Starting a supplement business often seems overwhelming at the beginning. For the first few months, it can tend to feel as though, for every item you check off of your to-do list, you add a dozen more. So what do you do when you feel like you’re climbing uphill? Sometimes, you’ve got to get a little bit of help. That’s why it’s a great idea to have a general roadmap for getting your business on its feet.
Plan, plan, plan
Even before you invest a single cent into your own supplement company, you need to have a rock-solid business plan. This should cover everything from best-case scenarios to (hopefully) unlikely possibilities. It’s a smart way to set up a contingency in the event that something doesn’t pan out the way you’d hoped. A good business plan will also work to break down your financials and address your ultimate goals for marketing, sales, and customer acquisition. Depending on how you choose to approach this, more often than not your business plan needs to start with a good amount of research.
Research is, without a doubt, one of the most important parts of any business. From market research to determine whether or not you have a viable product on your hands to competitor research that gives you a closer look at how your contemporaries are running their organizations, it’s the lifeblood of a well-structured supplement company. For instance, say you have an excellent idea for a workout supplement that you think would be a total hit. You’ve reached out to a brand like makersnutrition that can handle the production of your supplement, and you’re curious as to how it might perform. By doing a little digging, you find a direct competitor that is offering a similar supplement for a lower price than you had anticipated. By doing that extra bit of research, you’re saving yourself a lot of time, money, and heartbreak.
Handle the legal aspects
Now that you’ve done the research, you need to cross some t’s and dot some i’s before you start selling. This means establishing your business as a legal entity and making sure you’re prepared to handle the accounting and taxes, which are much different than they are for an individual. Plus, especially if you’re intending to operate an e-commerce site, you need to make sure you have the appropriate licenses and permits to sell supplement products. This is critical to the supplement industry, particularly since your products are intended for human consumption.
This can be a time-consuming step, so it’s important to remain patient. The more you rush, the more prone you are to cutting corners and making mistakes that can have costly legal repercussions down the line. All of your bases need to be covered and accounted for.
Find your first customer
Hopefully, some of that research you’ve done is already paying off. If you invested in customer acquisition while you waited to leap all the legal hurdles, you might be able to start selling much more quickly than you think. Your first few customers are important to continued success because they can help you figure out the viability of your product. If you’re lucky enough to gain customer feedback, perhaps through an online survey maker, you’re much more able to make tweaks to the product or change up your marketing as needed.
Being an entrepreneur is a long, rewarding road. The supplement industry can be particularly demanding so patience is key. Rushing yourself to market can often lead to missed opportunities. Take your time, do your research, and invest your energy in creating the next big supplement. Who knows? Maybe you’ll be behind the next hot item at GNC.