3 Reasons to Start Your Own CBD Business

If you’ve always wanted to start your own small business but never settled on a niche, you should consider starting a CBD business. CBD, or cannabidiol, is a natural health supplement that is made by extracting the chemical compound from cannabis plants.

On its own, CBD does not make you high, which is why CBD and products using it were legalized in 2018. The benefit of CBD is that it can help with several health issues, from small everyday concerns like aches and pains, to more serious conditions like epilepsy and cancer. As a new and emerging industry, now is the best time to start your own business selling CBD. Here are three reasons why.

You Can Start Small and Simple

The good part about starting your own CBD business is that you can start small. You are not starting a shop carrying several different kinds of products from different industries. You can start selling a few different kinds of CBD products from a few different brands, like Joy Organics. CBD oil, tinctures, and edibles are the staples, but you can also start by specializing in other types of CBD products. This could be topicals like lotions, balms, and creams for skincare, or it could be a wider selection of edibles.

To keep it simple, you don’t have to start as a physical store. You can start as a purely online dispensary, to save yourself the cost and effort of renting a retail space. Over time, as you become more established, you can transition into having a retail store and maybe even a chain or franchise.

It’s a Booming Industry

The CBD industry is one of the fastest growing industries in the world. This is for two reasons. First, because the industry itself is still very new. All businesses that make or sell CBD products have only been around as long as it has been legal, so there are no major companies or brands that have name recognition. It’s a wide open market.

There is also a huge demand for CBD supplements and products, and that demand is growing. In 2020, the global market size for CBD was around $2.8 billion. By 2028, it is forecasted to grow at a compound annual growth rate of 21.2%, and that’s taking into account all the disruptions caused by the pandemic.

There Are Great Resources Available

There are numerous CBD manufacturers that are willing to work with new businesses. You can source their products on a wholesale basis, and capitalize on their marketing and educational resources so you can pass on that knowledge and quality to your customers.

Once you are more firmly established, you can start using whitewholesale services. This means you still sell another manufacturer’s products, but you create your own labels and merchandising to sell them as your own unique brand. This gives you greater opportunity for growth, either to sell more brands and products or to transition into your own CBD brand.

With these three tips in mind, starting your own CBD business represents a great opportunity. The market is relatively open, and it is simple and easy to start one compared to other industries. You can start small, and grow over time as you build your customer base. You can also take advantage of the educational and wholesale resources provided by numerous CBD brands.