If you’re interested in getting into the CBD business, you’re far from alone. Given that the CBD market is projected to be worth $20 billion by 2024, there’s never been a better time to get involved. CBD skincare products in particular are consumer favorites that many people have started using as a part of their wellness routines.
However, given how competitive the business can be, it’s important that you’re prepared before you dive in. You’ll need specialized knowledge in a number of topics, in addition to an impeccable work ethic, if you want your business to thrive. Read on for five tips that can help you start your CBD skincare business.
1. Learn about the beauty business
The most important thing you can do before starting a skincare business is to learn everything you can about the industry. One way to do that would be to sign up for a cosmetology program.
Cosmetology school doesn’t just offer benefits to aspiring hair and makeup artists: It can help to prepare anyone for a career in the beauty business. Completing cosmetology school will also give you practical skills that you can use anywhere for the rest of your professional life.
2. Study successful brands.
If you’ve never owned a skincare business or cannabis business before, it’s smart to look at successful brands to learn more about what they’re doing right. One great example is Lazarus Naturals, a popular brand with a product line that includes a well-reviewed CBD balm.
You can even use a Lazarus Naturals coupon to try out their products for yourself if you’re interested. They even offer discounts to veterans or those on long-term disability, which is a great way to do something positive while also bringing new customers to your business.
3. Educate yourself about the law
If you plan to start a cannabis business, it’s essential that you understand the laws regarding selling cannabis products in your area. The sale and possession of hemp-derived CBD were legalized in the United States through the passage of the 2018 Farm Bill.
However, many areas still place restrictions on CBD, which your brand will need to be in compliance with. Make sure you don’t offer shipping or delivery to places where the CBD isn’t legal.
4. Design an innovative product line
One of the greatest things about working with CBD is how versatile it is. It’s a good idea to offer consumer favorites like oils and topical lotions, but you should allow yourself some freedom when it comes to designing products. Bath bombs, face masks, and moisturizers can all be infused with the versatile cannabis compound.
5. Advertise your brand creatively
Despite CBD’s legal status in the United States, there are still many platforms that restrict advertising. Some that do permit cannabis companies to advertise still place additional restrictions on the content of those ads. While paid advertising is an important part of any marketing strategy, CBD companies often need to rely on other types of marketing and advertising. Working with cannabis-friendly blogs and influencers is one smart strategy if you want to increase awareness of your brand.
The emergence of the CBD industry has presented opportunities for savvy entrepreneurs, but there are a number of challenges that are unique to the CBD business. Fortunately, there are more resources than ever before available to help you manage them.
It’s also important that you remind your customers that if they’ve never purchased cannabis products before, it’s a good idea to talk to their doctors before using them. A doctor can give them a better idea of how the products may affect the health conditions they have and the medications they take. As long as you’re informed, prepared, and responsible, combining CBD and skincare is the perfect recipe for a profitable business.