You may be aware of the rise of a certain substance throughout the country. Cannabidiol, more commonly known as CBD, is sweeping the nation as a new therapeutic treatment. Perhaps you’ve heard about these health benefits, and are eager to capitalize on this growing industry. That may be a profitable move, seeing as experts are predicting the sale of CBD to grow into a multi-billion dollar industry over the next few years. However, this industry does involve unique challenges.
With the ever-changing legality of your product, you’ll need to stay on top of your product and creative when it comes to marketing. But if you have the drive to start and maintain a CBD business, you may end up turning quite a profit.
Know Your Product
While CBD has become more of a household name, not everyone knows exactly what it is. CBD is unique. It comes from the hemp plant, and yes, it is an ingredient in marijuana, though marijuana includes hundreds of other ingredients as well. CBD is used mainly for its medical benefits and has been proven not to cause any “high” or addictive side effects associated with marijuana. This cure has been known to help with anxiety, insomnia, and a muscle relaxer for athletes.
To launch your own CBD business, you’ll want to sell your product to a specific market and know what type of product you want to specialize in. CBD can be ingested in many different ways. Perhaps you prefer gummies or pills, or preroll joints and cigarettes. Whatever preference, there are easy ways to sell your products to all your customers.
As you probably know, the legal status of these products has been fluctuating for years. Staying on top of your legal responsibilities within this market is imperative. Hemp is legal to produce on a federal level because it contains a low enough dose of tetrahydrocannabinol, or THC. However, cannabis is not. And just because your product is legal to produce throughout the country, it may not be legal to sell across state lines.
The FDA has not officially backed CBD as having health benefits, so the language you use when promoting your product has to be carefully curated. You also are not allowed to create food or drink based CBD products. As the FDA continues to research the effects of CBD, the industry is in an uncertain place legally. Constantly check on new rules and regulations as they are changing daily. With any business, you want to be sure you are keeping up with the legal side of things, but be aware of these extra hoops to jump through in the medical marijuana business.
As with any business, you want to stay accessible to your clients. You also don’t want to spend all of your precious time at the call center on the phone answering simple questions. Maybe you want to consider hiring a Contact Center as a Service (CCaas). Companies like Bright Pattern have perfected the OmniChannel platform where your email, chat, and phone calls are all connected to one cloud contact center. Hiring a CCaaS could be a game-changer for your organization. Their expertise will allow you to focus on the details of growing your company while advanced artificial intelligence and chatbots communicate effectively with your buyers.
Marketing your new CBD business may be another unique challenge. Unlike other, less risky ventures, you won’t be able to simply sell on Amazon or advertise on social media platforms without risking your own page being shut down. Getting your product into local storefronts or establishing an e-commerce website will be essential. By immediately establishing customer satisfaction with your products, you can grow your business from the bottom. Word of mouth and exceptional customer experiences will go a long way while you’re launching your business. So be prepared to do the nitty-gritty work at first and you’ll see a big payout later.