find out!

    What happens during a typical day at a cbd oil business?

    It’s rare there will be a ‘typical’ day in the CBD oil business because this business is so new and there are few established business models. An owner may be doing anything from managing inventory to dealing with new regulations to running lab reports for their product. Owners should also be devoting time on a regular basis to keep up with changing trends in their industry (as they can change extremely quickly.)

    What are some skills and experiences that will help you build a successful cbd oil business?

    People should have some experience with the cannabis market. Owners should understand the basic public demands as well as the public fears and residual stigma of cannabis. There’s a lot to learn about cannabis due to the variety of the product. Understanding the different terpenes and strains can make it easier for your company to stay ahead.

    What is the growth potential for a cbd oil business?

    Because of its versatility and rapid rise in popularity, CBD oil is predicted to hit $1 billion by 2020 in the US alone (some say even closer to $2 billion.)

    TRUiC’s YouTube Channel

    For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

    Take the Next Step

    Find a business mentor

    One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

    Having a support network in place to turn to during tough times is a major factor of success for new business owners.

    Learn from other business owners

    Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

    Resources to Help Women in Business

    There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

    If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

    What are some insider tips for jump starting a cbd oil business?

    Understanding the industry is going to be key to getting started. CBD oil is a legal gray area — no matter how you manufacture it. You’re far less likely to run into authorities if you extract your CBD from pure hemp instead of marijuana, but cannabis can be confusing to people who have no experience with it. This can lead to being taken off the shelves or being shut down until local authorities figure it out — which could be a while.

    Hemp and marijuana are both from the cannabis plant, but they’re used for very different purposes. CBD oil has enough legal implications that there hasn’t been a lot of official research on it. While this appears to be changing now that the FDA has recently approved a CBD oil drug, it’s unclear how quickly widespread acceptance will happen. In states like California and Washington, your pushback is likely to be low. But in states like Indiana and Kansas, you may have a very difficult time meeting the official regulations of the state.

    You should also be extremely honest with your customers whenever possible. Because there isn’t a lot of research on CBD oil, it’s impossible to really say that CBD oil can ‘cure’ anything. While the evidence may be extremely compelling, you want to present both sides of the story whenever possible. The good news is that side effects are extremely mild and it’s impossible to overdose on CBD oil.

    One good way to show people that your business is legitimate from right off the bat is to become Clean Green Certified. This certification is essentially the equivalent of the organic label in grocery stores. You’ll need to go through some rigorous testing in order to pass, but these tests help assure people that they’re getting pure CBD oil and not the synthetic, illegal products that may make them ill.

    How and when to build a team

    You don’t necessarily need to build a team right away if you’re growing the hemp yourself. However, if you’re partnering with other people, you should consider hiring someone to help you decipher the legal puzzles and marketing strategies of the CBD oil business.

    How useful was this post?

    Click on a star to rate it!

    Average rating 3 / 5. Vote count: 1

    No votes so far! Be the first to rate this post.