The global green rush has only just begun.
As countries around the world loosen their laws on cannabis, forward-thinking entrepreneurs are spying an abundance of opportunity to create a wide variety of profitable cannabis-related businesses.
Even in the UK, where prohibition restricts recreational cannabis use, there is still plenty to get excited over.
Especially when it comes to hemp and CBD, the non-psychoactive (and legal) side of cannabis.
While you may think that CBD craze is over or the UK market is saturated, you’re wrong. Cannabis and CBD have so much potential that with the right product development and branding, it’s very doable to find enthusiastic customers to serve.
And the best thing is, your business will a positive force in the world – helping both your customer and you!
This guide will give you 7 actionable steps to start a CBD business in the UK.
The UK’s CBD industry
Over the last couple of years, the CBD industry in the UK has blossomed into a multi-million pound market. And it’s still growing.
This is partly due to the increasing awareness of CBD’s powerful therapeutic properties, driven largely by the mainstream media’s coverage of success stories involving CBD and various medical conditions.
But there’s always room for new brands that can set themselves apart and find a unique voice.
Who should open a CBD shop?
Due to the mind-opening nature of the plant, the community and culture surrounding cannabis is like no other. It’s full of compassionate, honest, intelligent people.
Unsurprisingly, therefore, many cannabis-lovers are attracted to work or set up shop in the industry, making it a pretty unique field to work in.
However, when is comes to business, idealistic tendencies and a knack for procrastination mean not every stoner is up to the task.
So, if you have a passion for cannabis, a desire to do good, and the decisiveness, drive and flexibility to succeed in business, then launching a CBD business could be a great venture for you.
Why you should open a CBD shop
Doing something meaningful and useful with your life is the key to happiness and success.
So, imagine helping people everyday by supplying them with an effective, safe and natural medicine that has been used for thousands of years. And getting paid well to do it!
Running a CBD business offers you the chance to do just that.
7 steps to launch a CBD business
If you think you have the heart and the head to run a successful CBD business, here are the steps you will need to take to realise your dream…
1. Decide on a name and buy a domain
Your brand’s name is important. It needs to be easy to remember (and spell), give an idea of what you sell, and the domain has got to be available.
When picking a domain, .co.uk or .com are usually seen as more trustworthy. However, if your ideal domain name is taken, .org or .net or something similar will be fine.
2. Find a supplier
You’re looking for a well-established supplier with high-quality products, good rates, and, if you don’t have huge funds available, a low minimum order amount.
You’ll need to make sure your products are compliant with the FSA and their Novel Foods regulations, so be sure to research this and query it with your supplier.
For high-quality bulk CBD products that re fully compliant with UK law, we recommend reaching out to Ice Head Shop. They can be reached on this email address: email@example.com
3. Register your company and register for corporation tax
You might not want to do this until you’ve actually got some money coming in, but having your company registered with Companies House will help you look more professional and trustworthy. Also, some suppliers will need your company details and tax reference.
4. Set up your website
With the software available for free these days, you can whip up a online shop quickly and cheaply. However, if you want more than a no-frills website, hiring a designer may be best.
Make sure you clearly display your contact details, business address, and a disclaimer stating your products are not intended for medical use and are being sold as food supplements only.
5. Get a merchant account
A merchant account is a basically a business bank account that allows to you take online card payments. There are many simple and cheap options out there. Unfortunately, however, most don’t like working with any business related to cannabis.
It does seem to be getting easier, though. I hear good things about Viva Wallet and Shopify may be able to offer solutions.
You could also try reaching out to other CBD companies or going through their check-out process to determine who they use.
6. Set up social media pages
Facebook, Twitter and Instagram pages allow your customers a chance to get to know the real you and gives them a glimpse behind-the-scenes of a CBD business.
Having active social media pages for your business is vital in this day and age.
7. Start spreading the word
Whether it’s online or in person, start telling people about what you’re doing. CBD is attracting a lot of interest and people want to find out if it can help them.
First, offer advice and education – perhaps in the form of social media posts or blogs. Then, if you think it would be of use to them, offer your products – perhaps via social media or email.
Tips for those interested in starting their own online CBD shop
You’re not the only one with this idea and new brands are launching every day. However, if you do manage to establish yourself as a reliable and professional business, there is a strong chance you will be flourishing for years to come.
Start a newsletter
If you’re starting a CBD business, having a list of potential customers’ email addresses can be very useful.
Try asking people to sign up to your newsletter after you’ve given them some value in the form of social media posts or blog posts. You can also offer something in exchange, like a free guide or a downloadable resource.
Do your research
The UK CBD industry is fraught with regulations so doing thorough research on them is vital. Most important are MHRA guidelines and Novel Foods guidelines from the FSA.
The future of CBD, hemp and cannabis in the UK
The demand for CBD and cannabis-derived products has grown rapidly in the UK over the last few years. And its popularity is certain to continue into 2022 and beyond.
In fact, cannabis and its derivatives have MASSIVE potential in so many aspects of life, from textiles and building materials to fuel and medicine.
This means that all cannabis-related industries are on
Will you be apart of this game-changing industry? Now is the time to decide.
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