It sure is a good time to be in the cannabis business. With more and more states opening up to CBD products, and the federal government cautiously inching in the same direction, the market is just opening up to the wonderful world of CBD in all its iterations. If you ever want to get into a business on the ground floor and watch it make you rich—now’s the time to get in there and make it happen.
Of course, you’re not the only person with the brilliant idea of launching a successful CBD-based startup, which means you’ll need to work hard to stand out from that crowd. That doesn’t scare you, though, does it? After all, you’re an entrepreneur with a vision! All you need is a few tips to get you started out on the right foot. Fortunately, this guide will get you on the path to success. Read on to learn about everything from defining your target audience to designing distinctive packaging.
Be clear about what types of CBD or THC-based products you’ll be selling.
There are more than a few ways to consumer CBD and THC these days, so you need to decide what you want to be selling. Don’t spread out too much—if you’re selling joints, sell the best joints out there. If you’re selling CBD cream to relieve joint pain from arthritis, focus on developing those types of products. Creams, beverages, gummies, joint tubes—the cannabis industry is a wide one so the first step is to be clear about what type of company you are. If there’s any lack of clarity about that on your part, how will your customers know what to expect? Once you’ve done that, you can focus on developing an appropriate logo and sourcing a company to make pre roll joint labels or other stickers that make your products stand out.
Just like any startup, your marketing needs to be on point.
Does it seem like a breeze to develop TikTok ads or put together content for other social channels? Think again. Video ads, TikTok ads, and other media content need to be on point so that you capture the imagination and desire of your target audience in seconds.
Even if you’re just a little startup, it’s worth your time and money to hire expert marketing teams like the folks at Ascenial (ascenial.com) who can figure out who your customers are and how to reach them. They’ll provide you with insights into what your social ads should look like to have the biggest impact. Remember, you’re the visionary, not someone who is trying to get a degree in eCommerce advertising or an aspiring creative director.
Will you have a brick-and-mortar dispensary or will you be a fully eCommerce operation?
This should be a part of your business plan, which you absolutely need before making any concrete steps. If you have a brick-and-mortar dispensary or location, that costs more which means you’ll have to charge more for any capsules, edibles, beverages, or other CBD and THC products you’re selling. On the other hand, eCommerce businesses cost less in overhead but may present other challenges related to ensuring freshness during shipping.
Consider how much money you have, what types of products you’ll be selling, and how you plan to get to your customers. You can even use a visual of the product to help you imagine what your containers and shipping methods may be. This s a fun way to ensure that you’re making the best choice for your specific CBD and THC startup.
In the end, the best way to turn your startup into a lucrative operation is to save on costs, be clear about the specs of what you’re selling, and outsource things to other people with more expertise.