CBD oil is the fastest-selling cannabis product to hit the market over the last ten years. Since it does not contain the psychoactive-inducing cannabinoid THC, CBD oil can be purchased legally in all 50 states. That is why it is the best cannabis product to sell in this industry. Users are even happy to use CBD all day long.
Experts predict the cannabis market will be worth more than $20 billion in 2024. If there was ever a good time to start a CBD oil business, now is the right time. The market competition continues to expand every year, so you’ll want to get started now before it is too late.
Most people who want to make money selling CBD oil don’t know where to start. Which CBD oil products do you sell? Where do you get the CBD oil products to resell? How much inventory is needed? Where do I sell the CBD oil?
These are all common questions people have, and rightfully so. The good news is we’re here to answer those questions.
Below is a list of the top 10 ways to make money selling CBD oil successfully.
1) Open an Online Store
The most basic approach to make money selling CBD oil is to open an online store. You can use Shopify or another e-commerce platform to assist you in processing the orders. But first, you must decide which types of CBD oil products to sell in your online store. After that, you’ll need to stock up on your inventory.
Research everything there is to know about CBD oil products before you start your business. Educate yourself on the different cannabis strains and the health benefits that each one offers. For example, it is possible to find high CBD cannabis strains that are good for pain, and still find high THC cannabis strains that are good for the same purpose. Without proper strain understanding, it can be hard telling which one works best for what.
The best places to do research are other cannabis companies. Take a look at the CBD oil products they are selling and the strains in which they derive. It will give you a rough idea of what to sell and how to promote your products. Of course, you should not copy what someone else is doing. The information on their websites is for research and educational purposes only.
Harlequin CBD oil online is one good CBD oil product to investigate. It is a high-CBD cannabis oil strain that many people love because it does an excellent job of reducing pain, anxiety, and stress. Consumers will respond better to popular cannabis oil strains like Harlequin or ACDC. That is why they are the best CBD oil products to sell in your store.
Do you want to sell CBD oil tinctures, CBD oil cartridges or both? Some entrepreneurs want to specialize in selling one type of CBD oil product, but there is no harm in selling both types. You need a good business plan for marketing your CBD oil products effectively.
You can purchase CBD tinctures or CBD oil cartridges wholesale online. It is not difficult to find a wholesale supplier who will give you a reasonable price if you purchase CBD oil in bulk quantities. You’ll need to stock up on inventory anyway, so you mine as well try to find these kinds of bulk deals.
Build a Website
Most newbies are deterred by the concept of building an e-commerce website for their CBD business. But there are so many ways to build an e-commerce website these days. You no longer need to know HTML or web programming to develop a website. There are plenty of website templates and drag-and-drop website builder platforms available at your disposal.
For instance, you could design an entire CBD e-commerce website with the drag-and-drop tools of Weeble.com or Wix.com. They provide predesigned graphics, buttons, and forms for you to arrange onto your website grid in a fast and simple way. You could literally have a basic CBD website design ready to go within 30 minutes.
If you’d rather maintain a fancier-looking website, you could purchase a WordPress e-commerce website template. Make sure it is compatible with a particular e-commerce plugin called WooCommerce. This plugin will integrate a shopping cart and payment processing capabilities into your website. It’ll also keep track of your customers and their contact information.
2) Business-to-Business (B2B) CBD Distribution
How would you like to become a CBD oil distributor? Your CBD business doesn’t necessarily need to target individual consumers. It could be better off targeting other businesses in your local area that might want to sell CBD oil products too.
There could be dozens of retail stores in your town or city perfectly willing to sell CBD oil products to their customers. And since CBD oil is legal, they won’t have the licensing hurdles to worry about. The only one who will have to worry about licensing is you.
A license may be required in your state if you want to become a CBD distributor or wholesaler. For example, this is what we discovered about CBD legality and licensing in Florida. You’ll also need to establish a business relationship with CBD manufacturers rather than wholesalers or distributors because you’ll serve in these roles now.
CBD manufacturers work with cannabis farmers and laboratories. The farmers grow cannabis plants on their indoor or outdoor farms. Once the plants get harvested, the farmers sell them to the CBD manufacturers. The manufacturers extract CBD oil from cannabis plants to produce CBD oil products.
When you contact CBD oil manufacturers, they will sell you CBD oil in bulk quantities at a discounted rate. The price will be below wholesale value, so you’ll get an excellent deal when buying directly from the manufacturers. Then you can make a profit after selling the CBD oil to businesses at wholesale prices.
You don’t need a lot of money to start a CBD distribution business. The whole business can be operated from home with a small investment. The most difficult part will be creating a business strategy for the logistical side of things. That means establishing a network of CBD manufacturers and retail businesses interested in selling CBD oil.
