General CBD Business Opportunities
As today’s modern world embraces the cannabis plant and its trusty sidekick CBD, opportunity abounds for budding “cannapreneurs.” With so many uses for this cannabinoid, it comes as no surprise that the CBD business opportunities are equally as abundant.
1. Become a distributor.
If you’re capable of turning inventory over quickly by selling directly to retail stores, why not become a CBD distributor? Another option is to launch a distributor wholesale company. Wholesale or distributor markup prices are usually set at around 20%-40%, and a license is required with this method of profiting from CBD. Mastering the art of becoming a CBD distributor requires you to communicate with manufacturers to arrange the all-important distribution deals.
Cost: Consider your distributor strategy, logistics, and networking. Distributor start-up costs around $50-$100, and many companies offer an immediate discount on products.
2. Form CBD cooperatives.
Many first-time CBD sellers form a CBD cooperative as a way of saving on taxation, raising capital through investors, minimizing outgoing costs, with the goal of maintaining a long-standing existence in the industry. Any 10 adults can volunteer to establish an association that nurtures self-help and mutual aid for the CBD industry. This is a perfect opportunity to integrate moral values into your CBD cooperative business, which should be registered with the Registrar of Co-operatives.
Cost: Franchisees should have at least $100,000 of liquid capital to kickstart their CBD cooperative venture. It’s also critical to discuss how dividends will be shared.
3. Run a CBD podcast.
Attracting leads become second nature when you share your opinion and the opinions of others with a CBD podcast. This is your opportunity to step out and become an authority in this attractive field. Ultimately, it can boost your credibility and influence over other sellers in the CBD niche. CBD podcasts offer a fantastic way to promote products and services, earn money through sponsorships, attract crowdfunding opportunities, and build your bank balance with affiliate marketing, virtual summits, and books/audiobooks.Cost: Expect to fork out around $60-$70 for a high-quality microphone, $0-$12 per month for podcast services like Buzzsprout and as little as $10 for artwork on a bidding site like Fiverr.
4. CBD marketer.
If you enjoy learning new things and want to diversify your income earned through CBD products, dabble in CBD marketing. Some popular examples of ways to market products that contain CBD include affiliate marketing, content marketing, internet marketing, and social media marketing. When attracting an interested audience with marketing, popular methods of earning include advertising/sponsorship, conferences and events, donations, exclusive content offerings, and subscriptions.
Cost: Everything that you need for CBD marketing, including a website and blog setup, advertising, public relations, and promotions, should cost no more than 2%-5% of your sales revenue.
5. CBD blogger and reviewer.
An ecommerce company can increase its chances of selling a product if it provides its website visitors with unbiased reviews. Statistics show that 92% of B2B buyers are more likely to purchase something after reading a trusted review. Blogging and reviewing are powerful ways of strengthening SEO, boosting online visibility, and amplifying conversions.
Cost: Free on WordPress or $10-$60 a month with your own hosting and other features. Computer software and hardware should cost $200-$2,600 in one-time purchases.
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