You should open a cbd company because it is a once in a lifetime opportunity to in on the beginning of a new and rapidly growing market. Food and beverage products containing CBD were introduced to the consumer in the United States in 2017.
CBD retail sales for 2017 were $358.4 million, $512.7 million for 2018.
Bloomberg Businessweek: Researchers estimate the market for CBD in the U.S. alone could be worth almost $24 billion by 2023. In Canada sales of legal cannabis may reach $4.7 billion by that time, up from about $570 million last year, according to BDS Analytics. Annual sales of CBD could potentially be larger than those of marijuana, analysts say, because of the large number of products in which it can be used.
National companies have begun carrying cbd products, many have or are developing their own cbd lines.
Large chains, including Walgreens, CVS Pharmacy, Ultra Beauty, Neiman Marcus and Kroger, have announced that they plan to sell CBD creams, salves and other topical products.
Urban Outfitters, Alkaline Water Co., Heinken, and Constellations Brands have added their names to the list of companies moving into the marketplace.
National companies are entering into the cbd marketplace based upon analysis of consumer demand and overall profitability. As an entrepreneur considering entering into the cbd marketplace this is both intimidating and reassuring. You have the benefit of big corporations’ research that confirms cbd products are profitable and the market will continue to grow. CBD and hemp based products are not a fad.
Hemp and hemp oil are used in place of cbd to avoid advertising, labeling and shipping issues, as state regulations for cbd vary.
It is intimating that you will be competing with large corporations for your market share.
You will also be competing with THC companies that have expanded into cbd/hemp products and with established cbd companies. There are also countless smaller cbd/hemp product companies populating the internet.
If you are thinking the marketplace is already too crowded to open a cbd company, that you couldn’t compete against the “big guys”, that there’s too much risk, that you’ve missed the opportunity, you are wrong and you are not a true entrepreneur. You can stop reading now!
The cbd product market is currently less crowded and less competitive than real estate.
The Association of Real Estate License Law Officials estimates that there are approximately 2 million active real estate licensees in the United States (2018). According to data from the National Association of Realtors, 5.34 million existing homes were sold in 2018. According to the U.S. Census Bureau 667,000 newly constructed homes were sold in 2018. That averages out to approximately 3 home sales per realtor.
When you analyze all existing cbd and hemp oil companies you discover an ebb and flow, with each online company that closes a new company replaces. A vital piece of information we do not have access to is the sales from these online sites.
It is not expensive to maintain an e commerce website. Sales could be low and the site continues to be active. We have all heard that it takes at least 2 years for a new business to break even. That does not apply to online cbd companies. Patiently waiting for the first two years to pass thinking your product will suddenly catch on fire is business sabotage.
You need a Purple Cow marketing strategy. The concept of the Purple Cow was introduced by Seth Godin, “But if you drive by a heard and standing in the field is a Purple Cow you have to tell someone because it is so different. When something forces you to remark on it, by definition it is remarkable.”
To further ensure your success you need accurate and relevant knowledge of the regulations, procedures, processes, market, quality of products, and solid relationships within the industry.
How to Open a CBD Product Company and How to Open a Hemp Based Food Company are taught by company founders/CEO based in Colorado. The business courses offers the instructors’ expertise how to launch, succeed, and expand your company. The courses also include instructors who specialize in compliance, human resources, health and safety, business contracts, and marketing.
There will be regulatory changes and new development that cannot be foreseen. Online Mentors & Members Forums can be accessed to connect with the instructors, other cbd business owners and industry leaders to answer your questions.
Providing the knowledge to set up and launch your company, and access to mentors does not guarantee your business success. As an entrepreneur, you know that success also depends on how much time (the hustle) you spend working on and in your business.
The Women’s Cannabis Chamber of Commerce goal is to move women beyond empowerment into powerful result driven career strategies, CEO positions, and business ownership. To achieve these goals we offer business courses taught by established, successful entrepreneurs from cannabis, hemp, and cbd companies. Courses are also available for download on our website. Members & Mentors Forums are open to members. Quarterly Women Cultivating Success conferences are an educational and networking platform open to all entrepreneurs.