How to Make Money Selling CBD Oil?
The market of CBD oil is expected to expand to over $20 billion by 2024 and looking at the growing popularity of this miraculous compound, we can only agree with it! The best part is that CBD is naturally-occurring and this makes this product both available and accessible to anyone who knows where to find it
Now, we know what you are thinking – can you make some cash out of it? Well, the answer is yes and this is why we are here with this brand-new article! However, if you don’t know the process of marketing and selling your CBD products (keeping the legality intact), then making good money from the CBD business might be a problem for you.
This also means that every problem comes with a solution and this latter has led thousands of people to earn millions by starting their own CBD oil business. When you are informed and confident in yourself, that’s when you know that your business is going to be a lucrative one.
So, if you are contemplating the idea of starting your own CBD oil business, well, then keep reading.
Why are people buying CBD oil?
CBD oil is the product of cannabidiol, popularly known as CBD, which is found in the cannabis plant, amongst numerous other compounds. CBD is unique in a sense that it contains very low quantity of tetrahydrocannabinol or THC, another cannabis compound which interacts with the CB1 receptors of the endocannabinoid system of the body to produce what we call ‘high’ in the brain, which gets you stoned.
However, CBD is the talk of the health and wellness market industry because of its magical healing qualities. Yes, it is known for its therapeutic nature and is helping people across the world in the treatment of their health conditions. What are these problems? Well, you name it and this product is said to be helping people fight it – anxiety, depression, inflammation, insomnia, seizure, epilepsy, even cancer, etc.
So, we understood from the above mentions that CBD has the potential to become a natural medicine, it is non-psychoactive in nature and it is naturally available, which means it is safe to take/consume by both people as well as animals. Now, add this one to the list – the compound has been legalized across all 50 states of the country under the 2018 Farm Bill.
How to make good money selling CBD oil?
CBD is everywhere, we all know it. You must be living under a rock if you are living in America and still haven’t heard of CBD, seriously! It’s great that you have heard of CBD and even better that you are using CBD oil, because someone who is impressed with the positive effects of CBD can only think of starting a CBD business.
So, now that you have decided to make good money by starting your CBD oil business, well, it’s time to know where you can start from-
1. Understanding the legal status of CBD
It is obviously impossible to start any business before learning about the legality of the product in question. This especially applies to CBD oil since it is a hemp-driven cannabis. From FDA regulations to state and country laws, you need to be clear on every law related to manufacturing and selling of CBD oil or else you might get tangled in a serious case of penalties.
So, is CBD officially legal in the US? Well, the answer to that is yes and now. Even though the Farm Bill has legalized CBD in all over the US, it depends on which state you reside in to be absolutely sure whether you can extract, manufacture or sell CBD from there.
There are certain states that have changed their laws to exclude hemp-driven CBD from the controlled substance. There are also a few states that have allowed the sale of CBD-infused products but they require a license to allow the sale. There are also states that have prohibited the sale and consumption of CBD oil and other products. Thus, you have to be completely compliant with the laws of every state before starting your CBD business.
2. Obtain a standard business license
Before selling the products, it is necessary to get your permit or license required by the state you are setting your business in. The permits may be required for keeping your CBD stock, food license for making your own edibles, and re-seller’s license for purchasing products from wholesalers. You can get in touch with a license expert to make sure what all permits and licenses you require to set up your business.
3. Sell High Quality CBD Products
One of the most important things to keep in mind is to choose a supplier which already provides for a high-quality CBD brand like CBDistillery.
A lot of customers complain about purchasing fake CBD products. Thus, the first thing after obtaining the license should be building your reputation and do not compromise on the quality of the CBD oil and other products that you are planning to sell.
It is important to thus learn about the manufacturing process, the signs of high-quality products of CBD and how to know whether the product passes the taste of great quality.
4. Research the price, packaging and other important things
Now that you are in the process of establishing your CBD oil business it is also recommended to research the ideal price, packaging and shipping tips, marketing tools, customer-service know abouts, and other important things.
You can take the help of someone who is already in the business game and has years of experience in the field. The competition might be fierce but you should know that there are people in the business who would love to guide you and be a great help to you.
5. Extraction process
There are various methods of extraction process of CBD oil. However, in the current scenario, the best process is known as CO2 Extraction Process, where the final CBD product comes out as purer and contains less chemicals than it does in other methods.
6. Establish genuine connections in the industry
There is nothing better than learning from an expert, who has already made it big in the industry. Thus, it is important to go ahead and attend CBD trade shows and conferences and make your name amongst other people in the industry. When you establish strong connections and work toward developing them, you open yourself to a lot of possibilities. This will also increase brand awareness and you will get to learn new ways to sell your products. You also get an opportunity to analyse your competitors and learn what and what not to do with your business.
7. Grow content online
A successful company requires a strong online media presence. Also, you need to make sure that your website is well-optimized for Google and other search engines to help it come on the top of search engines.
So, you should keep updating your blog regularly and use the right keywords to attract as much traffic as you can, which will have the potential to turn your leads into customers. Thus, it is recommended to hire a good digital marketing company or professional to take care of your online business, since most people rely on online websites to buy their CBD products.
Once you are through the above seven points, you can consider yourself a seller of CBD oil and can keep growing your business.