CBD sales are predicted to grow over 100 percent every year until 2023, and product sales will be worth almost $24 billion by that time.
Knowing these numbers might have a bit curious about the different CBD business opportunities that are currently out there, and trust us, there is a lot to know about. Luckily, we’re here to take you through a few of the biggest and most popular ones.
Read on to learn seven of the best business opportunities the CBD industry has to offer.
Become a Blogger
Starting an online blog is a surprisingly profitable business prospect. Not only does it give you the chance to work from home or become a digital nomad, but it also allows you to generate passive income — something that a lot of people work really hard to achieve, but don’t always succeed at.
The great thing about a blog is that it can be added to pretty much any business website, meaning you can add an extra stream of income onto whatever business venture you’ve already worked to build.
Start a Retail Business
Becoming a retailer — either online or in-person — is a popular business venture that a lot of people are taking advantage of. Usually, if you’re just a retailer, then you’re going to be purchasing wholesale products from a manufacturer and selling them on your own for a higher price to make a profit.
No matter how you choose to sell your products, though, you’re going to need a place to store it all, and you’ll need a reliable supplier.
Both are important for your business. They require thorough research to find and evaluate, and a decent supplier relationship requires a lot of tending from the very beginning.
Manufacturer
This might be one of the most complicated business ventures to start, but it’s one of the most rewarding if you can do it properly.
When you become a manufacturer, you’re basically going to become the supplier that a lot of businesses turn to for their CBD. By signing yourself up for this role, you become the one creating the private label, providing lab tests, and ensuring the CBD you’re selling abides by FDA regulations.
You also have to make sure you’re selling to reputable businesses that work well with your product. Once you establish a decent customer base, though, and prove that you’re a trustworthy manufacturer, this business is highly profitable.
Open a CBD Spa
CBD spas are becoming increasingly popular and for good reason. The products these spas use are all infused with CBD, which is becoming an increasingly popular option in the skincare industry. Products with CBDv isolate are particularly common in these settings.
It can be challenging to run one of these businesses, but it’s also the most rewarding if you’re passionate about beauty, health, and wellness. It can come with hefty startup costs, but that’s nothing to worry about if you work diligently and research enough to get the financing you need.
Start a Skincare Line
If you don’t want to open a spa, but still want to be involved in the health and beauty industry, starting a skincare line of your very own is a great place to start. Like a lot of other CBD business opportunities, this one has a lot of regulations you’ll have to follow, but they’re easy to abide by once you get to know them.
A lot of popular skincare brands have begun selling their own CBD-infused products in recent years, and this particular opportunity isn’t one that’s likely to lose popularity any time soon.
Open a Pet Shop
Recently, giving pets CBD to calm their anxiety has become a really common practice. It’s hard to give your pet too much of this product, but you also always know that it’s safe for them to ingest. It’s also low in THC, so you know they’re not feeling any effects from the products you’re giving them.
While some pet owners are still hesitant to get involved in this particular market, it’s one that’s growing rapidly and is a great place to start if you’d like to take things slow from the beginning.
If you’re hesitant, you can hire a good marketing consultant company to help you get off the ground, a reputable wholesaler, and you can start supplying great products to pet owners and their furry friends.
Start a Podcast
This one might seem like the oddball of the group, but it’s actually a profitable business idea. They require minimal investment from the beginning on your part, and they’re the perfect stepping stone into the CBD community if you’re just getting started.
Not only are you teaching others about CBD, the regulations, laws, and even the science behind a lot of products on the market, but you’re also teaching yourself. This makes it the perfect way to venture into other business opportunities in the ever-changing CBD industry, and it ensures you’re always up-to-date on the latest.
If you’re not looking for a stepping stone into other business ventures, starting a podcast is also a great way to try new products and talk with different people throughout the industry.
Ready to Take Advantage of These CBD Business Opportunities?
Now that we’ve gone over a few of the best CBD business opportunities, it’s time for you to start a business of your very own. There are usually a few legalities to get out of the way when you’re first starting, but after that everything is smooth sailing. Remember, though, thorough research is important for starting any business.