Tips on how to safely start a cannabis business
In short about CBD
CBD needs no introduction. It's a compound from the cannabis plant, a substance with a lot of research behind it, suggesting that cannabidiol can relieve pain and inflammation, contribute to better sleep, alleviate neurological problems, help better manage stress, overcome anxiety and depression, as well as combat diabetes, Crohn's disease, asthma, psoriasis and eczema, menstrual pain or ADHD. It can be used in many ways, from oils to CBD candies. So much for the much talked about cannabidiol.
Cannabis business as a security
It is always better to invest in an industry that has been proven over the years, has experienced success and has overcome crises. The cannabis industry does not go back far, but it is one of the most progressive ever. And it doesn't matter if it's brick-and-mortar stores or operating in the online space, where over 60% of business currently takes place.
Interestingly, the vast majority of people who get into the cannabis business have a positive experience with it and want to spread awareness. However, there is always a bureaucratic circle to go through, which applies to any business. You just have to tread carefully in this industry. It is about cannabis, about the issues of legality, health benefits and the different attitudes of different countries towards CBD and hemp products. You also have to be wary of the ever-changing regulations and standards and the increased scrutiny from higher authorities. This is a segment that is drawing attention to itself.
10 steps for a successful business
A procedure that every beginner should go through. Some steps are essential, others less important, but on the whole they fit together and guarantee a good plan and good results.
Do not underestimate the selection
CBD products come in many forms and it's hard to choose what you want to give space to in the store. You can focus on the full range or you can branch out and have only a certain range available and choose what is not commonly available and will attract customers. These include CBD foods, CBD cosmetics, CBD supplements and products for sports enthusiasts and pets.
Laws and standards
Each country has a different approach to the production, distribution and use of CBD. You need to be able to adapt and react skilfully to changes, ensuring that you comply with all regulations and restrictions on CBD. If you are also sending goods abroad (which is no longer the exception), monitoring the conditions there is essential to protect yourself and your business.
Business plan
A superfluous matter for some. But a plan is essential for the smooth running of your business and sufficient vigilance. You need to create a market analysis, get to know your customers, competitors and all the ins and outs of the cannabis industry. Beyond that, the plan should include financial matters from loans to intended investments, website designs, a breakdown of projected income and expenses or acquisition opportunities.
Order in the documents
You can't avoid paperwork, it's an integral part of doing business. Every internal process must be supported and authorised. Failure to do so risks sanction from the authorities. But it's not just about invoices or contracts, it's about two licenses - one for the trader and one for the vendor. This is the only way you can handle CBD products and do business without risk.
Supplier search
The intention to have a hemp shop is one thing, but the guarantee in a supplier that will supply you with quality CBD in various forms is crucial. If the other party is unable to test the THC levels in the cannabis or supply the necessary certifications, that's a warning sign. Only choose from counterparties that include verifiable lab tests and analysis with all products.
Canatura is the ideal choice, reliable and with the widest range on the market. In addition, there is no limit on the minimum order value and goods are usually dispatched within the next day.
The fight for the platform
Small shops do not find it worthwhile to develop their own e-shop because of the financial complexity and the uncertain prediction of whether the shop will be profitable. It is better to choose one of the available platforms, most often a so-called box solution (e-shop rental) such as Shoptet, Shopify, Webnode or UpGates. However, this too has a number of advantages and disadvantages. On the one hand, there is the increasingly frequent support in Czech and lower initial investment, on the other hand, there are regular monthly fees for maintenance, technical support and pre-set functionality in the order of hundreds of crowns or lower thousands of crowns. The problem is that this way of doing business only handles general requirements and personalized customization or advanced features are taboo.
Web design
Visual sense cannot be taught. So if you feel you can't come up with an eye-catching design, rely on one of the many templates (free or for a modest fee). Customers usually have several requirements, such as enough information and its extension through links so that they don't have to look up the details themselves, original yet non-distracting graphics, the same style across the entire site, and simple and intuitive design. The colours and patterns used are also important. However, programs that can combine individual shades to create a template can help with this.
Delivery conditions
People are spoiled by Amazon's speed, and it's the same with free delivery. Don't let that discourage you and set your own rules that are sustainable for the long term. It's a much better option than repeated outages where you disappoint customers and they reward you with negative feedback or comments. Also, don't forget that you have a specific product range and not every mail order service will connect with a CBD store.
Payment terms
More and more shops are putting cash on delivery on the back burner, preferring to pay in advance or through a payment gateway. This is common practice abroad. Unfortunately, there are also enough payment processors who consider CBD-linked transactions to be high-risk and may block or refuse them. So check in advance who you will be working with.
Focus on content
Websites without content don't make sense. But when creating it, consult experts, beware of dangerous formulations, don't link CBD to drugs or supplements, and respect the law as much as possible. Because you can encourage distribution, purchase and use with your words. For products, choose only the bare facts from the suppliers, in the blog you can break down the information in more detail.
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