In this article, We’ll learn all about how to start a supplement company. There is a lot involved in this business, And that’s why this article will be of great help to you. I’m sharing with you a step-by-step guide for a successful business venture.
Do You Know about How To Start A Supplement Company?
1) Know your customer
Before you do anything, You first need to identify your customer base. Ask yourself who your customer is: a man, female, young, old. Be very specific about your customer base. Understand their pains and act upon them. A bald man would like to have a hair supplement, A fat woman likes to be slim with a supplement. Understand from where you customer buys their product, Do they buy online or offline, Do they purchase from amazon or direct merchant websites. Learn about them, Where do they gather information for a product? It may be YouTube, Facebook, or even on google. Once, You have understood your customer completely, ask yourself, can you really solve the problem of your customer.
2) How to get customer
Yes, Even before you start your own supplement company you must identify how to get customers. Here are a couple of ways that can possibly attract customers, PPC ads, These types of ads are very useful when you are starting new. You can also start a blog, That can attract viewers not directly for the product but can sell it through indirectly. You can purchase media and place your ads through silent promotion. Can create your own Shopify store, You can partner with stores to directly sell your supplements. You can create your website, And set up an e-commerce store. Afterwards you can start to sell supplements on biggest third-party websites like eBay, Amazon, and more. If you believe your product to be great, You can also showcase it in trade shows.
3) Competitor Analysis
After you have assumed the product you want to sell, And have identified the customer base. Now be the customer, And start searching for the product you want to sell. Identify your competitors, And start analyzing every strategy of them. Read their product, Even buy them and see for yourself. Subscribe to the marketing emails and see what they are up to. Look for their pricing and how could you make a profit in a competitive market. Read their reviews, Some of them could be fake. Once you have done all this you’ll be ready to give competition to others.
4) Finding Supplement Manufacturer
Before you create your own supplement, You should find a reliable manufacturer for your health supplements. It is always good if your manufacturer is from your own country. This can save a lot of approval and certification issues. Unless your health supplement cannot be made in your country, Don’t choose foreign manufacturing even if it offers cheap rates. Get a contract in place with the manufacturer of yours and the company commitment. Visit the factory itself to see the ground reality of the manufacturing plant. Don’t rush the decision of choosing a supplement manufacturer, If you have to choose a quality supplier from a different state than you currently live in, Go for it.
5) Create your product
After doing all the above steps, Now you can create your own product. Make sure that your health supplement formula is viable with the supplement manufacturer. If you have to reach out to another country’s raw material suppliers for the best quality ingredient, Go for it. Calculate the price that you will sell to the final consumer. Make arrangements to deliver raw material to the supplier, In case they do not have the raw ingredient. Test the raw material before making the end product, Make use of FDA guidelines to evaluate the quality of the ingredient. Create a small batch of products for tests and samples. Get the certificate of safety for your product, Follow other legal requirements with your supplement manufacturer.
6) The Next Step is Creating Your Supplement Label
Once, You have established a supplier and have the product in hand. Now, You can create a label and also name your supplement. Be aware not to name your health supplement to a brand that is already in the copyright domain, And also don’t go for a very generic name. Choose something that sticks, But also sounds good. While creating a label for your health supplement, Don’t add anything that is not what your product offers. Means don’t lie or have claims that cannot be backed through science. Companies go bankrupt settling legal issues because of their false claims, It’s better to stick with FDA guidelines.
7) Market Your Supplements (Promote)
I have mentioned in step 2, About how you can get customers for your product. I’m going to expand on that idea. Create a referral program for your health supplements, This is one of the pioneer marketing strategies for selling health supplements. Make a loyalty program for customers, This will create a high demand for your product. You can hire influencers on You-tube, Instagram to showcase your product and gain few customers from them. You can also make use of the viral video and trends, And capitalize on them with your product promotion.
8) Delivery & Payment system
Once, You have the finished product and the customer base to purchase it. Now, it’s time for you to deliver your product to them. Partner with a shipping company that can ship your product in your country and globally. Make use of amazon fulfillment centers to give your inventory space and can shorten your delivery time and cost. Of course, you’ll have to pay extra for the convenience but many health supplement companies choose the following Because it guarantees safety, stable income, and fast delivery to customers. When you are selling on your own website you have to set up your own e-commerce, Which means set up your own payment system. A lot of businesses choose stripe for their payment gateway.