JUMPING INTO THE HEMP AND CBD INDUSTRY? HERE ARE SOME STARTUP TIPS FOR YOUR BRAND

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There’s no doubt about it: the cannabis industry is really blooming. The past few years have seen a massive surge in the marijuana market, with both medical and recreational use being legalized in a growing number of states. And now, hemp and CBD are getting their time to shine, generating serious buzz for cannabusiness owners and consumers alike. If you’re considering starting your own brand in the hemp and CBD industry, there’s no time like the present. The industry is growing by leaps and bounds, holding considerable promise for entrepreneurs who are prepared to work hard and stake their claim.
However, even though the cannabis industry offers incredible growth potential for new business owners, that doesn’t mean start-ups are immune to the risk of failure. Just like any new business, a hemp and CBD start-up brand requires an effective approach, good business sense, considerable work, and a willingness to power through obstacles. Luckily, a passion for the industry also counts for a lot and can help you learn the skills you need to find success.
If you’ve been thinking about jumping into the hemp and CBD industry as a new cannabusiness owner, here are some useful startup tips for your brand:
Create a Business Plan
For any type of entrepreneur, a clear, well-formulated plan is essential to success. Before you begin setting up your business, take the time to consider important topics like start-up costs, your target market, and how you’ll set yourself apart from the competition.
Ask yourself: what will your hemp and CBD business offer that’s different? What needs in the market are you hoping to serve? These answers can help you formulate a clear business model for your new company.
Start Thinking About Your Brand Identity
The value of a distinct brand identity should never be underestimated, especially when you’re a part of the hemp and CBD industry. There are new hemp and CBD companies starting up every day, and you’ll need to distinguish yourself from the crowd to avoid getting lost. Consumers are searching for companies with a distinct “personality,” one that makes the brand seem interesting, relatable, and trustworthy.
There are different options for creating your brand identity in the hemp and CBD market, and you should choose one that seems like the best fit for you. One way to go about this is to think about a series of words that describe the “feeling” you want your brand to have. For example, do you want to be described as “laidback,” “relatable,” and “fun,” or would you prefer “scientific,” serious,” and “expert”?
The route you choose is entirely up to you, but it’s important that your brand identity be clearly present in every aspect of your company, including its name, logo, marketing materials, and website content.
Learn About the Necessities of Running a Hemp and CBD Business
The most fun parts of starting your own brand are usually the more creative elements: designing a business vision, coming up with your company name, and choosing your products and services. However, there are other parts of starting a company that requires equal attention, even if they might not seem as interesting.
First, you’ll need to establish a legal business entity to protect yourself personally from any legal issues you may encounter in the future. Then, there are state and federal taxes to register for, as well as a business banking account to set up. You may want to consider investing in high-quality accounting software or even professional accounting services, to make sure all costs and expenses are properly handled. An accountant is a particularly worthwhile investment in your first year or so of business because a professional can help you decipher complicated tax laws and other aspects of your company’s financials.
In order to legally operate your business, you’ll need to obtain the necessary permits and licenses. These might vary depending on what time of business you’re planning to run. For example, are you considering a brick-and-mortar store or an online-only store? Consider setting up business insurance, which is not necessarily required (depending on your business) but is highly recommended. And of course, because you’re planning to open a business in the cannabis industry, it’s critical that you educate yourself on the laws and regulations that apply to you – otherwise, you run the risk of serious legal trouble before you even begin.
Partner with Cannabis Marketing Professionals
Marketing any type of business is a dedicated science of sorts, but cannabis advertising is an art all its own. Because there are specific regulations imposed on the industry, most of which other business types don’t have to deal with, creating a successful marketing strategy takes specific expertise. While it’s not impossible to navigate the complicated waters of cannabis marketing on your own, the best option is usually to work with a professional marketing agency, specifically one that specializes in cannabis advertising.
One of the industry’s leading agencies is Marijuana Marketing Xperts, a full-service company that offers everything you need to get your products and services in front of the right consumers. Together, you can develop an effective cannabis digital marketing strategy, combining elements such as cannabis SEO, social media, and website design.
While the average person (or business owner) might not have access to the tools and resources needed for strategic consumer targeting, data analysis, and other marketing strategies, an experienced agency like Marijuana Marketing Xperts will – and they’ll know how to use them to your advantage.
Get Listed in an Industry-Specific Directory
It goes without saying that one of the most important keys to cannabusiness success is establishing a clear link between your company and your target consumers. Various marketing strategies focus on establishing that connection, but another way to accomplish this goal is to work with an agency that can get you listed in a cannabis-specific directory.
For example, Herban Planet is one of the best-known listing directories in the industry, combining business listings with educational resources, and event calendar and a blog to give consumers a one-stop-shop to explore their cannabis interests. Consumers are able to get informed on the topic and search for businesses that suit their specific needs – ideally, browsing a list that includes your company name. A professional agency like Marijuana Marketing Xperts can help you figure out how to join a reputable directory, as well as how to formulate your listing for optimum results.