The growing popularity of CBD is undeniable. CBD oil has proved popular as an additive to everything from multi-vitamins to massage oils. This growth has been driven by explosive customer demand as more and more customers experience the difference it makes and seek out businesses that can offer it. As the market and consumer demand evolve and grow, the question for small business owners becomes how best to meet this demand without compromising their existing business model.
Additionally, since the potency and effectiveness of CBD products are tied very closely to the growing and extraction processes used, there are much greater considerations of supply chain security and quality assurance than in many similar markets. These become all the more important when considering white-label or private-labeled CBD products. These are products that are supplied by a third party grower and producer, but show the branding of the spa, retailer or even gym where they are sold or utilized.
Many of these small businesses rely on the trust and goodwill that their name and brand has cultivated with the community that they serve and so putting their name on an unreliable or substandard product could be potentially disastrous. Happy Buddha Hemp’s founders (who started as small business owners themselves) are all too familiar with these worries and so a big part of our mission here has always been to provide an easy, safe, and above all reliable way for anyone to offer a CBD product that they can be proud of.
In addition to providing our full-spectrum CBD tinctures, topicals and ingestibles to members of the public across the United States, we also work with small businesses who need to ensure that their brands are not compromised by the CBD products they offer. We’ve talked previously about important signs to look out for when selecting a CBD partner, but the last year has brought even more considerations to the fore that anyone considering adding CBD to their business needs to be aware of.
The old adage of “improvise, adapt, overcome” has never been more relevant than to people and small businesses battling the impact of the pandemic. Contractual ordering schedules and high minimum order quantities just don’t work under these circumstances however and go hand in hand with the new kings of small business thinking.
Flexibility and Responsiveness.
Being able to change and move with the times has never been more important and having business partners and suppliers that can do the same is essential.
The “order gap” is the time between an order being made and when it is actually fulfilled by delivery of, in this case, your CBD products. If you are a small business during these trying times, this needs to be one of your primary considerations when looking at a white-label or private-label (or even regular wholesale) CBD provider. It’s no good if someone gives you a good price if they can’t get it to you until a month down the line.
This consideration goes hand in hand with the minimum order quantity required by a provider. Business owners need to ensure that not only does the minimum order quantity work for the amount of stock they’re able to comfortably store at one time, but also that, as that stock dwindles, they’re able to refill it quickly and easily as and when they need it.
If you are considering adding white label or private label CBD to your business, it’s vitally important that you make these calculations ahead of time, and ensure that your supplier is able to comfortably work within the limits that your business requires.
How much stock and you afford to invest in and store without inconveniencing your business processes? When the time comes, how quickly will you need this amount refilled in order to ensure that you can always deliver the services and products your customers expect? Once you know the answers to these questions, you know what qualifications your supplier needs to meet for their minimum order quantity (MOQ) and order gap.
As always, when looking at a solution to add CBD to your business without compromising the way you present yourself to your customers and the strength of your brand, it all comes down to what will best fit your unique circumstances. That’s something that has always, and will always be true. However the new priority must be to recognize that what exactly qualifies as the best fit may change from month to month, week to week and even day to day. This means that when looking for a wholesale, white-label or private label CBD supplier, in addition to seeking a solution that will work for your circumstances right now, it’s vitally important that you also ensure that the solution will give you room to breathe when things change.
Don’t forget, if you’re considering CBD as a business, or want to see if it can help you in your day-to-day personal life, our Hemp Advisors team is available to everyone. Call or text us today on 970-725-6888 if you, or someone you know, has any questions.