Hemp Products Business

How Much Does It Cost To Start A Hemp Products Business? (In 2024)

Updated: January 18th, 2023

Looking to start a hemp products business?

But curious about:

  • how much it costs to start a hemp products business?
  • what are the typical hemp products business startup costs?
  • or the actual cost of starting hemp products businesses?

Well, we have the data to prove it, supported by real hemp products businesses and how much they actually cost to start.

Let's go over it.

Learn more about starting a hemp products business:

Where to start?

-> Pros and cons of a hemp products business

Need inspiration?

-> Other hemp products business success stories
-> Marketing ideas for a hemp products business

Other resources

-> Profitability of a hemp products business
-> Hemp products business tips

Retail Business Expenses

If you plan to have a brick & mortar location for your hemp products business, you must weigh the costs of your rent, as it may be the most expensive part of running your business.

Rent costs for your hemp products business very much depends on your location. This cost will vary by both region and specific areas of town: a lease in the heart of Manhattan could cost over $80,000/month in rent. Meanwhile, a storefront lease in Florida or Tennessee could cost less than $1,000/month.

Cost Required? Min Cost Max Cost

Shop Decor

Optional

$0

$5,000

Utilities (storefront business)

Optional

$0

$1,000

Building improvements and remodeling

Optional

$0

$950

Storefront Property Rent ➜

Optional

$1,250

$3,500

POS System

Optional

$0

$1,200

Business Formation Fees

There are a few key costs associated with forming your business entity, such as setting up an LLC and getting trademarks, copyrights, and patents sorted.

Cost Required? Min Cost Max Cost

Set up business: LLC & Corporations

Required

$50

$500

Small Business Insurance

Recommended

$500

$2,000

Permit and License Fees

Optional

$50

$700

Trademark

Optional

$0

$700

Lawyer Fees

Optional

$0

$1,500

A Patent ➜

Optional

$5,000

$15,000

Software Expenses

Your hemp products business needs software to run efficiently!

Why spend money on software? Because it can help you save time and automate certain parts of the business, so you can focus on the most important matters. Software and technology can help you grow your business, and save you from expensive personnel costs.

Cost Required? Min Cost Max Cost

File Hosting Service

Recommended

$0

$299

Email marketing tool

Recommended

$0

$100

Accounting & Invoicing Software

Recommended

$0

$50

CRM Software ➜

Recommended

$12

$300

Project Management Software

Recommended

$0

$25

Internal Communication Tool

Recommended

$0

$20

IT Support ➜

Optional

$150

$2,000

Design Programs & Software

Optional

$0

$50

Social Media Management Tools

Optional

$0

$50

Payroll Software

Optional

$0

$200

Office Space Expenses

It will be your call to determine if you need office space. It is not a requirement but may be necessary as your hemp products business grows.

Cost Required? Min Cost Max Cost
Rent ➜

Optional

$0

$5,750

Utility Costs For Office Space ➜

Optional

$0

$1,150

WiFi & Internet ➜

Optional

$0

$100

Employee & Freelancer Expenses

Cost Required? Min Cost Max Cost
Payroll Costs & Fees ➜

Optional

$150

$250

Employee Hiring Expenses

Optional

$1

$2

Employee Rewards ➜

Optional

$0

$100

Website Costs

Every business should have a website, and it's worth spending a bit of money to set it up right.

Cost Required? Min Cost Max Cost
Domain Name ➜

Required

$12

$200

Website Hosting Costs ➜

Required

$0

$300

Website Builder ➜

Recommended

$10

$500

Business Email Hosting Service ➜

Recommended

$1

$15

Website & Live Chat Tool

Recommended

$0

$200

Web Designer ➜

Optional

$200

$6,000

Inventory Expenses

If you sell a physical good, you'll likely have to start with some inventory.

Cost Required? Min Cost Max Cost

Upfront Costs For Inventory

Optional

$300

$5,000

Package Design ➜

Optional

$50

$3,000

Shrinkage

Optional

$0

$1,000

Distribution costs

Optional

$0

$750

Training & Education Expenses

Cost Required? Min Cost Max Cost

Online Learning Sites

Optional

$0

$1,000

Advertising & Marketing Costs

Cost Required? Min Cost Max Cost

Customer Research & Surveys

Optional

$0

$300

Influencer Marketing

Optional

$0

$750

Google Ads

Optional

$0

$300

Facebook & Instagram Ads

Optional

$0

$350