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[Music] hi my name is Todd Smith and I am a co-founder here at joy organics my wife joy and my son Jared and I started this company that has been a great experience we love helping people whether they're consumers of our products or our partners like you that want to begin to offer CBD products to your clientele your family your friends and so on this video I'm gonna share with you the top 10 steps to starting your own CBD business and I'm gonna do this in sequence and so you know I'm an entrepreneur so I kind of do everything in sequence so let me encourage you to make some notes as you watch this video the first thing that you need to do in starting your own CBD business is that you need to determine what name you're going to call your business now I've got a separate video that you can watch on selecting the right name but in general my advice to you is to select a name that does not include CBD hemp or cannabis because that just creates red flags for your bank it's going to create all kinds of problems for you that are completely unnecessary in addition to that you don't know where your business is going to be five years from now right now we're testing special strains that are high in CBN we may be selling CBN products there is a lot of research being done into other plant extracts right now less than 5% of the plants worldwide have been tested for their medicinal benefits and so your business may evolve over the next several years where you're not just selling CBD you're selling other products and so you don't want a name that is going to limit you the other thing I recommend and selecting a name is that it's an easy name to remember and an easy name to spell imagine one of your customers telling their friend about your brand you want to make sure that when they tell their friend about your brand that it's a name their friend can remember a name that their friend can easily spell I recommend that your name not include more than two words you can see joy organics and and there's a lot of different ways that you can go about selecting a name you can kind of brainstorm with your family your friends but once you kind of narrow down some of your top names what I recommend to do is to go to go daddy.com make sure that if you're gonna have a name you need to own the com for your name so type into GoDaddy the name that you're thinking of see if it's available if it's not available go to that website see if there's a website up and if there's not a website up you can go to the bottom of GoDaddy to the Whois link and you can go and find out who owns that name and then you can either email them call them to see if they're willing to sell their name in our case joy organics was not available we paid $7,500 for it so we reached out the person who owned it we bought it for $7,500 so make sure you select a name that's easy to remember that's easy to spell a name that you can build a business around more than just a CBD business the second tip I can share with you or the second thing that you'd want to do in sequence is to set up your business entity now you've got your name you've got your URL now you want to go and set up your business entity what we did we went to legalzoom.com and you can go there you can set up your LLC which is what we used a limited liability company and I set up the LLC for joy organics in less than 15 minutes really simple really easy a lot better than calling your local attorney and spending you know three times as much money setting up your entity my advice on setting up in Indy is to use your name so for us our entity is joy organics LLC a lot of people set up different names and then they do it doing business as just unnecessary complication that you don't need so once you've got your name set up your LLC under your same name and then you don't have additional paperwork the third thing is to design your logo so now you've got your paperwork going you're waiting for your employee identification number that you're gonna need to open your bank account some of the other things I'm going to share with you here so what do you do now what you do now is you've got your name now you want to get a logo designed I recommend that you go to a company called 90 nine Designs dot-com I believe their rate is like $295 and they have thousands of designers around the world and so you go in there you indicate the logo that you want you give them your name if there's any special colors any special design requests that you have and then all these designers around the world start to design your logo and then also you start looking to all these different logo designs and then you can say I like this one and I like this one and so you indicate you like this one this one well that tells all the other designers you like this one in this one then they all begin to hone in on that and after a few days you'll have a great logo far less expensive than hiring a designer and plus when you hire a designer to design your logo you're just getting one designers idea if you use 99 design you get hundreds of ideas and it's a far better way to get a logo in a lot less money so that is the third thing you need to do the fourth thing you need to do is you need to open a bank account so hopefully by now you've got your logo design you've got your your LLC being set up your operating agreement and hopefully by now you get your EIN number which is your employee identification number you then go to your bank just let them know you're in the health and nutrition business don't volunteer any extra information go ahead and get your bank account set up the next thing is once you have your bank account set up is to then apply for your merchant account so you have to have a bank account set up you have to have your employee identification number before you can apply for a merchant account below this video I'll also put the name of the person that I would recommend for your merchant account you want to make sure that you have a special CBD merchant processor I have a separate video on this page that you can watch to learn more about merchant processing but you want to make sure that you get your merchant processor with what with a company that does or a bank that does CBD processing and more than likely it is not your bank so don't be asking your bank about merchant processing because if they find out what business you're in you're also going to have to take your bank account