Spreading like wildfire in markets and industries across the globe, CBD is a product that has innumerable benefits and uses for a myriad of different ailments and stresses ranging from stress relief to homeopathic medicine. The result is a multimillion-dollar industry that continues to grow at a rapid pace offering these products in a multitude of different shapes and sizes for any number of uses.
As the wealth of products available grows larger by the day, several businesses have started offering them alongside their other wares as a way to get a piece of this booming business.
As a business owner, deciding on whether or not to offer CBD products can be a big decision with a lot of different factors to consider before taking the plunge. It can be a costly upfront investment, but the income is often well-worth this expense, especially when you factor in how profitable the return is on most of these products.
Regardless of whether you decide to sell CBD products through your business or not, the industry only continues to grow, and you will surely find these products anywhere and everywhere in due time.
When making such decisions for your business, it helps to do as much research as possible beforehand to ensure you have the most accurate and up to date information available before undertaking any new ventures.
There is a wealth of knowledge to be found on the internet, but be sure that you are looking through a reputable source to have the confidence to move forward with the right option for you. Continue reading below for the top three questions you should ask yourself before selling CBD through your business to guide you along the way as you look into this exciting new venture.
1. Is it legal to sell CBD in my area?
Some people are cautious about the connection between CBD products and marijuana, especially when they haven’t read up on all the differences between the two, and for this reason, it is still restricted in some areas of the world. If you are serious about offering this product through your business, it is suggested that you look into all the specific details about the legalities of providing it, especially in your geographic area. While it is becoming increasingly mainstream throughout the world, this additional research will ensure you are safe while easing some of the fears for not only yourself but also your customer base.
The United States legalized the production and sale of CBD oil in 2018 but there are several restrictions on the origin, quality, and contents of the products. For this reason, it helps to do research even if you are in an area where the products are legal so that you can be sure that what you are providing meets all the criteria for legality in your country or state. This fact holds especially true for those who are shipping these products to other states or countries since it might not be legal in those areas, and you might inevitably find yourself in a sticky situation.
2. Is it profitable for my business to sell CBD?
The initial investment in products is always a scary part of selling any item but especially when those items can be a bit pricier than other things. CBD can often come in at a higher price point than other oil products because of the numerous benefits it offers across a broad spectrum of ailments. It is essential to crunch the numbers and ensure that you will be able to move the product and profit from it before deciding to invest in the products.
The CBD market is expected to reach around $20 billion by the year 2024, but that does not necessarily mean that it might be the right choice for your business. If you have a small audience or if your overhead is high, it might be hard to recuperate the costs of investing in this product, so be sure to research all the numbers before deciding whether to provide this product to your customers or not.
3. Does CBD match what my brand represents?
One of the most essential parts of running a successful business is ensuring that you stay true to your brand identity and mission statement, regardless of the product or service you are offering to your customers. The same can be said for the decision to provide CBD products, especially when it comes to audiences that might not be receptive to the science or anecdotal information behind this product.
Brand identity is an integral part of the ultimate success of your business, so being transparent about your goals will help your customers trust in your industry in addition to the products you offer.
If you sell t-shirts or tote bags, suddenly offering a health and wellness product might be too much of a stray from your brand identity and result in a lack of customer trust in your goals and motives. But if you already offer tools or services geared toward such wellness benefits, this might be a perfect match for your business.
Ultimately, each business is unique, and not every product will be an ideal fit for every business, so be sure to keep the big picture in mind when deciding if you want to offer this product to your audience.
The decision to offer CBD products is one that requires a lot of careful consideration for many different reasons, but as you move forward in this decision-making process, you will find the answer becomes easier. The more information you can collect early in the process, the more confident you will feel when it comes to making the final decision about offering this product to your customers.
Armed with this information, you can feel at ease knowing that you are making the right business decisions as you step into this rapidly growing industry and have the confidence to know you are offering a superior product for your customers!