1.Understand the legal landscape
Before starting a CBD business, it’s crucial to understand the CBD laws that apply in the UK. Make sure you are familiar with the emerging regulations and test requirements surrounding the production, distribution, and sale of CBD products. Did you know you can have your consignment seized at the UK border if you try to import THC-containing products? So be sure to get products tested to the correct requirements.
2.Research your target audience
Who is your ideal customer? What are their interests? Knowing your target audience is essential to the success of your CBD business. Maybe you want to sell to the health conscious market and the gym goers. Research your potential customers to understand their needs and preferences. Do they prefer to buy CBD snacks while on the go, or a dose of CBD oil in the evening? Think about price point too – how much do you think they are willing to spend?
- Choose a reputable supplier
It is important to choose a reputable & reliable supplier that can provide you with high-quality, lab-tested CBD products. Traceability is important so only source suppliers that volunteer detailed information on their sourcing, extraction methods, and third-party lab test results. Don’t rely on supplier or manufacturer own lab tests because they may not be the most accurate.
- Develop a marketing strategy
Most start-ups get so excited about selling their wares they ignore this key ingredient. Developing a sound marketing strategy using the latest concepts is critical for the success of your CBD business. Think about your target audience and the channels that will be most effective in reaching them. This will likely include social media, influencer marketing, and SEO. But there are many other ways including trade shows and public events.
- Ensure product safety
Finally, as a business owner, it’s your responsibility to ensure that your products are safe for human consumption. CBD is not completely benign. Did you know that CBD is not recommended for pregnant women? Do your due diligence and keep up to date with the latest toxicology and safety information surrounding this remarkable substance.