CBD Industry Opens Up Unique Business Opportunities
If there’s one thing that business owners pay a whole lot of attention to, its consumer trends that come and go. In order for a business to stay afloat, it’s crucial that the owner knows what products are selling like hotcakes at any given time, while taking into consideration which products are fleeting fads that are on their way out.
Remember when electronic cigarettes first came out? Loads of business owners were hesitant to invest in e-cigarette inventory out of fear that this technology was a passing trend that wouldn’t last two years. And now, look at how the industry has evolved. The vaping market is worth an incredible amount of money and seems to only be growing, which means that a lot of business owners missed out on an opportunity to make significant revenue when the market first exploded.
The e-cigarette market is continuing to grow, and so is the CBD industry. However, unlike the vaping industry, the CBD industry has only just recently found its footing in the mainstream consumer world. Therefore, there’s no better time than now to start selling CBD in your place of business, as you’ll only make more revenue as the industry continues to expand and evolve.
CBD: Not Just a Fad
When CBD first became a buzzword in the mainstream consciousness, most people brushed it off as a fleeting trend and nothing more, and understandably so. After all, it seems like the wellness market is churning out a new “cure-all” product every two months, and once that product becomes massively popular, it quickly dies down in popularity.
However, we now know that CBD certainly isn’t a fleeting fad. We know this because of market trends as well as scientific studies. Over the past few years, ever since CBD became legal, more and more clinical researchers started investigating the effects that this hemp-based compound has on one’s health. And, according to these studies, CBD is the real deal whereas most natural health trends don’t really live up to the hype at the end of the day.
The CBD industry has become so massively successful that financial experts have predicted that it will be worth $22 billion by 2022. A lot of this growth, of course, has to do with the passing of the Farm Bill last year which made it legal to cultivate hemp for commercial purposes.
And, because of the market’s success, more and more companies are looking to get a piece of the pie. From small mom-and-pop shops to huge corporations, more and more businesses are finding ways to cash in on this wildly popular plant-derived compound.
Feeling Like You Missed Some Revenue from the E-Cig Boom? Look No Further Than CBD
Just like electronic cigarettes, CBD products seem to be a bubble that will never burst. Both of these industries have beaten the odds due to the fact that they actually live up to consumers’ expectations. And, CBD is still a very new industry, which means that now is the time to start stocking hemp products in your place of business.
It’s safe to assume, based on the predictions outlined above, that selling CBD will only become more and more profitable in the years to come. And, because a lot of businesses still haven’t invested in it, you’ll be ahead of the curve. At the moment, there’s a strong demand for CBD products, and you can be the only place in town that offers what customers are looking for.
The natural health & wellness market is also predicted to grow over the coming years. Even at the present moment, it’s worth $4.2 trillion worldwide, which means that it’s clear that more and more consumers are taking health matters into their own hands. And, unlike a lot of wellness products that are on the market today, CBD has the research to back up its claims. Therefore, CBD is destined to outlast the other natural health trends that are out there today.
How To Start Selling CBD Products
If you’re ready to increase your revenue by selling CBD, it’s important that you know what you’re doing. This industry, as we’ve said, is very new, and consumers will expect you to be an authority. Besides, CBD laws can be a bit complicated, so it’s very important that you do the right research.
Tip #1: Go to Conventions
The best way to dive into the CBD industry is to attend CBD conventions. All around the world, conventions are being held in order to bring together people who each contribute to the CBD industry. At conventions, you’ll be able to market your own products while getting a feel for the current hemp trends. You’ll also be able to learn more about growing your business, network with industry professionals and experts who can help you grow, and team up with other businesses in order to take your profits to new heights.
CBD conventions are easy to find as they’re becoming more and more popular as the market is growing. Simply do some research online to see which ones most appeal to you and seem to be the most conducive to expanding your unique business.
Tip #2: Do Your Homework
CBD is sold as a natural health product, which means that you can expect a lot of customers to come in and ask you which products are best for helping with specific ailments. And, it’s important that you’re able to answer all of their questions knowledgeably in order to build trust with your customer base. So, take the time to study up on CBD’s many potential benefits by reading through the wide array of clinical studies that are available online today. This way, you’ll be an authority when it comes to CBD, which means that customers will likely continue coming to your store.
Tip #3: Research the Best Manufacturers
Of course, not all CBD products are created equally, so it’s crucial that you search for the very best companies that are out there. You don’t want to end up with a company that dilutes their products so much that they don’t work. Ask manufacturers for lab results so that you can verify the quality of the products that they sell.
Tip #4: Know What Products You Want to Sell
With such a wide range of categories; from vape oils to tinctures to edibles and topical creams to even pet products, getting an idea of what to carry in your store can be a bit challenging. By of course doing your homework, and also getting a feel for what your consumers are mainly looking for, you can stock up on the proper products to get that side of your business off to a good start.
Tip #5: Follow the Law
Lastly, it’s crucial that you brush up on legislation regarding selling and marketing CBD. The laws are still changing both federally and locally, and the last thing that you want to do is get into trouble for selling hemp products in your store.
Get Started While It’s Still Early
CBD is an industry that’s only going to grow in the next couple of years, which means that investing in some hemp inventory is a great way to expand your business and bring in more revenue. Do some research and start providing customers with the potential benefits of hemp-based products