How to Start Your Own Wholesale CBD Products Business
So, you want to get into the booming CBD oil industry with a Wholesale CBD products business? Read this post for a crash course, including planning how you will fund the project, selecting the type of store you want, navigating legal considerations, and choosing CBD wholesale products like full spectrum CBD vape oils and tinctures.
The Things You’ll Need
In order to start your CBD oil wholesale business, you’ll need the following:
- a business plan
- a brick and mortar or online store, existing or new
- a reseller’s license
- knowledge of state and federal requirements
- products from a manufacturer
A Business Plan
It’s never a good idea to start a business without a business plan to help you determine how much money you’ll need, when you expect to start making a profit, who your target market is, and the steps you will take to reach your goals. This helps you visualize the path to success with your wholesale CBD products business, making it more likely you will succeed and that you can get there faster. If you intend to get a loan or backing, you will also need a business plan to show to the lender or investor.
This isn’t unique. You need to have enough money to invest in the store, if you don’t already have one, and your products and marketing until you begin to make a profit.
That’s why you need a business plan, to define how long you think it will take and what to do for you to make a profit, so you aren’t wildly throwing money at your wholesale CBD products business.
A Brick-And-Mortar Or Online Store
You have to have a place to sell your CBD wholesale products.
If you already have a brick-and-mortar or online store, you can just add in new products.
If you’re starting from scratch, you’ll have to invest in one kind of store or another.
A brick-and-mortar store is more localized and requires a more sizeable investment, but you will have less competition, it is easier for you to build powerful customer relationships, and people can interact with the merchandise before purchasing. This can be very helpful for such a new industry when there is so much for the public to learn.
An online store helps you reach a wider group of people and requires less investment, though you will face steep competition. You can build customer relationships online with strategic social media engagement and customer service.
A reseller’s license
Wholesalers require a special license, known as a reseller’s license. This is not anything special about CBD oil. You will apply for your reseller’s license through your state, so research your state’s requirements. Read this post from CorpNet to learn all about getting a reseller’s license.
Research information on your state and federal requirements for selling CBD oil to know what is legal for you to do and advertise. You don’t want to delve into your wholesale CBD products business only to incur a fine or get stopped because what you’re doing is illegal.
CBD Wholesale Products From A Manufacturer
A wholesale CBD products business requires products made by you or someone else. You may be wondering how you go about getting them. Or how to select your products. This is not a step to be taken lightly, not that any of them are, but your products are what you have to offer, your brand, why you have a wholesale business at all. The quality of them, the reliability of their quality and shipment, and the selection are crucial.
Select the best CBD wholesale products
Selecting CBD Oil Made From Hemp Rather Than Marijuana
CBD oil can be a whole different animal, as they say, depending on whether it is made from hemp or marijuana. You need to know which one you’ll be buying for your wholesale CBD products business, so you can be sure it’s legal for you to sell your products in your state and market appropriately.
CBD oil made from marijuana is faster acting and is believed to provide more potent results than CBD oil made from hemp, because of the THC, but it is not believed to work as well at providing long term results and may cause negative side effects. CBD oil from marijuana is also not legal in most states.
CBD oil made from hemp is legal in all 50 states and contains virtually no THC. It is such a tiny amount that it can officially be referred to as no THC. 0.3% and under of THC is both safe and legal. Hemp-derived CBD oil is believed to be more reliable and longer lasting than CBD oil from marijuana because the primary component of hemp oil is cannabidiol rather than THC. Cannabidiol appears to provide very similar benefits to those THC can without psychoactive effects and negative side effects.
Choose which one you think your target market will want and what’s legal in your state. Then make sure you are purchasing the right one for your wholesale CBD products business.
Building your selection of CBD wholesale products
There are a ton of products available for you to choose from to address people’s needs and tastes, such as oil tinctures and full spectrum CBD vape oils. Many of them may be completely new to you. This is both a little daunting at first and a great way to set yourself apart with your selection of products.
What will your target market want?
Consider your target market for your existing business or the one you intend to start. Are they younger, older, more active, dealing with anxiety or epilepsy, etc.? A younger target market dealing largely with anxiety attacks will be particularly appreciative if you include fast acting and fun full spectrum CBD vape products in your selection, while athletic or older target markets will particularly want longer lasting oil tinctures or localized topicals for pain.
Oil tinctures really are a must. You should always have at least one available because they are great for addressing all ailments and provide such versatility in dose.
Full spectrum CBD vape oils are popular products that you want to consider including in your product selection.
Edibles, most commonly gummies, are easy and enjoyable ways to get even, consistent doses of CBD oil.
Topicals are ideal natural alternatives to potentially address pain, inflammation, infection, and skin conditions. At least one such product is a great addition to any wholesale CBD products business, but they are particularly important for those targeting certain customers.
There is a staggeringly vast selection of products available. We’ve just touched on the most common and basic options. Read our post on the selection of CBD oil products available to learn more. In other blog posts, we also discuss how to ensure full spectrum CBD vape products are safe and how to select a wholesale CBD products manufacturer.