There is more widespread awareness and interest in supplements now, meaning there is an opportunity to launch a successful supplement business.
If you are interested in starting a dietary supplement company there are a number of things to know and points to consider. The potential size of the market and the type of supplements to sell along with licensing requirements, packaging options, and marketing guidance, are all covered.
This information is aimed at giving you an insight on how to hit the ground running with your supplement business.
Tapping into health care concerns
There is a good reason why dietary supplement sales are north of $25 billion every year. Concerns over health care and an aging population who want to maintain and improve their lifestyle, drive demand for supplements.
This is a market with plenty of potential, but you need to plan your business venture and learn about the type of private label supplements you want to sell. It will also pay to gain a deeper understanding of the market you want to sell them to.
Choosing the right supplements
One of the first decisions to make before you launch your supplement business is to decide what type of dietary supplements you want to sell.
There are a number of different options. You might decide to concentrate on selling diet and weight loss supplements and vitamins. There are also life-enhancing supplements aimed at improving your mood or reducing joint problems.
You also have to consider whether to sell these supplements as pills or in bar or liquid form. There are herbal and organic versions available for these supplements. You will need to decide which option to offer or perhaps you want to stock both types.
It would help to have an understanding of the difference between herbal and organic options… Herbal products are prepared from plants. The plants are grown naturally using either organic or chemical methods. If a supplement is described as organic, this means that no chemicals have been used in the production process.
Sourcing the supplements
The aim is to find a reputable and reliable supplement manufacturer or wholesale supplier.
You may decide to start your own line of dietary supplements. As you are getting to know the business and gauging what lines sell the best, it makes sense to partner up with a supplier who can offer you a private label option.
This allows you to launch a brand using an established product. The supplement will be packaged to your specification and you can even use a fulfillment option if that is your preferred option.
Order fulfillment is about using a third-party company to process and ship your orders from their warehouse. This saves you on storage costs, although you will have to factor in the cost of using a fulfillment service.
If you want a fast startup scenario to your supplements business, you could use ready-made private label nutritional supplements and a fulfillment service to pack and ship the orders you get in.
Permits and licenses
Starting a business will involve checking on the permits and licenses that you need to trade legally.
The first step is to contact your local city or county business office. They will give you information and guide you on the paperwork to fill in. If you intend to use a trading name for your supplement company that is different from your personal name, you will need to register your Doing Business As name.
You may need to apply for a sales tax permit if you live in a state where this is charged.
The primary focus for your marketing message will be about how your supplements provide a benefit to the customer.
If you have decided to focus on a niche area such as sell all-natural products, tell your audience and accentuate the positive attributes of your product and that they are natural and safe.
Take time to read through the Federal Trade Commission advertising guide for dietary supplements. This will give you a valuable insight and guidance on how to ensure you abide by their advertising policies.
The advertising standards are there to protect consumers. You will want to keep on the right side of these rules so that your business can operate legally. It also means you can then concentrate on giving customers the service and products that they want, but sold in the right way.
If you follow these steps and do your research on which supplements to sell, you could soon be part of an expanding marketplace.
This post was written by Freddie Cook. Freddie writes about startup businesses, providing tips and ideas for his informative articles. He writes for a range of business blogs.