Need To Know Tips
I have witnessed the power of CBD and I would love to help as many people as I can see the power of it too. I have learned from the numerous mistakes that cost me time and money. If you do not complete these steps correctly it will cost you time and money. I am here to give you a few tips so you don’t have to make the same mistakes I did. These are very broad and more detail is needed but if you can understand what is being said below the chances are you will succeed.
1-Who Will You Sell To?
I have seen it time and time again with CBD suppliers hoping to sell to everyone and serving no one. They will spend more time on prices and giveaways then getting down to who they are trying to sell CBD too and help. When you look past the fancy site (they didn’t do) you can see that it is all about the cash flow. Don’t get me wrong, no one goes into business not to make money but If you have not got an audience you have not got a market to sell your product and long term you are at a very high risk of failure. What problem will your CBD brand solve? There is plenty of room out there at the moment.
2-Name Your Brand
This seems easy to do however the CBD space is full of regulations and laws and the name of your brand can have a massive impact on all areas. For example –
- Implying any sort of health benefits is a no. My company is officially called “Heal And Feel CBD” however I trade as Prime Spectrum CBD. “Heal” is implying I am giving health benefits which is a no.
- Using CBD anywhere restricts your advertising capabilities greatly on all platforms.
- Using CBD in your name makes it more difficult to get a bank account.
- A name should be easy to spell and pronounce. Preferable a 2-word name.
- Can you buy the rights to that name so you can .ie or .com it?
These are just some of the considerations you need to make when you name your brand. There is plenty more.
3- Set Up Your Business
You will then want to officially set up your business and for this, you will need a good accountant. They ideally would have a bit of background knowledge with the industry. You will need to decide if you will be a Public Limited Company (PLC) or maybe a Company Limited by Shares (LTD) for example. Will you be Vat registered or not and is your accountant aware that different products carry different Vat rates. Not to mention that getting a reliable payment system is not easy. You cannot use the same payment systems other companies use to process sales. This can take a bit of time and there are some fees associated with it.
4- Design Your Logo And Brand
As with all the other steps, this step takes time and should not be rushed. Your audience, message and how you are going to help people will influence this. Unless you have a background in this area I highly suggest you do not take short cuts in this. Your logo and brand colors to the fonts you will use are very important. If you don’t have a clear vision of who you are selling to how can you express this in a logo or brand. These two items can make or break your success, so do it right the first time.
5- Open a Bank Account. Get A Payment System
By now you should have a few things in motion and they are being worked upon by the right people. A friendly reminder that we can help you with all of this and the above is just a broad overview. There is a lot more detail to be thrashed out if you are not going to have to re-do steps later. The banks can be hard to work with when you are trying to set up a business account with them.
When you are dealing with them, remember they will not be processing your CBD payments for you so there is no point in talking to them about this. This has to be processed with a different company and you should note that Stripe, for example, will not work with you. These above items can take a few weeks to get completed. Your business account needs to be set up before you look for a merchant processor. Getting them wrong will cost you.
6-Where Will You Purchase CBD From?
This is where Prime Spectrum comes in. You want to make sure you’re offering a line of high-quality CBD products. This not only makes sure you get a high reorder but it secures your company. If you do not get this right your will have some serious problems such as,
- You will not be able to register with the FSAI which is a legal obligation if you want to sell CBD on the Irish market.
- Your products will vary from batch to batch this will lead to customer loss and brand quality.
- You will have more disputes with customers and this leads to returns. If this happens too much you will lose your merchant processing. Get banned from one and you are banned from them all.
- If you cant get a reliable source of CBD that is deemed to be legal by customs and the FSAI you are looking at long delays from order to order and loss in sales.
These are just some of the reasons why a reliable CBD product is necessary. I have not mentioned the shipping methods and customs agent issues.
7. Build a Website
There are plenty of options out there and if you do not have a back round in this please do not try to build your own. In the long run, it will cost you from SEO to SEM to sales. There are significant things that ceratin websites need to offer to succeed. These are all done on the back end of the site and if you have a poor web designer and manager for your site, it will cost you greatly. Being optimized for mobile use is massive as is understanding how to make sure your site ranks on Google.
8-Secure Social Media
These need to be available and secure as they are vital to your organic growth. Organic growth is massive to the CBD space as paying for advertisements is extremely difficult. Planing how these will be structured and used is very important. Make it a priority to secure these social platforms. Some work better than others and are used for different reasons.
9- Build a Marketing Strategy
As looked at above slightly know your market. If you do not get this right you will end up like the rest of the many suppliers out there. Trying to sell to everyone but selling to no one or very inconsistently. This needs to be planed out well as does the above. It will take time to get to build up your brand however if done correctly the rewards will follow.
If the foundations are not correct you could have the best product in the world however if you can’t sell it legally or no one hears about you, it will fail. Do it right the first time. You also need to look at your packaging and labeling requirements. Other things to consider are how you will ship the products to your customers and the cost of stationary to storage.
Connect with Prime Spectrum
If you want to start your own business but don’t know where to start, or you have further questions then get in touch. We will work with you every step of the way to help get you on the road to success. Contact issuing the links below. You should also make sure you look at the following page linked HERE.
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