It’s no wonder that the question, “How can I start my own CBD oil company?” is on a lot of minds this year. According to a BDS Analytics study, the US CBD market should reach $20 billion by 2024. If you’re wondering how to sell CBD oil from home, here’s some information that can help.
Should you want to take advantage of that booming market but don’t have the facilities to process, package, and sell your own, you might consider partnering with an existing CBD oil processing company in a white-label arrangement.
What Is a White-Label Partnership?
A white-label partnership is a business arrangement in which a manufacturer provides you with finished but unlabeled CBD oil products. Then, you handle the branding, labeling, marketing, and sales from your own business location – which might include your home, so long as you have met the legal requirements.
Many white-label CBD oil manufacturers and suppliers can provide you with information on how to sell CBD oil from home. After all, the more CBD oil you sell, the more profit they’ll make, too. It’s a win-win proposition for everyone involved, especially you – if you’re starting your CBD oil business from scratch.
Before you begin the process of forming your own company, research potential white-label partners. Don’t be shy about asking them questions about what help they can offer.
Eliminate those who seem too busy to teach you how to sell CBD oil from home or provide you with any other help you need. You’re looking for a partner, not someone out to make a quick buck from you.
How Can I Start My Own CBD Oil Company?
The first things you need to research are your state laws governing both doing business in general and selling CBD oil specifically. Although its THC (the ingredient that makes one “high”) level is negligible, many states have specific laws that govern how you can market, merchandise, and sell the product.
Never guess when it comes to legal matters. As you get closer to making a decision to start your new business, it pays to consult with an attorney licensed in your state – one with experience advising CBD sellers.
Get to Know Cannabidiol Oil (CBD Oil)
Next, educate yourself about the product itself. You’re not only selling a product; you’re selling yourself as an expert on it, its cultivation, harvesting, manufacture, and benefits. Learning all you can about cannabidiol oil costs nothing and will make you a better-informed seller.
Some hemp farmers and cannabidiol oil manufacturers go out of their way to help retail sellers with a wealth of information about the product, its production, and its quality, as well as some of the nuts-and-bolts aspects of the retail business.
What’s Involved with Starting My Own Home-Based CBD Oil Business?
One such industry leader, Omar Massoud, the CEO of Hemp Farms of NY, provided the Nova Custom Label Printing team with several insights into the home-based CBD oil business. As you can imagine, Massoud receives quite a few inquiries along the line of, “How can I start my own CBD oil company?”
His answers (and his ongoing support of fledgling cannabidiol oil businesses) can help you make your dreams of starting a CBD oil business a reality. First of all, he helps prospective white-label prospects evaluate their business objectives.
Many of his customers want to launch an entirely new brand on their own, while others simply want to offer their customers a single product line to sell as one of many other products and services they offer. His customers, therefore, include full-time CBD oil businesses as well as nail and hair salons, cafes, medical offices, massage therapists, dispensaries, and other businesses that are a good fit with his CBD products.
The Next Step
Regarding payment, he bases your payment on the order size. Unlike wholesale partners, who can buy in smaller quantities, white-label partners need to buy in larger quantities, usually 150 units of each product.
Hemp Farms of NY assists its white-label partners in every way possible. In fact, they don’t even charge extra for customers who need more help.
When you come to Massoud’s team asking, “How can I start my own CBD oil company?” he and his staff will help you learn about his products so you can present them in the best possible light. The Hemp Farms of NY’s philosophy focuses on helping their white-label customers as much as possible since the more you sell, the more they’ll sell – since you’re essentially selling his products, albeit with your own label and branding.
Create a Workable CBD Business Plan
If you work with a helpful partner like Hemp Farms of NY, they can help you do the groundwork to prepare your CBD business plan. For example, they first clarify what success looks like for each client.
Then they recommend realistic sales and marketing strategies that align with their needs. Sometimes, they advised that clients need to reduce the size of their order or the types of products they carry. Doing so at first, Massoud says, “drives long-term value,” helping his clients achieve a higher rate of returning businesses. This strategy works well for new CBD business owners who haven’t yet discovered which products best satisfy their target market’s demands.
As your plans solidify, you might want to sketch out a formal CBD business plan. Don’t worry – you won’t have to start from scratch. Many free and low-cost business plan templates are available online, some tailored expressly to CBD businesses’ needs. Having a documented CBD business plan can help you obtain loans you might need to fund your startup or attract people to invest in your company.
Get To Know the Laws
If you’re lucky enough to work with a white-label provider like Massoud, the farmer or manufacturer will provide you with an overview of what you need to be compliant with local, state, and federal laws. Hemp Farms of NY also advises customers about obtaining a retail license, a must-have in most communities.
Finally, they offer easy-to-use labeling templates that allow you to input your relevant information. With that information, you can work with your printer’s design team to create a custom label design that will showcase your CBD products, making them more attractive to customers.
When you’re almost ready to open your doors for business, place your product label order with the Nova Custom Label Printing team. With our fast turnaround times and high-end custom designs, we can help you get your CBD business off to a great start. Order your new CBD labels today!