Trying to figure out how to start your journey in the CBD industry? We used our own past experiences to compile a list of suggestions that might help get you started.
What is Your “Why”?
Navigating all of the facets of this industry can become overwhelming. In the beginning, it’s essential to stick to what motivated you in the first place. It is great to be curious, but if you are serious, you will need that initiative to get the ball rolling.
Writing a mission statement can be an effective way to remain true to your original goal and start things off on the right path. Set the direction of your business by writing down what you believe in and what you’re willing to do to make that happen. A good mission statement will help you stay focused whenever you are bombarded with new information from every angle and set the direction of where you want your business to go.
You will need a solid foundation to help you build your brand and carve out your facet. Many times your “why” matters more than you think.
What is Your “Who,” “What,” “When,” and “Where”?
We have examined the need to find your “why,” now let’s tackle your “who,” “what,” “when,” and “where.” Make sure to write these down so you can know exactly what your next plan of action should be. Establish your game plan and be specific, as this will be of tremendous help to you in the future!
- Who is your target market?
- Determine who you want your customers to be and learn the needs of each market. Are you focusing on specific age groups or a wide array of people? Wholesale, retail, or both? Figuring this out early can save you a lot of money and a lot of headaches when it comes to inventory.
- What do you know?
- This is a big one! You have to know what you’re talking about regarding the science of CBD. If you try to “fake it till you make it,” your customers will know and earning customer trust is everything. Take the time to do your research. Know your product inside and out. Educate yourself on every aspect of the business, so that you can confidently answer the questions of your customers. If you are just starting your research or looking for more information, check out our blog on “What is CBD?”
- When are you executing your game plan?
- Give yourself a timeline, or even a deadline if that’s what motivates you. Stay organized and set goals for yourself.
- Where will you do business, and how will you market this business?
- If you want a brick-and-mortar storefront, get the ball rolling by finding a location with good customer traffic. You won’t sell anything if your business is hard to get to or out of sight. Do you want to do eCommerce? You’re going to need a great website and an even better marketing plan. Very few people have the skills to be exceptional at both of these things, so think seriously about outsourcing this part. Your website is your storefront, and you need good marketing to bring customers to your store.
What Baggage Do You Have?
All great journeys begin with packing things you already have that you might need along the way to help. Taking stock in what you have to offer is important and can be very motivating to you. Remind yourself of any skills or expertise you have from your past experiences and work history. Your skills of expertise will come in very handy when there is no other option, but to figure it out. In this business, baggage is a good thing!
The diversity and endless opportunities of this business are what make it inviting to people from all walks of life. Every one of them brings with them their unique capabilities and skillsets, so use that to your advantage. Build relationships by going to expos and other industry events. Go where the experts go. If you soak up information and add it to your skills, then you are on the right track.
An industry this young has plenty of room for someone with an industrious spirit to create new and innovative solutions. Throw in some entrepreneurial grit, some determination, and a willingness to work hard, and you have a recipe for success.
If you’re not ready to create your own CBD, that’s fine too! Caprock Farms offers wholesale and white-label opportunities for retail shops or individuals. Learn more about our program here!