somewhere else so make sure you're careful there number six is to select a good partner to provide your CBD oil and obviously this is we come into play if you're starting your own CVD business you want to make sure that you're offering a line of CVD products that result in a high reorder rate because if not you're going to have all kinds of problems if you're not selling a high-quality CBD product you're gonna have people returning the product you're gonna have disputes with your merchant processor and the way that you can get shut down in this business and end your experience is if you're chargebacks hit one percent you do not want to have a high charge back rate or your merchant processor will shut you down and when they shut you down nobody else will accept you as a as a client so you want to make sure that you're doing everything you can to offer a high quality product that is not going to result in returns disputes and charge backs i also have a video on this page on how you can reduce your charge back something that i would encourage all of you to watch so that you can make sure you're taking the steps necessary to prevent chargebacks because truthfully that is your greatest risk you get shut down by your merchant processor you're out of business so in selecting a partner let me just tell you and there's videos that you can watch on this YouTube channel that talk more about what makes us unique and different why our CBD oils are best in class best in the marketplace but I think there's nothing that speaks higher volumes of the quality product we sell than our reorder rate here in our store after just now what we've been open for four to five months over 50% of everybody that comes in here buy CBD our return customers does the next highest percentage of people in here are referrals referrals from doctors chiropractors massage therapists you know personal trainers everybody out there is referring people to us because they know we have the highest quality CBD products in the marketplace so do your research learn more about what makes our products unique and different but you need to make sure you select a partner understand cheapest cheap if you're gonna be in the CBD business you don't want cheap cheap results and returns the results in disputes it results in chargebacks it results in a nightmare of a business that you don't want to have next number seven is now you've got your entity set up you got your logo designed you've selected your partner now you need to get your website going and I recommend for most people just to get a website template you can type in website templates into Google we got a website template our websites a template I mean I think we paid $40 for our website and the great thing about a template is that you can pull it up on your your computer and it all looks good you can pull it up on your phone it looks good you can pull it up on a tablet it looks good it's all size then all you do is you just plug in your pictures that you want to have in there and we provide renderings of your products so that you've got all the images that you need it's a standard service that we provide and then you just need to get your content written you can certainly use some of the content from our site we just encourage you to regurgitate it if you were to copy content off our site and put on your site Google views that as duplicate content as stealing content they'll penalize you and nobody will find your website so you're welcome to use our content just regurgitate it so that it's your own content and and that'll work great for you so the setting up the website should be fairly simple we recommend that you use woo commerce for your shopping cart Shopify which is the most popular shopping cart out there does not do CBD processing at this time so you'd want to use WooCommerce the eighth step in starting your own business is to now secure the social sites so for us here at joy organics what we did is we got joy organics calm we got our entity set up we got our logo designed and then we started to go out and secure the different social sites such as Facebook calm slash joy organics and so you know the more that you can secure the domain names of the social sites that you feel that you're going to be actively using to promote your business make sure that you make it a priority to secure your name with those social sites this ninth tip to getting started or the ninth step to starting your own CBD business is to find a fulfillment company so again if your marketing the joy organics brand it makes it easy because we'll ship the product to you and you can then distribute it however it is that when you distributor if you're going to develop your own line of branded products with joy organics then you would need to find a fulfillment company that can ship those products and so you can either ship from your home and I've got a separate video here that talks about your fulfillment options or you can find a fulfillment company to ship your products the tenth step to starting your business is to put together your marketing strategy and the number one question I get from people when I'm talking to my on the phone is hey Todd what do you recommend that I do how can i market my products and the thing I share with them is that there are thousands of ideas a lot of different ways and the great thing right now in the CBD space is all of them are wide open it's not like well I can't go down this channel because it's pretty saturated I can't do this let me try to find some unique niche no everything is wide open so it's all up to you it boils down to you being creative and the thing I encourage you to do is to make a list of 20 different ways that you can market your CBD products and of course at the top of the list you're gonna make a list of all the most common things that everybody's thinking about but when you get to 16 17 18 19 oh my gosh you're gonna be trying to wrack your brain thinking of ideas and that's when you're gonna think of your best ideas so challenge yourself be creative look at all the different possibilities in ways that you can market your business and if you do that you're gonna find some great ones test them out see what works find what you enjoy doing find that area that you really want to be great in remember you can be great at anything but you can't be great at everything so pick the area that you're gonna focus on and become the best in the market in that area good luck [Music] you [Music]