2018 was a big year for the cannabis industry, as not only did it grow at an exponential rate, but it also managed to win a number of significant legal and social battles. Industrial hemp-derived CBD or cannabidiol products are now completely legal in the US for both commercial and personal use, with certain stipulations, of course. As one can imagine, this country-wide legalization of commercial hemp-derived products has led to a huge boom in the market, making it the perfect sector to invest in. If you are looking to take advantage of the situation and get into the CBD trade yourself with a supplement business, here is a brief guide to help you get started.
Do You Need Any Skills?
You do not need any special skills other than those necessary for being good at any other business. However, a detailed understanding of what you are selling is advised.
Create a Business Plan
Create a basic business plan with the following in mind.
- The investments required and the budget you have
- If your budget isn’t sufficient, arrange for loans
- Register a company name and register that name for taxes
- Get your company insured to conform with the legalities, and also to protect it in case of unforeseen damages
- Create a checking business account in the company’s name for easy transactions
- Decide on which target market is right for your type of CBD supplements
Get the Necessary Permits, Licenses and Insurance
While industrial hemp has been legalized throughout the country, a lot of antagonism still remains towards people who deal in it, so be careful while making a list of the permits and licenses you will need to conduct business in your state. Take into consideration both federal and state laws, rules, and regulations while making that list and get all the required documents in line first. By the time you start, your business should not have any loopholes that a government official can use to cause inconvenience or even shut it down.
Connect with an All-American CBD Wholesaler
The advantages of partnering up with an all-American bulk CBD isolate supplier such as Cope are plenty. First and foremost, every bulk CBD isolate product you will order to manufacture your supplements from will be produced with guaranteed potency and purity, due to high levels of quality control implemented on any hemp that’s grown by Cope on Colorado soil. The actual isolate, distillate, and crude CBD products that are derived from the plants are also made in Cope’s own lab facilities with federal and state laws in mind, while at the same time, not letting any of the beneficial terpenes and other cannabinoids escape during the process.
Do keep track of everything related to sales, revenue, and profit with an accounting app or maybe even consider hiring an accountant, since filing business taxes can be very tricky with the IRS, especially if you don’t have prior experience. Aspects of marketing and branding to your target audience will have to come into play too, but for now, this is pretty much everything you need to know for getting started with your own CBD supplements business.