The Global CBD Hemp Oil Market is expected to grow at a rate of 12 percent from 2018 to 2023. As such, many entrepreneurs are looking to take advantage of this favorable business opportunity. If you’re interested in starting your own CBD oil company, consider some of these tips.
Develop your business plan
The most important step in starting any successful business is to develop a detailed business plan. This plan should include a list of your business objectives and the steps you plan on taking to achieve them. For example, how will you finance your business, who is your target audience, and what is are your realistic revenue goals? Taking the time to answer these questions will help you pitch your business to potential investors and provide your company with a solid foundation.
Get familiar with the law
According to the United States Department of Agriculture, CBD oil derived from industrial hemp contains a trace amount of THC—less than 0.3 percent—which is deemed legal in the United States. However, federal and state regulations regarding CBD oil are continuously changing. As such, it is important to stay up-to-date on CBD laws to avoid potential legal issues. Additional legal precautions that you should take include obtaining business permits and licenses, employer or tax identification numbers, and establishing a legal business entity.
Buy production equipment or find a good supplier
If you’re planning on making your own CBD oil, you’ll need to purchase quality production equipment. If not, it is important to find a reputable supplier that adheres to proper legal and quality standards. When choosing your supplier, you should consider where they source the oil from and what extraction method they use. In addition, you should always get a certificate of analysis from any supplier to confirm the levels of THC and CBD in the oil.
Running any business takes a lot of work, but following these tips for starting your own CBD oil company are sure to help you get a head start.