The CBD market has grown majorly over a few years to a billion-dollar industry. Analysts have predicted that this industry will continue experiencing immense growth in the next two to three years. Many entrepreneurs have joined this industry to enjoy a piece of the cake, with BDS Analytics predicting that the CBD market will reach record sales of $20 billion in 2024. These numbers are humongous, but they may be achievable if the current situation is to go by.
Because of this continuous and significant growth, many people continue to join this market. Society has also become more receptive to CBD and therefore, there has been an increase in consumers. Subsequently, there is more room for business persons in this field, ranging from CBD wholesale distributors to marketers. If you live in the US and are looking to join this industry here are some current business opportunities.
Becoming a CBD distributor
If you can swiftly turn over your inventory by directly supplying to retail stores, then you should consider becoming a distributor. Alternatively, you could start your distribution and wholesale company. As a wholesaler or distributor, you require a license. The mark up in wholesaling is set at about 20%-40%, making it a very profitable trade. To gain loyal clients, you need to sharpen your skills as a distributor. Establish effective communication lines with your manufacturers and establish good distribution deals. This way, you will efficiently deliver products to your clients.
Another great opportunity in the CBD industry is dabbling in CBD marketing. It is an enjoyable way to learn about cannabidiol and diversify your income. There are various popular ways to market CBD, and these include becoming a CBD oil affiliate marketer, internet marketer, content marketer, and social media marketer.
If you desire to attract a broad client base with marketing, there are various effective strategies that you could employ. They include exclusive counter offerings, making donations, and holding conferences and events. Some of the things you need to become a marketer are having a website, blog, and public relations, and it should not cost more than 5% of your sales.
Running a CBD podcast
Attracting leads and new audiences will become pretty easy once you begin sharing your opinion and others’ regarding different CBD industry matters on your podcast. It is an opportunity to establish yourself as an authority in the CBD industry. Running a podcast may help establish your credibility as a CBD private label over other sellers, thus giving you a competitive edge. Lastly, you can promote your products and services and complement your income through sponsorships and virtual summits.
Starting a CBD courier business
If you want to work in the CBD industry while enjoying your freedom, why not start a courier business? Offering courier services will provide you with more flexible hours, and you will also enjoy the social aspect of it. You can choose to either have it as a sole proprietorship, limited or liability company or partnership. A courier business will also allow you to learn about new products in the market.
There are other business opportunities, such as beginning a CBD cooperative and selling CBD packaging products. Joining this industry will be beneficial to you, as you are bound to enjoy substantial profits.