Alex Malkin is a CBD enthusiast, researcher, co-founder, and the editor-in-chief at https://cbd.market/, which is a trading platform for CBD products and continued education. He’s also the author of the book “CBD: A Door to Better Health” and a certified nutrition-and-wellness specialist.
Where did the idea for cbd.market come from?
I’ve suffered from insomnia for almost ten years. I would wake up each and every day at 4 or 5 a.m. I couldn’t sleep as a normal person would at that hour.
To combat my insomnia, I turned to sleep aids to put me into a sleepy state. Although they certainly worked on a physiological level, I would wake up with a foggy sensation that left me weak and tired. In fact, it was harder to work in this state than it was to be outright tired after a sleepless night.
About two years ago, a friend of mine from San Diego, CA, asked me if I’ve tried CBD for insomnia. I was unfamiliar with the substance at the time. However, my friend had me instantly intrigued when he mentioned that side effects weren’t part of the CBD experience.
I purchased and tried CBD oil immediately following that conversation. Unfortunately, I didn’t see the results that I wanted. Insomnia still plagued my nights.
As an alternative, I started taking highly concentrated oil. After taking it for about 3 to 4 days, I noticed a true miracle with my sleep quality. I finally slept throughout the night without any wakeful periods. I was so well rested that I didn’t realize this miracle after several waking hours.
I was completely shocked. I continued to use CBD at night, and my rest has never been so deep and satisfying.
Then I shared my discovery with my business partner, Alexander, and he immediately saw a huge number of weaknesses in the CBD niche today, such as the lack of multi-brand stores with a lot of different trusted brands, the lack of a niche system like Amazon, which would give the opportunity to sell manufacturers their products directly to the consumers at an affordable price, the inability to have a subscription consisting of products of different brands.
Since we have been in digital marketing for more than 20 years and we have a large experienced team, we decided to launch our project https://cbd.market/ and now, step by step, we add all these opportunities so that buyers can provide the broadest possible choice at an affordable price, and the manufacturer has a regular income without serious advertising.
What does your typical day look like and how do you make it productive?
The first thing I do when I come to the office is to make a cup of coffee and visualize the success of my company. It inspires me and quickly brings to a state of clarity. Next, I build a daily plan by prioritizing the tasks, from the most important to the minor. This is the most crucial thing in the day – to decide how to spend hours of work most effectively. It is such a morning ritual that makes me productive during the working day. And yes, you need physical exercise. It awakens the body and fills the brain with oxygen, without which it works very slowly. Also, during the day I leave the office 2-3 times to walk around the area, it reboots me very well.
How do you bring ideas to life?
I would like to implement a lot more ideas than I do since time is very limited. However, the best ideas have the main indicator – this is an internal feeling of the right idea. Feel when you are inspired like never before! Such plans must be implemented. The best and fastest way to achieve the idea, especially if you already have a job is to find like-minded people. It only worked out for me like that.
What’s one trend that excites you?
When a boom in СBD products occurred a couple of years ago, many low-quality manufacturers appeared who made СBDs even in the garage. This quickly became known to consumers, and they began to trust fewer new brands. For two years, the market has grown strongly and has become very competitive. On the one hand, I am very inspired by the products of many new brands. On the other hand, I am happy that low-quality brands stop releasing their products since they are entirely not competitive. This is a significant trend.
What is one habit of yours that makes you more productive as an entrepreneur?
The most important habit is to solve the most critical tasks at the beginning, and the secondary ones at the end. We must always take on the main thing. All other habits are nothing compared to this.
What advice would you give your younger self?
Never get stuck on something. If you feel that you are stuck and the work does not go any further, you need to discuss this with knowledgeable people urgently. And if there are no knowledgeable people, then talk with someone smart. At 99%, this is guaranteed to budge the task. Otherwise, valuable time is lost, which can no longer be returned.
Tell us something that’s true that almost nobody agrees with you on.
Many disagree with me that the endocannabinoid system becomes more sensitive to CBD over time. It happened to me. A couple of years ago, I could consume up to 100 mg of CBD at a time and not feel anything, but now only 20-30 mg is enough for me to feel the effect. I met several more people who have a similar situation. I want to write a separate article about this.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
Definitely, this is a daily visualization for your goals. With the help of visualization, you become a magnet for all your plans and desires. To get acquainted with this technique, start with the simplest, read the book The Secret from Ronda Byrne or watch the movie The Secret.
What is one strategy that has helped you grow your business?
Everything should be done around the real needs of the client. Not fictitious or imagined, but real. The best strategy is to improve the product regularly. Make changes to the project even if they are still raw. Then interview customers whether it benefits them or not. Thus, testing ideas is very fast. Bad ideas quickly disappear, and good intentions begin to be beneficial.
What is one failure you had as an entrepreneur, and how did you overcome it?
Once, my business partner and I spent eight months searching for a company leader from outside. But the best leader was waiting for offers within our company. You should always start with people who are already with you.
What is one business idea that you’re willing to give away to our readers?
In 2019, the price of CBD products fell by 15-20 percent due to the strongest increase in competition. Now, these products have become significantly more affordable due to the emergence of a mass of inexpensive but remarkable brands. Thus, a niche for the premium segment was vacated, which is not occupied by anyone yet.
What is the best $100 you recently spent? What and why?
Fantastic wetsuit from Quicksilver for surfing.
What is one piece of software or a web service that helps you be productive?
I’m a fan of Ahrefs. This is a great service that helps you advance in search engines and understand what competitors are doing for this.
What is the one book that you recommend our community should read and why?
The book that changed me is the Seven Skills of Stephen Covey. Stephen put all our strengths and weaknesses on the shelves, showed how to organize our lives to make life exciting, and gave us tools to improve ourselves constantly. This is a book that provides accurate tools to become successful and truly happy.
What is your favorite quote?
Whether you think you can, or you think you can’t – you’re right.
— Henry Ford
Key Learnings:
• Visualize and enjoy it. This not only makes you a magnet for success but also focuses you on your dream.
• Appreciate your time. Do only things that you love, and it will give you a lot of energy, as well as a strong motivation to do great things every day. An unloved business only takes up energy and time, which it will not work to return or earn.
• Engage in self-development every day. Stephen Covey’s seven skills are one of the perfect ways.
• Start your workday only with tasks that will maximize your benefits. Minor tasks can wait.
Carlyn runs the day-to-day publishing operation here at ideamensch and interacts with our awesome customers and entrepreneurs. She is likely editing this with a cat on her lap.