If you're looking for a business venture that can keep up with the changing times and potentially bring in significant profits, consider opening a CBD business! Recently, the trend of using cannabidiol products has been rising exponentially due to their numerous health benefits.
With more states legalizing medical marijuana usage and hemp plant cultivation, now is a great time to get your feet wet in this industry. Here are our top five reasons why starting a CBD company in 2023 could be one of the best investments you make this decade.
5 Reasons To Start a CBD Business in 2023
Cannabidiol (CBD) products may have been part of alternative lifestyles in the past, but when the Agricultural Improvement Act of 2018 was signed into law, CBD became more popular.
Studies back up claims that CBD is good for your health, so CBD products are on their way to becoming their market.There has never been a better time to start a CBD business in your area than now. Here are some more reasons why you should:
1. The CBD Market is Booming
The CBD market has been experiencing unprecedented growth, making 2023 the perfect year to dive into this booming industry. With sales anticipated to surpass $22 billion by 2022, the profit potential is immense, drawing in ambitious entrepreneurs eager to carve out a niche for themselves.
This remarkable surge can be attributed to the increasing awareness of CBD's numerous health benefits and a steadily growing acceptance of its usage.
As the CBD industry continues to flourish, business-savvy individuals who seize this opportunity will be ideally positioned to take advantage of the demand for high-quality CBD oil, making their mark in the lucrative and thriving world of CBD.
2. CBD is Versatile
The remarkable potential of CBD in 2023 presents a unique opportunity for aspiring entrepreneurs to venture into a thriving market with endless possibilities. One of the standout reasons to establish CBD businesses in 2023 lies in its exceptional versatility that caters to various preferences and needs.
By infusing it into everyday food and beverages or blending it into topical creams, businesses can develop innovative product lineups that appeal to an increasingly health-conscious customer base.
Furthermore, those interested in a more direct experience with CBD can utilize vape pens for easy inhalation. This extraordinary flexibility enables CBD companies to pinpoint niche markets for maximum impact, all while offering a rich selection of products like CBD edibles tailored to satisfy their target audience's diverse demands.
By tapping into the multifaceted nature of CBD, ambitious entrepreneurs can ride the wave of its growing popularity and establish a flourishing enterprise in this promising CBD industry.
3. It's Legal in Most States
The growing popularity of CBD in the United States presents a significant opportunity for entrepreneurs and innovators looking to embark on a new business venture.
With most states embracing CBD's legality, setting up a company in this flourishing sector has become a less daunting task than ever before.
As long as sales or distribution does not occur within the few states where CBD remains prohibited, business owners can bypass many legal hurdles typically faced in other sectors.
This welcoming environment surrounding CBD allows aspiring entrepreneurs to focus on creating and marketing their unique products while simultaneously catering to the increasing consumer demand for natural health and wellness alternatives.
With such promise and potential for success, it is no surprise that the CBD industry continues to attract ambitious individuals eager to make their mark.
4. Low Start-Up Costs
Diving into the world of entrepreneurship can be exciting and daunting, especially regarding the financial aspect. However, in 2023, starting CBD businesses offers a refreshing opportunity to enter the industry with relatively low start-up costs.
Say goodbye to the expensive equipment or high rent bills associated with traditional storefronts.
All you need to kickstart your thriving CBD venture is a collection of basic supplies and an attention-grabbing website.
This budget-friendly yet lucrative avenue paves the way to success for aspiring entrepreneurs needing more extensive business experience or substantial financial backing.
So, seize this golden opportunity to make your mark in the booming CBD industry without breaking the bank.
5. High-Profit Margins
Venturing into the thriving CBD industry in 2023 offers a golden opportunity to tap into significant profit margins due to the significantly high markups on CBD edibles.
As more people become aware of CBD's myriad benefits, the demand for these products continues to surge, allowing businesses to charge premium prices without dampening sales.
To start a CBD business, you can leverage this ever-growing demand and ride the wave of success accompanying such lucrative industries. Furthermore, the ability to make a substantial profit on each sale ensures your financial stability and long-term growth in this booming sector.
So, why not harness the power of CBD in 2023 and elevate your entrepreneurial journey to new heights?
To learn more about how to resell CBD products as a small business owner, click here.
What to look for in a CBD wholesale business partner
In 2019, the global CBD market was worth $20.3 billion, according to a report from Grand View Research. And it's expected to get even more significant, growing at over 25% per year until 2027.
It's a fun time to get into the CBD industry. With so many people using CBD for its supposed health benefits, there is room for growth.
