When you start thinking about finally taking that important step towards financial independence by establishing your own business, the first thing you’ll need to decide is whether you want to sell products online or in a brick and mortar store. While doing both things could probably be the best option, the truth is that you can definitely succeed by focusing on the online world, since it provides you with an opportunity to reach a much larger audience. Of course, this is not the only decision that you’ll need to make.
What about the type of business you are going to run? One of the best, and probably the easiest, things to do is become a retailer or a distributor of certain highly sought for products that are definitely not going to fade into oblivion any time soon. In addition to that, you need to choose interesting products that people will fall in love with, because that certainly increases your chances of making a success.
Okay, let me stop beating around the bush. The idea that I am referring to has to do with the Cannabidiol industry. In case you haven’t heard about Cannabidiol yet, it’s a cannabis derived compound that has proved to have some rather therapeutic properties and a lot of amazing benefits for people’s health. That’s why this compound has become so popular in recent years and that’s why manufacturers have started making all kinds of products with it.
Among all the different products, such as creams, bath bombs, oils and various edibles, it appears that the seemingly plainest one has actually stolen the spotlight. Perhaps it has something to do with how easy it is to use this specific product, or perhaps these products have their strong effects to thank for the popularity. That is, strong and quick effects. If you couldn’t have guessed it, I’m talking about CBD pre-rolls.
These are pretty simple to use, meaning that people usually don’t need to worry about the process of determining the right dosage and consuming the products the right way. In addition to that, the effects they provide are pretty quick to kick in, leading to people getting instant relief from certain unpleasant symptoms instead of waiting for hours for Cannabidiol to start working its magic. Like I said, this is probably one of the main reasons why their popularity is on the rise.
So, when you find out just how amazing these products can be, you will undoubtedly start thinking that investing in them could be the perfect opportunity for you to set up a successful online business. Once you come to that realization, all you will have to do is find the perfect CBD pre-rolls on the market and get started, right? Well, not quite. While finding the right products is certainly an important step, as explained on Cheef Botanicals, it is definitely not the only step you need to take in order to start your online CBD pre-rolls business.
If you are now unsure about whether you can make it in this world, there’s no need to be. In fact, if you just take the right steps and stay committed to your goals, you are almost guaranteed to succeed. Speaking of the right steps, I know that you might be confused about what it is that you actually need to do with the aim of starting a successful online CBD business and that’s exactly why I’ll give you some tips below. Simply said, I’ll show you which steps you absolutely need to take in this process, so let’s get started.
1. Create A Business Plan
While buying your CBD pre-rolls right away and starting to sell them through your website is certainly rather tempting, the truth is that you need to do a few things before taking that step. For starters, what you need to do to focus on your goals is to create a business plan. Making a clear and precise plan made in advance is one of the keys to running a successful business and I'm sure that you already know that. So, start by taking all the significant things into account and creating a precise and realistic business plan before going any further.
How to create a business plan - this article that we published a while ago might help you to get yourself started. (Create A Business Plan For Online Business) However, many business plan guides will tell you to record very formal information like "legal status", "business address", etc. You don't need any of that.
You don't have to create an official document for anyone else. It's your own business after all, as long as your plan can keep your feet on the ground and make sure your daily/weekly/monthly sales performances are right on track, your business plan can be in any format. You don't need fancy software for this. You can start by writing down some key points on Google Docs at the beginning, then take it from there.
The key points that you want to clarify in your business plan are;
- Who your target audience is, and how to find them (social media, local directory, etc.)
- Who your suppliers are (mentioned at No. 3 below)
- Your Business goals; what you want to do this time next year / in 5 years time, etc.
- Your competitors in the CBD industry; what they sell (pre-rolls only? Oil? Bath products? Books? )How successful they are and what makes them stand out of the crowd.
Once these points are clear, more detailed plan should be made; most importantly, budget planning. Such as;
- How much you need to set up your business, run your business on a monthly basis.
- How much revenue will need to constantly come in to make a profit.
- Your bank accounts, credit cards and overdraft facility should you need it; how your income will come in and which income/expenditures should be set as direct receipt/payment respectively.
Once your business plan is outlined, then it's important to review it and do some "reality check". You might be all-excited about the list of things to do, but you need to make your business productive, so think about;
- Any restrictions regarding the sales and marketing of CBD pre-rolls?
- Your personal obstacles (do you have enough time to manage all this? What are your weaknesses?)
- Pricing plans, seasonal discounts, coupons to issue at certain periods during the year?
2. Perfect That Website
I know that you might think that creating just any kind of a website will be perfectly enough for you, since all you need is the online space that you can use for marketing and selling your products, but here’s the thing. If your website stinks (pardon my French), then you certainly won’t make any sales. Here’s what I suggest:
- Make sure you use a reputable web hosting company (WP Engine, for example, if you want a managed hosting plan including WordPress plus premium themes. BlueHost, if you go for a cheap but reliable one.)
- Use a reputable e-commerce platform such as Shopify or WooCommerce plugin.
- Make sure to use an easy drag & drop website builder so that you can build your site without worrying too much about technical aspects.
- At least learn some SEO techniques so that your website will be visible on search engines and attract visitors organically in due course.
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If the above suggestions don't seem feasible to you, you can get a professional to design and create your website. You may have to revisit your budget plan and see if you can afford to invest in it, but if you think about saving time from researching and building a site yourself and spending time for other tasks such as putting more effort in marketing, it will be an investment worth making.
3. Find The Right Wholesale Supplier
Did your idea of running this business consist of buying your CBD pre-rolls just anywhere and then reselling them at a higher price? Well, I hate to break it to you, but this certainly isn’t a good idea and you are highly unlikely to be able to sell these products if your prices are through the roof. Sure, CBD pre-rolls are quite popular, but that doesn’t mean that people are ready to pay a small fortune for them, especially not since there are places out there offering them at reasonable prices.
So, your task is to find the perfect wholesale supplier for you that will sell you these products at lower prices, which will then allow you to resell them at perfectly reasonable prices to your end customers. Here are some ways to research;
- The simplest way to shop around is to google by keywords such as "CBD pre rolls wholesalers", "wholesale CBD", etc. Also try the same keywords followed by your local area, e.g. "Portland, OR." Because you never know, you might get a cheaper supply locally by picking it up rather than to have it shipped internationally.
- Search eBay by the same keywords and also check related products. The sellers who sell CBD oils on eBay are approved registered business sellers. But there are some unlicensed sellers who are only allowed to sell related products such as soaps, cream, teabags, etc. Their eBay shop should have a link to their website as well as their contact number/email so you can send your inquiry and ask them they can offer wholesale rates on bulk orders.
Keep in mind that you should partner up with companies that are highly reputable and trustworthy, because you need to sell brands that people are already familiar and happy with. Do your research before you decide which wholesaler to partner up with and once you have found the perfect one, feel free to put things in motion and start selling.
Jess is a working mother of two small children. Writer, graphic designer and a trainee accountant, who's looking to set up a design institution for children under 13 in the UK.
Author // Jess Adeola