Vitamins and supplements can be great ways to incorporate key nutrients and minerals into your diet. The supplement industry can also be rather lucrative, due to the popularity of supplements among adults.
According to the Council for Responsible Nutrition, 75 percent of adults in the United States take supplements of some kind. If you’re interested in breaking into the supplement industry, there are five key steps to keep in mind throughout your process.
Go in with a researched vision
When you’re starting a company of any kind, it is important to go into it with a well-researched vision. There are certain questions you have to ask yourself about your product, approach, and competition.
What type of supplement or supplements will you be selling? Will you utilize e-commerce, or open the doors of a brick and mortar store? Who is your customer, and what do they need? What are your competitors selling? The answers to these questions will guide you in the process of creating your business.
Your supplements will only be successful if you are selling the right thing to the right people. There’s a reason why vitamin D is so successful in Northern Europe, for example, since Scandinavians do not typically receive enough natural sunlight. Do some thinking about your customers and their needs before you embark on your business venture.
Abide by all regulations
The supplement industry has some tricky regulations. Make sure you spend some time researching your country’s guidelines for supplement manufacturing, marketing, and labeling. In the United States, the Food and Drug Administration publishes the regulations that must be followed by supplement companies.
Develop relationships with manufacturers
Having a good relationship with dietary supplement manufacturers can make all the difference when it comes to the success and longevity of your company. Choosing the right manufacturer means they will produce your supplements for you and abide by all FDA regulations at a price you can afford.
Make sure you take into account the reputation of the manufacturer and the types of supplements they typically produce. It is a good idea to partner with a manufacturer that has already produced supplements similar to the ones you want to create, because they will be familiar with the procedures and regulations involved.
You also need to make sure that the supplement manufacturer will fit into your specified budget. If you spend too much on a manufacturer, you will not have enough in your budget to allocate to the next steps.
Market your supplement business
Marketing is an important part of any business model. Without the proper marketing technique, you can say goodbye to any supplement sales you’re dreaming of. Make sure your customers and desired audience are aware of your new supplement brand by printing promotional materials, building a website, and creating a presence on social media channels.
And never underestimate word of mouth. Keep in good contact with early consumers of your supplements and ask them to provide testimonials for your network.
Staying organized may be the biggest hurdle for new businesses. Sure, you made sales and have a great manufacturer, but that means nothing if you cannot keep the momentum growing. Make sure you invest in an IT asset management software to keep track of your assets and inventory.
This can help you streamline your approach when you go to order more supplements, and can help you track which supplements are selling the most or least. This software provides extremely helpful organizational information to push you forward on your path to growth within the supplement industry.