If you want to start a CBD business from scratch or add CBD products to your existing brand, you must find the right wholesale partner.
What should I look for in a reliable CBD wholesale? Here are a few tips:
1. Tests for quality by a third party
There is a lot of low-quality CBD oil on the market. Since CBD is increasing, the market is full of products that could be better.
In a recent study, researchers from the University of Pennsylvania and several other research institutions found that 69% of CBD products had levels of CBD that were either higher or lower than what was advertised on the product label.
Using a CBD wholesaler whose products are tested by a third party goes a long way toward building consumer trust.
A good CBD distributor will want to show that their product is exactly what it says it is.
2. Offering Full-Spectrum CBD Oil Products
Full-spectrum CBD contains not only CBD but also fatty acids, vitamins, terpenes, and other cannabinoids, which all have their health benefits. When you take an CBD isolate, it's like eating one hamburger.
When you take a full-spectrum supplement, it's like going to a lunch buffet. Most CBD users who know what they're doing, look for full-spectrum CBD because they know it's better for their health.
Make sure that you sell CBD products that are all full-spectrum.
3. CBD Oil Products Contain Multiple Carrier Oils
CBD oils are made by mixing CBD with carrier oil. Carrier oils help CBD get into the body more efficiently, and they often have their own health benefits.
MCT, hemp seed, and olive oils are the most familiar carrier oils.
Each has good and bad points. Make sure to ask your potential CBD wholesaler what kind of carrier oil or oils they use in their blends.
Making products that use more than one carrier oil can attract customers who like a certain one.
4. CBD Production and Sourcing in the U.S.
Even though hemp is grown in many countries, choosing a domestic producer is a good idea.
Some countries have stricter rules about farming and refining than others, so you'll need to research if you're buying from abroad.
For this reason, U.S. buyers often look for CBD made in the U.S. or Canada. If you're based in the U.S., offering CBD oil products made from hemp plants grown in the U.S. is a strong selling point with potential customers.
5. Provides organic CBD
Hemp is a bio-accumulator, which means it takes in various things from its growing environment.
If it wasn't grown organically, some of these substances could be toxins, heavy metals, or pesticides.
Many of these worries disappear when CBD is grown organically. Organic CBD is more expensive, but selling it can help you connect with health-conscious customers who are willing to pay more for products that might be safer.
CBD wholesalers with organic options give them an edge in a competitive market.
6. Have a reputation for providing exemplary service
The best wholesale hemp derived CBD products have a solid track record of providing good customer service and timely orders.
Before picking a supplier, look online for reviews from other retailers. Can they fill orders quickly, or do their products often get put on backorder?
Can you easily reach the supplier? Fix problems quickly? Did they react quickly? Did their representative answer your questions in a professional and timely way? Were they willing to send you samples of their products to check out?
You can find out for yourself how good they are by calling them and sending them an email.
7. Sell a variety of CBD products
When you sell CBD, your customers will enjoy a nice variety of products such as CBD edibles, topicals and more.
A dependable wholesale partner like Alive Market offers a wide range of products. Check out our product catalog to ensure we have all the products you want to sell.
8. Options for White Label CBD Wholesale
Some CBD companies will make you your own CBD brand and add your label on the products.
If you want to make your own line of CBD-based products, you must find a wholesale partner who will let you white-label.
9. Attractive packaging
You'll need attractive packaging to resell another brand or white label your own CBD brand. Even if you have an online CBD business, what is on the outside matters.
Make sure that your packaging design, including your label, matches the message your brand is trying to send.
There's no substitute for professionally designed packaging and labels that follow sound design principles.
Consumers have a lot of choices when it comes to buying CBD, and a high-quality CBD label will help draw attention.
10. A Competitive Wholesale Program
Some CBD wholesalers have more generous wholesale programs than others. When looking at prices, make sure that the wholesaler you choose is selling their products at a low price for you to make a good profit.
To learn more about the advantages of becoming an Alive Market CBD Wholesale Partner, click here.
Starting a CBD business in 2023 could be the best way to invest your entrepreneurial spirit and career. It provides multiple advantages, such as not worrying about detailed regulations and making dependable profits that remain relatively stable.
Moreover, there are a lot of opportunities for growth and expansion within the market since it has such high potential. Additionally, getting into the CBD market now puts you ahead of the curve, allowing you to take full advantage of upcoming trends and changes.
Lastly, many tools make setting up CBD businesses easy and inexpensive. If you're looking for a secure investment option while also being able to become part of a growing industry, then launching your own CBD business in 2023 may be the right choice for you!