10 Steps to Starting a CBD Business in 2019 – CBD Video
The founder of Joy Organics shares the 10 steps to starting your own CBD business.
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1. The first step determining what you are going to call your business. I’ve got a separate video that you can watch on selecting the right name but in general my advice to you is to select a name that does not include CBD, hemp or cannabis because that just creates red flags for your bank. It’s going to create all kinds of problems for you that are completely unnecessary in addition to that you don’t know where your business is going to be five years from now make sure that if you’re gonna have a name you need to own the com for your name so type into GoDaddy the name that you’re thinking of see if it’s available if it’s not available go to that website see if there’s a website up and if there’s not a website up you can go to the bottom of GoDaddy to the Whois link and you can go and find out who owns that name and then you can either email them call them to see if they’re willing to sell their name .
2. Set up your business entity. We went to legalzoom.com and you can go there you can set up your LLC which is what we used a limited liability company. I set up the LLC for Joy Organics in less than 15 minutes. My advice on setting up your entity is to use your name. For us our entity is joy organics LLC. If you use the same name then you don’t have additional paperwork.
3. Design a Logo
I recommend that you go to a company called 99 Designs I believe their rate is like $295 and they have thousands of designers around the world and so you go in there you indicate the logo that you want you give them your name if there’s any special colors any
special design requests .
4. Set Up a Bank Account
Once you get your EIN number which is your employee identification number go to your bank just let them know you’re in the health and nutrition business. Don’t volunteer any extra information.
5. Apply for a Merchant Account.
you have to have a bank account set up you have to have your employee identification number before you can apply for a merchant account below this video I’ll also put the name of the person that I would recommend for your merchant account. You want to make sure that you have a special CBD merchant processor
6. Select a good partner to sell you your CBD Oil
You want to make sure that you’re offering a line of CVD products that result in a high reorder rate because if not you’re going to have all kinds of problems. If you’re not selling a high-quality CBD product you’re going to have people returning the product & you’ll have disputes with your merchant processor. The way that you can get shut down in this business and end your experience is if you’re chargebacks hit one percent.
7. Build a website. We recommend that you use woo commerce for your shopping cart Shopify which is the most popular shopping cart out there does not do CBD processing at this time so you’d want to use WooCommerce.
8. Secure your social media sites such as Facebook, YouTube, Instagram and Twitter.
9. Find a fulfillment company. Joy Organics has launched their own fulfillment division since the recording of this video. Speak to a specialist to learn more.
10. Put together your marketing strategy. there are thousands of ideas a lot of different ways and the great thing right now in the CBD space is all of them are wide open it’s not like well I can’t go down this channel because it’s pretty saturated I can’t do this let me try to find some unique niche no everything is wide open so it’s all up to you it boils down to you being creative and the thing I encourage you to do is to make a list of 20 different ways that you can market your CBD products and of course at the top of the list you’re gonna make a list of all the most common things that everybody’s thinking about but when you get to 16 17 18 19 oh my gosh you’re gonna be trying to wrack your brain thinking of ideas and that’s when you’re gonna think of your best ideas so challenge yourself be creative look.