As evidence of the myriad of benefits of CBD surfaces as more and more clinical studies are taken, we are seeing the demand of CBD and related products like CBD oil skyrocket. According to CBD manufacturer Canazil, the CBD market is estimated to grow to $2.1 billion by 2020, a growth of almost 700%. There’s a huge opportunity here to earn an income by becoming a CBD entrepreneur, and there’s a couple ways to do it.
Decide Which CBD Products to Sell
First you need to decide what type of CBD products to sell. The main goal of the consumer is to get CBD in their system, and there’s multiple ways to administer it from different versions of the cannabinoid. For example, there are CBD isolates, crystals, wax and capsules. The most popular is CBD oil, which is administered orally. CBD oil can also be added to e-liquids, or “vape juice”, and is then converted to vapor to inhale which gives off similar effects to capsules.
Choose Between Self-Manufacture or Outsource Partner
Now that you know which CBD product, or product mix you’d like to build, now it’s time to decide whether you want to make the CBD product yourself, or outsource to a manufacturing partner. Personally I would recommend choosing a private label manufacturing partner to work with to avoid the hassle and legal issues with dealing with and extracting hemp at its pure form. However the benefits of producing your own products is that you always stay in control and may have cost advantages in the long run. In the short run though, you will likely save cost on materials by going with a proven manufacturer to avoid the costly experimental stage.
Complete Branding, Design
If you’re working with a private label manufacturer, they’ll likely help you with the design components of your new brand including naming, logo, package design and brand identity. Likely, they’ll take the ideas that you bring to the table, and help build upon them. Otherwise, you can get your branding and label designs done online through design websites or even your local logo designer for a more intimate process.
Now that you have a brand identity and a product mix, you need to sell your CBD products, and this means you need to find distribution. If you have partnered with a manufacturer, they will likely have some distribution contacts in place to get you started on the journey of getting your products on store shelves. Alternatively or simultaneously, you can sell your CBD products online via a direct to consumer model. This way, you keep your margins high and skip any middle men or gatekeepers in the industry that may shut their doors to you. You can market your products online through running ads on social media or search engines. With the projected growth of the CBD market, you putting yourself in a position to make some serious dough.
Not to mention, your product really helps people!