In the event that banks are unable to support CBD businesses, your processor can keep you online with check processing solutions. It’s not the most convenient answer, but at least your business will be able to accept customer payments while things get sorted out.
It takes a lot of hard work and determination to grow a successful CBD small business. From finding a supplier to securing high risk merchant services, you may feel a little overwhelmed. However, don’t let that stop you from pursuing your aspirations of starting your CBD business. Every day regulations and local legislation are making it increasingly easier for businesses to offer safe and reliable CBD products to consumers. On top of that, consumer trends keep pointing to the expansion of this lucrative industry. Fortunately, by following these tips on starting and growing your business in CBD, you’ll be on the short track to success in the years to come.
Shipping and handling are very important to an eCommerce business. You always want to ensure that you are meeting your customer’s expectations. Here are a few questions to ask yourself when strategizing your shipping policy:
With so much riding on how the laws progress, the amount of capital you have, and the ability to secure emergency funds for your CBD business should be your priority. Also, consider securing backups for each of your vendors and create plans of action for potential future scenarios. In addition to this, certain types of products, such as CBD beverages and other ingestibles, are treated differently than lotions and creams. Purely due to how these items are used, can mean the difference between high risk and low risk.
Your payment processor can help you overcome risk hurdles
Unfortunately, CBD products are often misunderstood. However, this allows room to build your customer base by educating interested buyers with accurate information. This can include content on different product types, potential benefits, and the hemp industry as a whole. Publishing regular, informational content will also help you with search engine results. Learn and leverage the latest in SEO to help you find potential customers for your CBD business.
In order to sell CBD in a store or online, you will need to legally register your business. LLCs are a popular structure for small businesses but consider the other business types. You must also request an EIN/TIN with the IRS for your new business. Once you have your business license, you can begin sourcing and selling your products.
If you’re the owner of a small CBD business, for instance, stay in contact with growers and legal experts — people outside of your immediate sphere of knowledge. You expose yourself to different viewpoints on an issue, and you may even discover something your less-connected peers missed, giving you an advantage in this highly competitive market.
So how can your payment processor help?
Discover what you bring to the table and double down on it. It will help you determine the steps toward growing your CBD business and set a precedent for your consumers.
Ask yourself some of the questions below to help determine your target market analysis:
You can learn more about small business taxes in these guides:
If you operate a sole proprietorship, you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.
Small Business Taxes
People should have some experience with the cannabis market. Owners should understand the basic public demands as well as the public fears and residual stigma of cannabis. There’s a lot to learn about cannabis due to the variety of the product. Understanding the different terpenes and strains can make it easier for your company to stay ahead.
TRY TRUIC’S FREE BUSINESS TOOLS
How much profit can a cbd oil business make?
Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.