You’ve heard all the buzz, and it’s evident that CBD is trending. Perhaps you’ve read about the health benefits, and you’ve always wanted to help people and start an ecommerce business at the same time.
Now is the time to start your CBD ecommerce business. Here are just some of the reasons why:
CBD is a multi-billion dollar industry
Entering a billion dollar industry doesn’t guarantee success, and it surely doesn’t guarantee overnight success. But the CBD business is growing and thriving, and there’s certainly room for new companies. CBD is a multi-billion dollar industry and that number is estimated to climb over the next couple of years.
If you create a good business plan, follow rules and regulations, and hit the market with your unique take on CBD, then you could have a thriving business in an industry that’s going to be trending for a long time.
Hemp CBD is now federally legal
While medical marijuana laws have been passed in 33 states (and Washington DC), and 14 states have also enacted CBD laws, hemp is now legal on a federal level.
This makes it easier to sell hemp-derived CBD, and it also expands your business’ target audience since it’s legal in all 50 states. If you’re going to sell CBD oil or CBD that’s not derived from hemp, then it’s essential to research rules and regulations.
All of the health benefits
Building a business that provides real health benefits is reason enough to start your CBD ecommerce business.
According to Healthline, some health benefits of CBD include relief from pain, anxiety and depression, and cancer-related symptoms. It may also reduce acne, have neuroprotective properties, and it could benefit heart health.
The potential to make a lot of money is there, since CBD has a wide variety of uses. And it certainly helps that your products are actually helping people.
An ecommerce business typically has cheap startup costs
On top of the health benefits mapped out above, ecommerce businesses tend to have cheap startup costs. In fact, many online businesses have low overhead costs as well.
This is because an ecommerce business takes place online and you typically have fewer employees as a result. You don’t have to pay for office space and other costs that tend to accompany a traditional business.
Of course, you still have to pay for your product and shipping.
With that in mind, there are companies that specialize in the private label supplement department which can bring your costs down, since you purchase stock formulas in bulk and for an affordable price. Not to mention, the products should already meet rules and regulations, which is important since CBD oil (if you decide to sell it) isn’t legal in all 50 states.
In a typical ecommerce setting, you only have to worry about web hosting for your site, the domain name, payment processing, and inventory. However, every business is different and costs can vary. You’ll have to pay for your inventory and possibly a place to store it, but your costs depend on your business and the products you sell.
As a friendly reminder, it’s important to know what you’re selling and also the laws and regulations related to CBD. It’s in your best interests to hire a marijuana business law firm like McAllister Garfield that can help you with your regulatory and business needs.
Running an ecommerce business might be easier since everything is online, but it’s still important to ensure that you’re protected and meet all requirements surrounding the sale of CBD.