CBD has been one of the biggest health trends in recent years. CBD has gone from a $250 million business just a few years ago to a whopping $20 billion expected in 2020 by some experts. In fact, it is being hailed as America’s next gold rush and many people are entering the industry with the intention of making money while spreading awareness of this incredible health revolution. If you are considering opening your own CBD business now is certainly the time. Read on to find out more about how you can take $250 right now and turn it into $500.
Step 1: Understand the CBD Business
What is CBD?
First off, let us talk about what exactly CBD is. CBD is the shorthand for a cannabinoid called cannabidiol which is usually extracted from the cannabis plant in an extract lab. This plant may sound familiar to most as it is also the parent plant of a particular variety called marijuana. Marijuana is famous around the world for being the plant that causes a euphoric effect known as “high.” It is specifically bred to be high in THC (the euphoria-inducing cannabinoid) but very low in CBD. However, there is a lesser-known relative of the marijuana plant which is often called industrial hemp or just simply hemp. Hemp on the other hand is very low in THC, but very high in CBD. This means that many of the therapeutic effects of the marijuana plant are present in hemp without the “high” inducing compounds. Many users of CBD have reported a wide array of relief from a variety of conditions such as anxiety, depression, and chronic pain as well as life-threatening ones such as cancer and epilepsy.
What is a CBD Reseller?
A CBD reseller simply put is someone who buys CBD at wholesale and resells it at a retail price. Essentially, it is a CBD business that offers CBD products to the general public. This could be a traditional brick and mortar location or an online shop and is up to you as the business owner how you want to market it. This is where the fun begins because everything about your business is up to you from special promotions to discounts. Getting active in the CBD community is not only a great way to make money, but also an awesome way to make some friends and meet others who value the benefits of this wonderful cannabinoid.
Step 2: Identify Clients
Next, you are going to want to make a long list of people you think would be interested in getting started with CBD or those who might be interested in switching their CBD supplier. This could include friends and family, especially those that struggle with pain management, sleep issues, anxiety, depression, and many more. Also, you could jot down small businesses in your area that could benefit from having CBD available for purchase. Some great ideas are salons, bike shops, health food stores, and smoke shops. This is where you can think outside the box and pitch to these businesses why CBD is an excellent option for their customers. For instance, a local bike shop might be interested in reselling CBD as a recovery tool for strenuous outdoor activity. Get creative and you are sure to land some quality small business clients.
Step 3: Work On Local Pre-Sales
Are your clients ready to switch to a superior product while also saving money? Then start with pre-orders! In this step, it is a great idea to have some product on hand so you can provide samples and show off the products. It is also a good idea that you are a user of CBD as well, so you can show potential clients what you use and provide them with real-life experience. Pre-sales can be an awesome way to ensure that your new CBD business hits the ground running.
Step 4: Order Product and Distribute
After putting in the leg work of the steps above, you have finally reached the step where it is time to order the product and distribute it to your clients. Order a package that is right for you and your target audience and if this order needs to be custom that is no problem. Just be sure that you get the products that best suit your needs. Now is also a good time to think about whether you would like to accept payments such as cash, checks, or an electronic payment system such as Venmo. When using the latter, it is a good idea to avoid terminology that includes hemp or CBD when gathering payments as this can lead to issues with the payment service itself. Now it is time to take that $250 burning a hole in your pocket and turn it into a cool $750 which can then be used to repeat the process over and over again.
Step 5: Call to Action
Need a little more info on how to achieve this? Talk to the distributor you have decided to go with for product and see what advice they can give you. This will be a good indicator if this is the right wholesaler for you. Not all wholesalers will take the time to help you get started but when you find one that does and they are willing to invest a little time in to your success you know you are in the right place.