Starting a successful business takes a great deal of effort, time, and skill. You have to be organized, understand the world of marketing, have great customer service, and be in tune with your finances.
Starting a supplement company is no different. You can have a great idea, but that’s just the tip of the iceberg. Knowing how to execute it and earning a healthy profit in return requires a certain level of business sense. And making sure all aspects of your business — from distribution to marketing — are aligned is no easy feat.
And with the majority of Americans taking supplements, now is the best time to start a company focused on this product. But before diving into the vitamin business, here’s what you need to know when starting a supplement company, and how to make it a successful one.
What’s your product?
First, you need to establish the supplement you want to sell. So many vitamins and supplements are on the market that it can be difficult deciding which one to choose.
The best way to determine which supplements will be the most profitable is deciding what offers the most value and what is in highest demand. Popular suggestions are supplements that support muscle growth, help with weight loss, or assist with nutrient deficiency.
Identify your market
When picking the supplement you want to sell, you need to figure out who your target audience is. You need to know everything about them. What are their needs?
Is their goal to lose weight, improve their memory, or grow their hair? Will your product be able to meet their needs? What do they have in common with each other? Where do they shop? How do they get their information? Once you have an understanding of who your product is for, you can better market it.
Know your competition
The best business managers understand their competition. Just like knowing your audience, you have to know everything about how your competition operates. Understand who their target customers are, how they market their product to them, and how much they charge.
You should also figure out what you can bring to the table that your competitors can’t. You need to distinguish yourself from other brands and show your consumers you have something that other brands can’t offer them.
Understand the science
Knowing your business means you need to understand the science behind supplements. Knowing how supplements work and keeping up-to-date on the latest information and scientific studies regarding supplements will help you stay ahead of the curve.
If you are not a scientific expert yourself, consider hiring someone with a degree in biology, physiology, or biochemistry to help you.
Find the right supplier
When choosing a softgel manufacturer, you need to find one with a good reputation. Review which suppliers offer the best quality, comply with NSF International (a product testing company), are registered with the Food and Drug Administration, and are affordable.
Do a background check on potential manufacturers and see how customers have responded to them. Are their standards acceptable or questionable? You might also want to consider working with a supplier based in the United States. These manufacturers will be well-versed in US regulations.
Part of running any business is handling financial documents and taking care of money. You will need to open a business bank account and keep track of your expenses. Make sure to set up business accounting and stay organized.
You should keep a detailed record of the money coming in and the money coming out. And to help save money, establish relationships with online check printing companies.