It is now estimated that around 20% of 18 to 29-year-olds in the US use CBD products. As this generation ages, this number will only increase. So how can you tap into this lucrative market?
One way is by opening a CBD business. Read on as we discuss the best CBD business opportunities in the coming years.
Become a CBD Distributor
Selling CBD oil is becoming big business. More and more health stores and retail outlets are stocking CBD products. Of course, these all need to come from somewhere.
To be a distributor like Zamnesia, you will need a license. A markup of around 20% to 40% is normal for most CBD products. While you will need somewhere to store stock, you can start quite small then scale up your efforts as you develop the customer base.
Become a CBD Blogger
As the cannabis industry grows, more people want information on the products and services it includes. This allows an opening for informative CBD bloggers. Luckily, this method requires very little startup capital.
All you need is a website to host your blogs and articles on. It helps if you are already proficient in literacy. There are also some specific writing techniques to increase engagement and SEO practices you should research before you start.
Once you begin getting traffic, there are numerous monetization options. You can gain money from advertising revenue, take part in affiliate marketing and sell e-books. All of these can turn into a lucrative income, done either full-time or as a side business.
Start a Subscription Box Service
Subscription boxes are a great way for wholesalers and distributors to make extra revenue. These boxes are delivered to people on a monthly or quarterly basis and contain an array of goods based on a theme. You can get subscription boxes that contain everything from soaps to superhero merchandise, but very little selling CBD oil.
The beauty of them is that you can very accurately predict a monthly income. Should you have 20 people subscribing at $20 a box, you know that you will be getting $400 in revenue every month. All you need to do is deduct costs.
Managing your cash flow then becomes easy. The more subscribers you have, the more you can buy in bulk and keep costs down. Most products will sell for around $10 to $40 a box.
Open a CBD Day Spa
This is a great idea for someone who is already trained in the health and beauty industry. The initial setup costs can be high but the returns will more than justify it. Your spa does not have to be huge either but can be a small, more personal affair.
Once up and running, revenue can be increased by selling your own products in the spa. These could include lotions, skincare products, and CBD oil itself. This is easy to do through the use of white labeling products, though you have to be wary about regulations and adhere to FDA regulations with regard to labeling.
Open a CBD Restaurant
Opening a restaurant is a big task with high start-up costs. However, there are many chefs and hospitality experts looking to make their new venture stand out from the crowd. One way to do this is with CBD.
These restaurants have already started to emerge. They contain food and dishes that are infused with CBD products. Not only do guests get to dine in style but they also get the benefits of this amazing product.
If a huge restaurant is too much upfront cost, then there are smaller options. You could open a cloud kitchen, that has no premises but make money through food delivery. Consider buying a food truck and taking your products to events.
You could get even more specialist. Perhaps you may set up a German “CBDA Wirkung” pretzel house, or a Mexican CBD taco truck.
Sell CBD Pet Products
The market for CBD pet products is growing. Dogs, cats, and other pets can benefit from the same outcomes that humans do with CBD. As many pets suffer from arthritis in later years, this can be a possible form of pain relief.
One of the best ways to do this is through treats and edibles. You can either make your own or get a supplier to do it for you. Start by sourcing the right priced CBD and ingredients.
Sell CBD Cosmetics
CBD cosmetics are one of the easiest types of CBD oil businesses to get started in. As you can begin with very little in the way of startup costs, it is easy to open and scale the operation. The downside is that all beauty and cosmetic businesses face a lot of competition.
As CBD is getting a reputation for treating a number of conditions, it makes sense people would want to buy cosmetics with them. You can either make these at home and market them as natural, homemade products or source them from a manufacturer.
An alternative to cosmetics would be creating bath lotions and soaps. This allows you to tap into a more casual audience, who are looking for a way to relax and pamper themselves using CBD. Making your own soaps and infusing them with CBD is a very easy process.
CBD Business Opportunites
Now you know these CBD business opportunities, see which is best suited to your interests and skills. Set a budget and source suppliers if you need to do so. Remember to keep money aside for any marketing efforts you may need.
If you enjoyed this article, we have many more to help. With everything from business to finance, we can help your business ventures blossom in the coming years.