If you operate a sole proprietorship, you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.
How much can you charge customers?
A CBD oil business will sell and/or manufacture CBD oil for a variety of purposes. This may happen either online or in stores, though most people won’t open up a specific retail location selling CBD. Most businesses will sell the oil for general purposes (e.g., anxiety, chronic back pain, etc.), though some will concentrate purely on cosmetic uses, with others even blend CBD oil and coffee.
Start a cbd oil business by following these 10 steps:
Still unsure about what kind of business you want to start? Check out the latest Small Business Trends to help inspire you.
[If you're looking for more details on how to start a business and all the steps you need to take, see our step-by-step guide to get started.]
"In today's day and age, if someone is looking to sell a product, the normal avenues are Amazon, eBay, Alibaba or paid ads on social media," Slovik said. "In this industry, it's way, way, way different. You can't do any of those things."
"I would recommend double-, triple-checking everything. Know there will be changes. Research as much as you can, and recognize what the future opportunities are by thinking outside the box," he said.
How to start a CBD business
Slovik soon launched Core Roots CBD, seeing a business opportunity and a way to help other people treat their pain. He said starting a CBD company is like any other business, plus a bunch of added steps.
The CBD and cannabis industry faces unique challenges that other industries don't. Most of these challenges relate to the regulatory environment and, as federal agencies like the FDA detail specific rules and guidelines, things should stabilize. For now, though, if you want to start a CBD business, you should be aware of these major considerations:
Market and sell your products
Some trends the CBD market might experience in 2020 are increased potency of products, more brick-and-mortar CBD shops, more pharmaceutical CBD products, and more access to products online through CBD websites and e-commerce shops. In fact, CBD online sales currently account for 60% of the sales channels.
"We want to be more transparent by putting QR codes on all our bottles so anyone in the store can use their phone to get lab results right then and there," Slovik said.