3) CBD Oil Affiliate Programs
Would you rather avoid handling the physical CBD oil products yourself? If so, you should think about joining a CBD oil affiliate program. The benefit of an affiliate program is that you don’t have to purchase and store inventory. You don’t even have to ship anything to the customers. All you have to do is market another company’s CBD oil products and earn a commission on each sale.
CBDPure is one example of a CBD oil affiliate program. They pay up to a 40% commission on all sales and send payments each month to their affiliate partners. That is a very generous commission rate considering you don’t need to handle the products or deal with customer service. Your job is simply to send traffic over to the company’s website. They will handle the rest.
CBD oil affiliates can make money in several different ways. The most popular way is to create a CBD blog website that reviews other CBD oil products. The idea is to create affiliate anchor links in your blog articles, so your readers can click on them to visit your sponsor’s CBD oil website.
A cookie will get saved in the person’s browser, and it will track their activities on the website. If the person makes a purchase, you will receive a commission for it. If you can refer hundreds of thousands of people to purchase CBD oil products from your sponsor each month, you can make a nice living from it.
CBD affiliate businesses are perfect for experienced internet marketers. The entire business revolves around your ability to drive traffic to blogs and affiliate links. If you can master that objective, then you will succeed in the CBD oil affiliate business.
4) Start a CBD Podcast
There are podcasts for just about every topic nowadays. The growing interest in CBD should make it easy for you to start a podcast that revolves around it. You could report CBD-related news to your audience and interview guests associated with the CBD industry.
Most importantly, you can use your CBD podcast to introduce your own CBD oil products to people. Either that or you can promote affiliate CBD products and earn commissions from the sales. The podcast will primarily serve as an educational and entertainment venue, so don’t make the content too promotional.
However, like most podcasts, it is okay to squeeze in a 30-second promotional CBD ad between essential discussions. People will continue to follow your podcasts if you keep the promotions short and sweet. As long as you have exciting discussions about CBD, you can build a loyal fanbase for it.
If your podcast becomes widely successful, you might earn some sponsorship deals in the future. Companies love to pay popular podcasters to become sponsors of their products. Since you’ll be running a CBD podcast, you can expect CBD companies to reach out to you for sponsorship deals. Then you’ll officially become an authority of the CBD niche. How good would that be for your business?
5) CBD Subscription Service
CBD subscription services are a great way to generate recurring income for your CBD oil business. You don’t need to keep selling CBD products to individual customers at unpredictable rates. Instead, you can allow your customers to enter into a subscription service, where they make monthly payments for a monthly supply of CBD oil.
That way, the customers won’t have to keep purchasing the CBD products manually. You can simply charge their credit card or PayPal account each month automatically. They will agree to the automated billing charges when they sign up for the subscription service. So, it is a perfectly legitimate thing to do.
Imagine how much you could make selling CBD oil after gaining your first 100 subscribers. You wouldn’t have to keep finding 100 new customers to purchase your products every month. The subscribers would become recurring customers who send regular payments for your CBD oil. That is how you truly become successful in this business.
Try to grow your subscription service to hundreds or even thousands of subscribers. Generating so much predictable income will help you invest in other ways to grow your business too. You wouldn’t have this kind of income security by selling products individually. So, consider introducing a CBD subscription service to your customers and watch your CBD business take off.
6) CBD Delivery Service
The downside of a home-based business is that you’re stuck inside all day. If you want to add more excitement potential to your CBD oil business, why not start a CBD delivery service? Most towns and cities don’t even have CBD delivery services. You could dominate the market by becoming the first business to deliver CBD oil products to customers.
These don’t even need to be your own CBD products either. Your business could partner with local CBD retailers to deliver their CBD products to their customers. All you would do is charge them a delivery fee for the service. Perhaps you could even collect tips from customers too.
The startup investment would be relatively small. You’d have to purchase a car or van and have it wrapped with your company logo and information. After that, start contacting your local CBD retailers to see if they’d be interested in partnering with your company. They’ll likely be very interested because it will give them the option to offer a delivery service to their customers. That will increase their sales while giving you recurring business opportunities at the same time.
You don’t have to partner with other CBD retailers. If you decide to sell your own CBD products, you could offer a delivery service for your CBD retail business. It would make your business stand out from the competition for sure. The only difference is that you’d have to hire more employees to help you manage the deliveries and the orders.
7) CBD Spa
People love to visit spas because the warm temperature of the water helps relax their muscles and joints. But what if CBD oil was added to the water? Its anti-inflammatory properties would enhance the spa experience for people even more. But you don’t see any CBD spas around, do you?
