10 Practical Tips
Congratulations: you’re starting a CBD business in a good market for health and wellness pursuits that include broad or full spectrum CBD ingredients. Kick-start your own success by learning from steps we took to make Angie’s Gardens prosper.
Last week, we talked about the second of 10 steps we consider vital. If you missed our 10-step launch article, see it here: Starting a CBD Business, Tip 2.
Here’s Tip 3.
3. Stick to It: Don’t Give Up
Reinvest Your Profits
CBD work is not magic. It is not different from any other start-up business endeavor. Launching a CBD business requires founders to possess – and use – the same basic characteristics that every business does: tenacity and stick-to-it-iveness.
While it is possible to launch your business and build income in your very first year with CBD, it is important to pull as little as possible from the business while you scale up. You will run into roadblocks along the way.
Roadblocks may include, but are not limited to:
- Trouble finding and reaching your best customer niche
- Supply-chain inconsistencies
- Regulatory problems
- Financial system barriers
- Unethical competitors and unethical competitors with close contacts in your supply chain
- Underestimating production time requirements and costs
For the Long Term
To succeed, you must take on these unpredictable barriers and overcome them, even when you are tired,… even when it seems hopeless,… even when it stretches the budget. Because founders are the only people who care enough about your company to make it succeed, which means it comes back to you.
In addition, building up cash reserves by reinvesting in your CBD company builds a resource to pull from when roadblocks appear. Then, too, many of the most successful people working in CBD growing, production, and supply learned their skills before CBD was legal. Some of these prominent players may not have the same business ethics you do. It may take some time to find the best contacts, people, and companies that align with your purpose and ethics, and it is best not to support abusive players, because they are part of the cause of the turbulence in this market.
Question for Us All
It’s as hard to keep on track as to keep on truckin’. How do you find inspiration when things get tough? Who can you talk with?
HINT: We started this blog topic in the hope of causing a ripple of conversation that will help us all bridge the isolation barrier.
Next week, we’ll be back with another tip. Please, if you like this, share it so others can read!