CBD oil is now legal in 30 states and counting. And with the new legalization of marijuana and marijuana-based products comes new opportunities to make money in the industry.
Thousands of new small businesses open each year, and more than half of them are based at home. Thanks to the internet, there’s plenty of opportunities to make money online from the comfort of your home. The trick is finding something to sell that people will want to buy — and CBD oil is the perfect solution.
Wondering how to sell CBD oil? In this guide, we’ll teach you how to make money with CBD oil without even leaving the house. Keep reading to learn how to sell CBD oil from home!
Why Learn How to Sell CBD Oil Online?
What makes selling CBD oil online so lucrative, anyway?
The best thing about selling products online is that you don’t need to invest in a retail space. The overhead is incredibly low. All you need to buy is inventory. Of course, you’ll also need to invest in marketing — but you would need to do that no matter what.
You can also tap into a customer base that’s much wider than if you had a physical store location. There are many creative online marketing tactics that can help you put your business in front of the right customers.
Many customers love shopping online for all sorts of products, and CBD is no exception. With an online CBD business, you can tap into the ease and comfort offered by online sales, and provide customers with what they really want.
How to Start CBD Business Opportunities at Home
Now, let’s delve into how to get your online CBD business off the ground.
1. Make a Plan
All good businesses start with a business plan. This should be your first step for jumping into CBD business.
In your business plan, you’ll need to first identify the basics. Figure out exactly what you’ll sell, and who you’ll sell it to. For example, will you sell all kinds of CBD products, or will you have a specialty, such as CBD bath and body care?
Knowing what you’ll sell goes hand in hand with knowing who you’ll sell it to. You can even start by figuring out your target audience, and then decide what types of CBD products they need most. Are there any gaps in the current CBD products on the market that you could fill?
Your business plan should also include details like how you’ll source your products, and how much money you can invest at first. Try to project numbers so you can see how soon you might break even.
2. Learn the Laws
Another critical step is to learn the laws governing your project. If you run into legal trouble, your hopes of selling CBD oil online may quickly get shut down.
Federally, and in some states, cannabis products that can get people high are illegal. However, CBD oil doesn’t get people high. If your CBD products have a low enough THC content, you can sell them anywhere.
If the THC content is higher, you can only sell in states where marijuana for recreational purposes is legal. Make sure you also understand the laws about shipping your product between states. Chances are good, you’ll only be able to sell high-THC oil within the borders of a state where marijuana is legal — the restrictions on shipping across state lines remain strict.
3. Understand the Products
Now, it’s time to do thorough research and really get to know what it is you’re selling.
It’s also helpful to get to know the related marijuana products on the market. Even if you don’t sell them all, the more knowledgeable you can be, the better.
CBD can be made from both marijuana and hemp. Do you know the difference between the two? Which kind will you sell? Visit this website for examples of hemp-extracted CBD.
You should also learn about the different active compounds in the cannabis plant. CBD and THC are two of the most famous ones to learn about. THC gets people high, while CBD offers many mental and physical health benefits with none of the high.
4. Do the Paperwork
You’ll need to get some ducks in a row to make sure your business is viable before you open up shop.
First, it’s a good idea to form a legal business entity. That way, if someone sues your company, the company will be liable, not you personally.
Make sure to register for the proper federal, state, and local taxes, too. You should also open up a separate bank account to keep your business income and expenses separate from the personal. The more organized you are now, the less you’ll have to worry about in the future.
5. Get Your Inventory
Now, you can stock up on your products to sell.
Many wholesale retailers offer CBD products that you can buy to sell. Business-to-business models also offer a great source of CBD inventory.
It’s a good idea to start small with your inventory. It will take time for your company to grow, so don’t order more stock than you need.
6. Create Your Website
Last but certainly not least, you have to build a website that can host your products.
If you don’t have web design experience, you may want to outsource this task. It’s not easy to create an eye-catching website that’s search engine optimized. But the more you invest in your site, the better your results are likely to be.
Can You Really Make Money Selling CBD Oil?
If you follow all of these steps to learn how to sell CBD oil, the results will likely impress you. CBD is a lucrative industry that’s poised for growth. The sooner you get involved, the better your chances are of making money.
Of course, this basic guide will get you started, but there’s much more to learn about starting an online business. Don’t miss our e-commerce checklist to help you succeed!