In 2016, the global market value of dietary supplements topped a whopping US $132.8 billion.
Impressive, right? But that’s not all!
Come 2024, experts forecast this to grow to a shocking US $278.02 billion worth!
Who wouldn’t want to have a taste of this kind of pie?
The thing is, the concept of making supplements and selling them online and offline isn’t as easy as it sounds. Starting a supplement company requires research and knowledge of how this industry works. Don’t forget about the legal side of things too, since we’re talking about health and well-being here.
But don’t worry. In this post, you’ll learn of the most important things about selling supplements, so, keep reading!
The Most Relevant Questions to Ask When Starting a Supplement Company
Like with starting any other nature of business, you first need to ask pertinent questions. In this case, we’ll focus on those that’ll lead you to establish your own supplement company.
- What kind of supplements do you want to sell?
- How much capital do you need?
- Who can make your supplements?
- How do you ensure the supplement’s manufacturer is reputable?
- What do you need to create a supplement formula?
- Who will you turn to for graphic and website design?
- Who will handle your SEO and other online marketing campaigns?
There are many other things to consider, but for now, let’s take a closer look at each of these questions.
Your Idea for Supplements
Whether it’s 10,000 or 30,000, the fact remains that there are so many different diseases that humans can succumb to. That’s why coming up with an idea of what you want your supplements to help with is the first step to building your empire.
For instance, you want your products to help men live healthier and more satisfied. Then you may want to consider making and selling your supplements that deal with one of the most common male health issues: erectile dysfunction.
It’s so common that about 40% of 40-year-old men suffer from it. 70% of 70-year-olds have it. Worst, one in every four men younger than 40 now deal with it too.
So, why not learn more about this area and transform an otherwise taboo subject into something you can help with?
That’s only one idea though. The most important thing is to start with something you already have the interest in and passion for. This way, you won’t see all the research and hard work as tedious and boring.
Know Thy Enemy
Knowing how to sell supplements mean knowing your competition too. Research your market and your competitors. Look for products similar to what you want to offer already in the market.
Also, take note of their pricing. Do a thorough investigation of the brands selling them to find out how long they’ve been in service. This way, you can figure out if your preferred niche can still accommodate your brand.
How Much Capital You Can Invest
Next up – your financial capability. If your budget falls within or under the $25,000-range, then it’s best you start with one or two supplements first. If you have $100k, then it may be enough to jumpstart your supplements business with at least four products.
Now, keep in mind that you can’t – and shouldn’t – spend all your money on product creation alone. You still have marketing expenses to think of. Even if you produce some of the best supplements out there, if you can’t market them, people won’t know they exist.
What to Look for in a Supplements Manufacturer
The first thing to look for in a supplements manufacturer is the Current Good Manufacturing Process (cGMP) certification. This proves that the company follows manufacturing process control policies.
In other words, it means that they have the background, knowledge, and facilities to create supplement formulas that benefit human health. The last thing you want is to endanger the lives of your potential customers.
Keep in mind that nutraceuticals involve a lot of testing. Only a cGMP-certified company can do so.
Establishing Your Brand
Once you’ve chosen a name for your brand, next up is due diligence on trademark laws. You don’t want to expend so much time and effort on creating a brand name and design that the law won’t allow you to use.
The USPTO website is a great place to learn more about trademarks and patents.
The Fun Part: Creative Graphic Design
Branding is what makes a business distinguishable from the rest. Without it, people won’t even spend a second to look at it. In fact, they may even mistrust it look at it as red flags.
This is especially true when it comes to anything health-related. Since you’ll launch a supplements business, you want to make sure your branding efforts instill trust and reliability in your clients. How your logo looks, the manner you package your products, and the appearance of your website all play a major role in branding.
Don’t forget that the Food and Drug Administration (FDA) implements stringent laws on proper supplement labeling. Failure to comply may mean the downfall of your products and your business in general. In fact, it can even result in penalties and fines!
Also, consider this: A study found that 94% of people who searched for health info online mistrusted a website. Why? Because of bad website design.
It’s quite easy to fail in this part of marketing that it’s wiser to leave graphic designing in the hands of pros. They know exactly what can boost your site’s online visibility, which you need the most as a new business in the industry.
Content Marketing to Further Establish Your Brand
As crucial as visual marketing (yes, your logo and other graphic designs included) is content marketing. For your reference, a fascinating, well-written blog post can lead to a purchase (or many orders!) of your product.
That’s right. After all, more than three-fifths of online shoppers in the U.S. have purchased after reading a blog post. That should be enough proof that you need content marketing to make sales of your high-quality supplements.
The Path to Becoming the Best Place to Buy Supplements Online
Starting a supplement company involves more than a solid formula. You need the above-mentioned marketing strategies too. Together, they will give you a way to let consumers know about your brand.
So long as you keep delivering top-notch dietary supplements, you can expect to receive some of the best online supplement store reviews. Reviews that will make your cash registry ring non-stop.
Want more insider information on starting a business? Then please feel free to check our start-up blog page! You should also check our other marketing tips and tricks.