According to Forbes, the CBD industry is expected to rake in a whopping $16 billion by the year 2025, and those high-dollar estimates are just one thing that has so many prospective business owners focusing on opening a CBD store in their area. If you just happen to be one of these people with your eye on that big-fat CBD prize and you're serious about making your new store successful, tighten up your CBD knowledge base and get ready for an all-out battle. Opening a CBD store can take some work if you don't want to get lost in the crowd like a hemp seed in a hemp field.
You must present yourself as a knowledgable place in the world of CBD.
CBD is a relatively new consumer product, and many people are going to walk into your store with the intention of possibly trying CBD for the first time. As such, you and the people in your store representing the products that line your shelves will need to know more than just, "Um—yes...CBD is good." Take some time, get to know CBD, get familiar with why it works, and know the scientific facts and studies that are already out there. You don't want to make false claims, but you do need the facts to help guide customer purchases.
Do your due diligence to present only the best CBD products.
This rule is the one that is going to differentiate you the most from your competition. The world of CBD products is vast, and even more concerning, it is not yet FDA-regulated as of 2018. This means that there can be major variances between one product and the next even though they may essentially look like the same thing. For example, you can order 100 different kinds of CBD oil, and all of them can have different ingredients, consistencies, etc. If you want to gain recognition as one of the best retailers with your CBD shop, you have to know a good product when you see it. A few rules to remember when choosing retail merchandise include the best brands will:
Building your online presence is going to mean everything.
Yes, you are opening a physical, real-life business, and yes, you will get a lot of business just simply because you are there and people see you. However, CBD is something that people go far and wide to find in a retail store environment. They like the idea of touching/feeling/physically seeing the different choices. This world is all new, and many are excited to experience it, but you have to be trackable on Google if you want those far-and-wide customers to show up and bring their money.