How To Earn Money From Hemp
Earning money is never easy, whether you are in California or somewhere else. The good news is, California is an open city, there are a lot of opportunities for everyone to enjoy. If you never consider hemp as a source of income, considering it is highly recommended today.
There are some who are still not as confident about the idea of opening a hemp store in ca, of course. Anything that is new or not as widely used and accepted is risky, but there is a huge break in case you were able to penetrate the market and get what the customers are looking for in hemp.
Earning Money From Hemp
If you are planning to pursue the hemp industry, you are actually making a huge leap in your business goals, as one, hemp is not widely acceptable and two, there are a lot of existing trusted and established hemp shops in the market of Australia today.
Competing with the existing market can be easy, provided that:
- Marketing is done strategically
Marketing can make or break any business success not only hemp. It is important that you ensure that marketing is done rightfully from face to face marketing to virtual marketing, particularly in social media.
Strategic marketing is important not only to start-up business but also to businesses that are already stable and competent.
For struggling businesses, it is highly recommended that they hire an external marketing team that are well equipped with information on how to market business better.
- High quality hemp products
It is also the seller’s responsibility to ensure that all their hemp products are very high in quality. There is no room for error in terms of product’s quality as if there is one instance, whether it is intentional or unintentional, that a product released went below the customer’s expectation, the business is at a great risk of losing.
Word of mouth is always the strongest and most trusted form of marketing, hence expect that news about a bad product will immediately scatter to all your existing and non existing customers like a wild fire.
Quality control is a serious job to consider.
- Hire the right people
To any business, employees play a huge role in its success. As an employer it is your responsibility to make sure that you were able to hire the right employees to work for you, from marketing team to customer service support team to production team and so on.
Hiring the right employees and partners is a good way to give your business a good spot in the tight competition in the industry of hemp.
- Get to know more about your competitors
Before you get into the industry of hemp, you have to make sure that you are fully equipped of all information you need to know about it. It is strongly suggested that you compete with the market accordingly, know your competitors’ marketing strategies, get to know more about their products and make sure that your prices are highly competitive with theirs.
There are actually a lot of others ways apart from those that were enumerated above. But needless to say, even how tight the marketing competition is in hemp in California, there is no reason for backing out if you are already completely decided about it.
Moving on, to help you get started in earning from hemp, here are some of the things you need to know:
- Make sure to get a license
This is one, if not the most crucial step when starting up a business. It was President Donald Trump who signed to make Agricultural Improvement Act of 2018 or for some they know as the 2018 Farm Act a law. This law legalizes the industrial hemp commercial production in the US. But needless to say, it is still imperative that you secure a license before you venture into hemp cultivation. Getting a license is a must to ensure that you can legally grow hemp, but this does not permit marijuana unless you are in a city or state that legalized marijuana both for recreational and medicinal purposes.
To ensure that you are following the guidelines of hemp production, it is highly advised that you seek for professional assistance before applying for a license.
Hiring a lawyer is essential ensuring that you are not crossing boundaries in terms of cultivating hemp.
- Decide on which hemp product you will focus on
Contrary to what others know, hemp is not only used to make CBD products, like CBD oil, it is also being used to create soap, paper, plastic, textile and so on. You need to know what your market needs before deciding on which among the hemp products you will focus on.
Communicate with your target market and ask in detail the specific product they need. And before you even start manufacturing their orders, it is best if there is already a contract involved so there is no reason for them to back out or change their mind.
However, if they decided on bridging the contract for whatever reason they may have, there are tons of possible buyers out there, may it be CBD products, textile, paper etc., you just have to source them out.
It is necessary that you already have a target market in mind before finally pursuing the business. Fortunately, social media is there to make connection between buyer and seller easy. Building a strong presence on social media platforms can help hemp farmers become successful in this industry.
Some are not too confident exploring social media because they are selling hemp, as long as you have a license, there is completely nothing to worry about.
- Choose a perfect location to cultivate
It is a must for farmers to know the best place to cultivate (in case they are planning to cultivate hemp on their own), including the weather condition necessary to yield the best and healthiest hemp. Planting and growing hemp is not the easiest to do, hence it is important that you know the right way to cultivate and plant them.