5 Things You Should Keep in Mind Before Launching a Supplement Company
If you've got an entrepreneurial spirit and are looking for a new source of income, the supplements industry can be a great option. The health and wellness sector is booming, with trends around eco-friendly, organic, and sustainable products continuing to offer promising room for growth in the next several years. At the same time, more and more consumers are making purchases online, meaning that you have plenty of opportunities even if you're starting your supplements business today from the ground up.
If you aren't quite sure if you're ready to launch your new business, it can be helpful to have a handy checklist of tips to keep in mind before you start advertising your supplements. Here are five things you should keep in mind before launching a supplements business.
Your supplier is key.
If there's only one tip you read on this whole list, it should be this one. Picking the right supplier and manufacturer for your supplements is crucial, and there are a lot of contract manufacturers offering private label products and nutritional supplements to choose from. Take some time to research each option instead of just heading to Google and typing in "supplement manufacturers private label." Your goal is to find a company with unstinting standards of quality that can also offer responsive customer service in case your business is up against a tight deadline. Here are a few other traits to seek out when looking for the right private label supplement manufacturer to build your business with:
- turn-key manufacturing so you don't have to tangle with multiple companies
- a wide range of manufacturing options (soft gels, gummies, creams, etc.)
- packaging design and labeling
- great customer service and account management
Set goals to make your first year in the business count.
Even with an excellent supplier, if you don't set goals and hold yourself accountable to them, it's unrealistic that your new business venture will really catch on. Having strong, clear priorities can help guide all of your decisionmaking, from when to purchase new products or branch out into another niche to how much advertising to do on social media. One of the best frameworks to set goals with is with OKRs, or objectives and key results. This system of goal setting has been used in a variety of tech companies, including Google, and can help keep your business on track by focusing on what success for each goal looks like.
Whether you're new to the OKR framework or have heard about OKRs before, it makes sense to use a piece of OKRs software in order to track and analyze your performance. As you hire new employees, OKRs also provide more than a strategic plan by offering a clear and easy to use employee performance management software platform, too.
Know the demographic you want to appeal to.
The health and wellness industry is broad, and in order to make a splash, you need to pick a niche and a demographic that works together. For example, if you're looking to appeal to customers with a new line of CBD gummies, you'll want to identify if you're more interested in selling to men or women, and what age range you're looking to reach. Especially with things like protein powders or multivitamins, consumers want to know that your products are meant for them and their biology, so this is an important step as you look at different stock formulations.
Create snappy, engaging marketing.
Once you know who you're marketing to, you'll need to make sure that everything from your own label to your own brand matches up with the image you want your target audience to think of when they hear about you. Remember that you're likely going to have to compete with companies who have years of experience. That being said, with a strategic plan and organizational goals aimed at disrupting the competition and offering something with superior results and marketing, you can still get a piece of the pie.
Have funding to help you get on your feet.
In order to get stock formulas set up and tested, manufactured, and distributed, you'll need to have funding. Money's also important when it comes to setting up your website and social media advertisements, not to mention creating these materials. Whether it's a small business loan, some money you have saved, or a few friends who're interested in investing in your business, you'll need to get funding in order to find success.