The cannabidiol (CBD) industry is growing exponentially. It’s forecast to generate a staggering $22 billion by 2024. The demand for high-quality, affordably priced CBD products is high. As a result, the doors are wide open for CBD entrepreneurs to launch a range of businesses, from growers and retailers to restauranteurs and distributers. Opening a brick-and-mortar CBD store can be a lucrative business if you take all the proper steps. Take a look at some helpful tips when planning to launch a brick-and-mortar CBD store.
Choose the right business name.
Choosing a name for your business takes careful consideration. Your business name should convey to customers what you offer. Don’t include the words “CBD,” “hemp,” “cannabis,” or other CBD-related words in your business name, as many financial institutions will read it and turn your business away on the spot. A great business name is memorable, easy to pronounce, and conveys a benefit. Once you come up with a name, test it on Google AdWords to see how it fits keyword usage. You’ll also need to ensure the domain name is available before settling on your business name.
Think about what CBD products you’ll sell.
CBC oil are one of the most popular CBD products. While it’s a good idea to offer popular products, you also want to diversify your offering from the competition. You can increase revenue opportunities and build more extensive client base by offering gummies, tinctures, and vaping products and accessories.
Vaping is an effective way to experience the full effects of CBD. When shopping for a great vape at your price point, it’s a good idea to read reliable product reviews. Put yourself in a shopper’s shoes: what do you look for?
The reputable CBD review site Bloom and Oil offers an in-depth review of the Silver Surfer vaporizer. The solid desktop vaporizer from 7th Floor Vapes is made from powder-coated aluminum, and you can customize the color and design. The Silver Surfer produces potent, flavorful vapor and comes with a 3-year warranty. The vape features a ceramic heat element and glass connections to create a clean, even-heating vaping experience. When it’s time to clean the residue from the desktop vaporizer, simply detach the mouthpiece, glass wand, and heater cover and soak overnight in a bowl of cleaner. The durable design is compatible with both oil and dry herbal blends so that you can consume your preferred product.
Open a merchant account with a reputable processor.
You can’t operate a retail business without a payment processor. There’s a limited number of financial institutions in the U.S. that process CBD transactions. You’ll have to find a U.S.-based processor that specifically processes CBD transactions. Opening a merchant account with an offshore processor will cause 30 percent of your sales to be declined, resulting in canceled purchases and lost sales. Plus, those customers who are lucky enough to complete a transaction will be slapped with a foreign transaction fee.
Having reliable internet access is necessary to ring up sales on your Point of Sale system. Space technology is changing the way broadband connectivity is delivered. The global communications company OneWeb launched the OneWeb satellite constellation in February 2019. The network of low Earth orbit satellites is designed to improve the world’s access to broadband connectivity. OneWeb Satellites is a joint venture with Airbus Defence and Space. OneWeb CEO Neil Masterson joined the company in 2020 and has accelerated launch plans in 2021. By 2022, all 650 satellites needed for the satellite system constellation will be orbiting and providing global coverage. A satellite broadband connection is a good alternative if you are beyond the reach of traditional broadband.
Choose a business name that will attract customers, convey your offering, and that’s easy to remember. It’s a good idea to offer popular products and diversify with less common products and accessories. You’ll need to open a merchant account with a reliable, U.S.-based CBD processor. Then, your CBD store will be off on the right foot.