Thinking About Starting a CBD Business? Here’s How to Break In to the Market!
It’s no secret that the CBD industry is one of the most promising business pursuits of this era. This can be discouraging to entrepreneurs, though, since many feel that it’s too difficult to break into the market.
But, it’s not as difficult as it may seem, especially with a proper business plan in place. You can get a turnkey CBD business when you team up with a great company, with a great product that drop-ships and you don’t even have to carry inventory!
Not sure where to start? Don’t worry, we’ve got you covered.
Let’s take a look at everything you need to know about starting a CBD business online.
Be Compliant, Rule #1
In 2018, Congress passed a bill that nullified CBD’s classification as a controlled substance. As such, the Drug Enforcement Agency (DEA) was no longer responsible for overseeing crimes involving its use.
Instead, the Food and Drug Administration (FDA) was placed in charge of managing CBD consumption due to its presence in products like baked goods, tinctures, etc.
The issue is that the FDA is still deliberating on concrete regulations regarding CBD. So far, it’s been officially stated that CBD marketing efforts cannot mention any sort of health benefits related to the product, which is something entrepreneurs need to keep fresh in their minds.
Since the FDA is constantly working toward regulating the CBD industry, it’s also vital to stay updated on the latest official statements from the agency.
Failure to do so could cause you and your CBD business a lot of hassles.
Marketing Is More Important Than Ever
Since the CBD industry is in a bit of a gray area at the moment, you’ll likely find it challenging to market your business through traditional channels. For example, you may have noticed that there are virtually no social media or Google ads promoting CBD products. Facebook will allow you to have a page for your business as well as promote to your fan base but you won’t be allowed to do any PPC advertising. If you have a great social media following, this may not prove to be an issue for you. You’ll need to be creative.
Many people also go to tradeshows and events or host home parties. There are ways to spread the word. If you have good leadership, they’ve already paved the way and probably have a course of action you can follow.
While you won’t be able to take advantage of traditional marketing efforts, your competitors in the industry are experiencing the same roadblocks, so you still have the opportunity to thrive.
Be Aware of the Challenges
Speaking of competitors, there are going to be plenty of them. According to research reports, the CBD industry is expected to be worth over $16 billion by 2025. And, it’s an industry that’s expected to keep growing past this astronomical value.
Unfortunately, there are more concerns other than FDA laws and lack of advertising opportunities. For example, many banks and venture capital firms are reluctant to provide loans to CBD companies due to the murky laws surrounding the industry. Additionally, insurance companies may also prove to be just as apprehensive about adding your business to their policies… that’s why it makes sense to partner with a company that has already established themselves in all of these areas!
Starting a CBD Business Can Seem Intimidating
But it doesn’t have to be! HempWorx may be the answer you are looking for! HempWorx hit the CBD scene in June 2017 and has been on a rocket ride ever since! There is no slowing down this super CBD force! They offer you a “business in a box” basically. A genuine turnkey solution and you do NOT have to carry any stock! What could be better? You’ll get state-of-the-art replicated websites, already made! A premium back office loaded with great information that will help you keep a handle on your day to day business. A superior product line that is US Hemp Authority Certified! ( Only 25 companies have that designation by the way ).
If you want to learn more about the HempWorx / My Daily Choice business opportunity, take the business tour! It costs you nothing to see behind the scenes and it also locks in your position while you deliberate!
With the above information about starting a CBD business in mind, you’ll be well on your way to ensuring you have the greatest chance of success in the industry.
*DISCLAIMER: There are no guarantees regarding the income from the MyDailyChoice/HempWorx opportunity. The success or failure of each Affiliate, like in any other business, depends upon each Affiliates’ skillset and personal effort. Earning levels for Independent Affiliates are examples and should not be construed as typical or average. Income level achievements are dependent upon the individual Affiliates business skills, personal ambition, time, commitment, activity, and demographic factors. Income Disclosure Statement (IDS) http://mydailychoice.com/htdocs/MDC_IDS_2018.pdf.