The CBD skincare market is expected to be worth almost $2 billion by 2025. These products are great for all types of skin, and though we’re still learning a lot through research, we already know about a whole host of benefits that come with the use of CBD beauty products.
If you know this, you might be considering starting a hemp beauty business. No matter what product you’re selling, though, there’s a lot that goes into opening up a business.
Read on to learn some of the most important things about opening a business selling hemp beauty products.
Choose Your Name
The first step to take when opening your own CBD beauty business is to choose a name. You want it to be easily identifiable while remaining memorable. You also want it to be something that can evolve with your brand’s growth.
You want it to embody your brand’s voice, but you also want it to flow into other things if you ever choose to move away from CBD.
Once you come up with a plan, you’ll want to hop online and enter it into your state’s business name database to ensure it’s unique to you.
Create a Plan
Once you have a name, it’s time to move into creating a business plan.
You’ll need to register your business name and decide on a structure for it. You’ll also need to go through and cover all the legalities for your state before getting started. For a first-time business owner, setting up as an LLC might be your best bet.
However, that decision is going to remain unique to you and your business, and you can always meet with a business lawyer if you feel the need to. To register your business and ensure you have all the necessary documentation, the Small Business Administration is a great place to get started.
What Are the Business Costs?
Next, you’ll need to move to your budget and startup costs. First, you should open a separate business checking and savings account. This is where you’ll put the funds your business accrues, as well as the money you’ll need to set aside for taxes each year.
When you’re building your budget, it’s important to consider things like the GVB production process, the right credit card processor for your website, and even how you’re going to deal with potential chargebacks as they come up.
Don’t Forget Taxes
We’ve talked about this already, but it’s really important to not forget about taxes. There are a few types of taxes you’ll need to consider when you’re getting started:
- Income tax
- State tax
- Federal tax (Social Security and Medicare)
- Local taxes depending on where you live
How much you stow away to pay your taxes each year is going to depend on where you live, but this is one of the most important things for you to figure out when you’re first opening your business.
Who Is Your Target Audience?
Finally, once you’ve handled all the legalities, it’s time to move to the fun part: designing your business, products, and brand in its entirety.
The first step you need to take, though, is deciding who your target audience is. You should start with analyzing your client base, especially if you’re looking to begin selling your products in a certain area. The biggest thing to remember here, though, is to get as specific as possible.
Here are a few questions that can help you get started:
- How old are they?
- What is their demographic?
- Are they a certain gender?
- What industry do they work in?
- How much do they earn?
- Do they have any hobbies? Favorite restaurants?
When you’re designing a skincare or beauty brand, though, you can hone in on certain areas even more.
- What does their morning or night routine look like?
- What are their typical skincare steps?
- What can your product add to their routine?
- What separates your product from others?
- Where did these customers purchase from before finding your brand?
Those few questions can make a huge difference when you’re trying to decide upon your target audience. Especially when you’re deciding on the products you’re going to add to your hemp beauty line.
Build Your Brand
From there, you can start building your brand. Start with creating social media channels and designing a website. You’ll need specific colors and to decide on your font. You’ll also need a logo and other specifics for your brand (think business cards, profile pictures, banner photos, etc.).
When you’re designing these things, especially for a beauty brand, minimal is usually best. It’s best to stick with 3-5 colors and no more than two fonts on any given page. You’ll also want to ensure everything looks cohesive, which is where hiring a graphic designer can come in handy.
This is also where you can start thinking about your brand’s mission if it has one. If not, what do you want to convey with your products?
No matter what you decide upon, it should all remain cohesive and consistent across your social media channels, website, and in everything else that you do. Consistency might be one of the most important things you can accomplish in your business, and it’s going to help you build trust with your customers from the beginning.
Ready to Start Producing Hemp Beauty Products?
Now that we’ve gone over the basics of starting a business selling hemp beauty products, it’s time for you to get started. Whether you’ve already chosen your name and are well through the process or you’re just beginning your journey, there’s a lot of ground to cover before you set off on your business-owning journey.
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