Whether people are looking to boost their mental and physical health or simply fill nutritional gaps left behind by their diet, the supplement industry exists to serve a massive demand for self-improvement. While the market can seem rather crowded, that shouldn’t deter you from creating your own product and pursuing your passion. You just have to make sure that you are taking the right steps to stand out from the crowd. If starting your own supplement business is something you are interested in, here are five tips for getting into the industry.
Getting Into Supplements
1. Evaluate your competitors and identify which products are the most popular
Having a passion for supplements will make it easier for you to start your business, but being smart about which products you offer to your customers is what will keep your business thriving. To make sure you are able to take off running, it is vital that you conduct market research to determine where you will be able to succeed once you launch. Ask yourself questions like, what products are performing well? What are most customers looking for? Who are they buying their products from and why? Understanding your competition and the market as a whole makes it possible for you to find your niche and begin building your business.
One great way to start your research is by looking at a trusted product review website. Most are a part lifestyle website, part product review site that identifies high-quality products people may be looking to purchase for their needs. For example, you can peruse one of their guides on pre-workout supplements to learn more about which products yield the most results and what type of formulation they rely on to deliver their benefits. Then, you can use this information to begin planning out how you are going to develop your own products once you get further in your business’s development. This will set the foundation for your business.
2. Figure out how you will differentiate yourself from competitors
While part of success in the supplement business is dependent upon what your supplements are made of, a lot of your success will rely on how you market your product. Take a look at some of the high-performing companies on the market and find what separates them from other businesses. Do they add something special to their formula? Do they offer a better experience for their customers? What do their online reviews look like and what do their customers have to say about them? In summary, what makes them unique? Once you have a better idea of how they have achieved their success, come up with ideas on how you can stand out from the crowd. Remember, business is never just about the product itself. It is about the entire customer experience!
3. Begin forming your business and dealing with the legal processes
A lot of the initial work that will go into starting your business will include tackling the legal paperwork and processes that are required by your local government and the federal government. This will mean doing things like forming your desired business entity, registering for taxes, opening up the necessary financial accounts and supporting accounting software, getting the proper licenses for your services, and getting insurance and other necessary products.
As you begin dealing with the above, you will also need to start developing your website and figuring out how your business will work. Generally, you have two options: run everything on your own, or enlist the help of a supplement manufacturer. For those who may not have the funds necessary to run their own operation, supplement manufacturers can be an excellent way to build a stress-free business. Supplement manufacturers like Makers Nutrition take care of the entire product development process, providing you with a host of supplement ingredients (6,000) to choose from and developing the supplement type that your customer are looking for. Beyond taking care of your custom formulation and creating the dietary supplements, they also help you with packaging and branding, testing (to ensure quality), and fulfillment, leaving you free to handle your marketing and tend to your customers’ needs. Once these items are taken care of, you will have your platform ready to launch at a moment’s notice.
4. Create a marketing plan to get the necessary exposure your business needs
A successful supplement business relies on a strong marketing plan. This will mean developing viral ideas for your social media channels, learning more about SEO to build your content marketing strategy, reaching out to network with others in your industry, paying for advertisements that target your ideal customer, and having others actively promote your product. Take your time and make sure that you cover every base to ensure the most growth after you officially launch.
5. Ask yourself, do you want to remain a small business or scale over time?
Some people are content with running a small business while others will want to scale. Take time now to build a business plan that meets these preferences. If you prefer the former, consider what it will take to compete with emerging companies and keep your sales and engagement stable. If you want to pursue the latter, figure out how others in the industry have managed to grow their business over time and beat out the competition. No matter what your business aspirations are, now is the time to learn from others in the industry and plan your path for success.
While trying to make a name for yourself in the supplement industry can seem daunting, it is possible. To help you get started, use the five tips above to set the foundation for success and begin your journey when you’re ready.