Why not open a CBD spa in your city? It would be the first spa to introduce CBD oil into the spa water that people use to relax. You could market all the supposed health benefits associated with CBD oil and how it can help people reduce inflammation, stress, anxiety, and pain.
A CBD spa startup business requires a more significant upfront investment. You’d need at least $100,000 to acquire the necessary supplies, licenses, permits, leases, inventory, and insurance policies. Maybe if you make money with one of the other business ideas, you could invest in a CBD spa.
8) CBD Bar
Yes, it might sound like a strange idea, but why not? You could start a CBD bar that offers a small amount of CBD oil infused in people’s drinks. Perhaps you could infuse CBD oil into edible foods and serve it to your customers. There are lots of ways to sell CBD oil in a bar setting. You just have to use your creativity and imagination. You can learn how to add CBD to various foods here.
A CBD bar doesn’t necessarily have to serve alcoholic drinks. How about a CBD bar for exercise enthusiasts? You could sell CBD oil-infused drinks as post-workout recovery beverages. Since CBD has been known to have anti-inflammatory properties, it could attract people who want to relax the tension in their muscles after a workout.
You could even go a step further and try to partner with local gyms and fitness facilities. Perhaps they would be willing to sell your CBD oils or beverages to their members as post-workout supplements. There are several different ways you could market CBD beverages. Just find the places where people have a demand for CBD and the health benefits they offer.
If you run a grocery store, you can even add CBD-infused hair spray to your collections.
9) CBD Oil for Pets
Dogs experience stress and joint pains, just like humans. Multiple studies have shown that dogs may experience pain relief after consuming CBD. This has opened a huge market in the dog food and accessory industry. Dozens of companies are coming out with CBD oil-infused treats and capsules for dogs. If you love dogs, then you might want to market your CBD oil products to dog owners.
There are lots of ways to get dogs to consume CBD oil. Infusing CBD oil into dog food or snacks is one way to do it. The dog won’t even notice a taste difference as they eat their favorite foods. However, you could simply market CBD oil tinctures and instruct owners to place a few drops of oil onto the dog’s food.
Dog ownership has been a growing trend for decades. People are not afraid to pay for any product that will allow their loving dogs to feel better. If your CBD oil products prove to help dogs feel less pain and anxiety, then you’ll obtain repeat customers for your CBD oil business.
10) Create a Brand
Your CBD oil business must have a powerful brand name and image. It doesn’t matter which particular business model you choose for selling your CBD oil products. If the brand is not strong, your business will not be remembered by your target audience. The idea is to make your business stand out from the competition. A powerful brand can make that happen.
There are two ways to build a strong brand. The first way is to create an attractive name and logo that people will remember. Focus on the color scheme of your business by selecting a few colors for all your advertisements and promotions. Then people will start to associate those colors with your particular CBD oil brand.
The second way to build a strong brand is to create an innovative product. Don’t simply sell CBD oil tinctures in bottles like your competitors. Use more creative ways to sell CBD oil by using the suggestions talked about in this article. As people start to use your products, the word-of-mouth about your brand will spread quickly. Then you will eventually become an authority in the CBD niche. That should be your end goal.
Monitor the State and Federal Laws Carefully
Make sure you stay in compliance with state and federal laws and regulations. Even though CBD oil products are legal, they still require you to work with cannabis plants to produce the oil. Cannabis plants possess an illegal cannabinoid called THC. The authorities want to make sure you aren’t growing cannabis plants to extract THC oil instead of CBD oil.
You also have to make sure your CBD oil products do not contain more than 0.3% THC. It would be illegal to sell those CBD products if they contain more than 0.3% THC. That is why your business will have to acquire the proper licenses if it plans to grow cannabis plants and extract CBD oil in a laboratory.
If you plan to purchase CBD oil from suppliers and wholesalers, pay attention to the CBD-to-THC ratio in the oil products. For instance, the strawberry cough strain contains a heavy amount of THC. You wouldn’t be able to sell that CBD oil product if you live in a state where it is illegal to sell recreational marijuana.
You must research which cannabis strains contain higher levels of CBD than THC. That will make it easier to stay in compliance with the law after starting your business. The last thing you’ll want to worry about is the authorities fining or shutting down your business because your CBD oil products have THC in them.
You’ve learned many different ways to sell CBD oil products both online and within your local community. Everyone will have a distinct preference for which business model they want to use. The important thing is to build a brand, comply with the law, and offer an innovative CBD oil product to your customers. If you can remember these essential things, you should be able to build a profitable CBD oil business.