The dietary supplement industry is a multi-billion dollar market with plenty of room for sustained growth. Some people stay in the gym and are looking for an extra “something” to maximize their results. There are also a lot of people who turn to supplements to achieve their fitness goals with as little effort as possible. Either way, if you can help people get their dream body, then you can make big bucks.
Getting your supplement company up and running is a laborious process, but if done right, it could pay significant dividends. Continue reading to get some tips to help you start your dietary supplement company.
1. Decide on a business model.
The first step in launching your supplement company is to decide on a business model. This is a crucial step because it determines who your customers will be and how you will interact with them. Your business model also decides how you will make money as well as how you deliver your products.
Currently, a business model that’s gaining a lot of traction is the membership/subscription model. A lot of companies that provide essential or even special interest products are signing people up for memberships and providing products or services on a monthly basis.
If you decide to go the route of offering memberships and providing products on a periodical basis, then you could save significantly on operational costs. You won’t have to worry about getting your supplements on the shelf of nutrition stores because your consumers would buy directly from you. This business model is also a great way to promote customer loyalty.
2. Find a manufacturer for your supplements.
The next step in launching your supplement company is building a relationship with a private label supplement manufacturer. Of course, you could manufacture your own products, but that option is much more expensive.
To make your own supplements, you would need a factory, lots of heavy machinery, and a workforce capable of meeting production demands. That’s a lot of buying, building, and training for a fledgling business to attempt to undertake.
To shorten the process and lighten the financial burden, you should consider going with one of the many supplement manufacturers in USA markets, like Makers Nutrition. Private label supplement manufacturers handle everything from making the supplements to packaging and labeling them. The key is to shop around to see which companies have the most industry experience and can offer the most competitive prices.
3. Use technology to manage daily operations.
For any new business, it’s imperative that you have a firm technological foundation. You’ll need software to do everything from providing customer service to marketing your product, but you don’t have to be an IT wiz.
Mano Byte offers software that is capable of managing customer and distributor relationships as well as streamlining all of your operations from a centralized database. Being that it’s a cloud-based technology, you don’t have to worry about hiring an IT department. Mano Byte handles all software updates and can even manage the program for you thus eliminating the need to spend time and money on training.
4. Be knowledgeable about your products.
There’s much more to launching a supplement company than just getting a supplement manufacturing company to make and package some pills and then selling them at a higher price. You need to have a solid grasp of the science behind your supplements.
To establish your company as a stalwart in the dietary supplement industry, you need to be able to provide answers and advice and not just supplements. When consumers turn to you seeking knowledge about how and why a product works, it’s crucial to be able to provide them with the answers they seek.
5. Create a strategy to bring in customers.
Once you have decided on a business model, nailed down a supplier, and put your operational infrastructure together, it’s time to create a customer acquisition plan. You can’t expect people to start buying products en masse if they don’t even know who your company is.
The most cost-efficient way to create a demand for your product is through social media. Today, business owners are growing their brands through social media marketing, and you can too. Create accounts for your company on all of the major platforms like Facebook, Twitter, and Instagram. As your social media following grows, so will your customer base.