With COVID-19 in full swing, responsible nutrition is on everyone’s mind. That’s why starting a supplement business seems like a viable plan. However, it’s one thing to envision business, but it’s another to know how to do it. Sure, starting a small business selling a dietary supplement is one of the easier routes to take when it comes to business. But it’s a big commitment — just like any other business venture. After all, you are selling medications, so there are steps to take to ensure you are on the right track. If you’ve decided that this is the route to take, don’t delve in blindly. In that vein, here’s a step-by-step guide on how to start a dietary supplement company.
Step 1. Find a target audience
When it comes to drug administration, there are so many arms. You can’t just say you are distributing nutritional supplements without choosing a niche. In fact, nutritional supplement manufacturers will need to know your target audience before supplying the desired dietary supplement product. Even a reputable healthcare company like Makers Nutrition will need some direction with its ability to churn out huge orders. Once you know who you’re selling to, you can easily streamline your services and eliminate uncertainties. Make life a lot easier by narrowing down your target audience to the letter.
Step 2. Be business savvy
So, here’s the thing; you need to be unique. However, you do not want to walk into unknown territory with no business plan. At that point, you will be setting yourself up for inevitable failure. You have to size up your business skills. This means sniffing any seasoned or new company that looks like competition. Also, you need to ensure your business stays up to date in terms of business tax compliance. This means tax filing at the end of the calendar year. So, ask yourself, will you seek a reputable source like Wolters Kluwer, or will you brave it alone?
Step 3. Create your product
This is the stage where things get real; you have to choose whether to rebrand or produce a new vitamin supplement from raw material. At this stage, you need to do a lot of soul, brain, and pocket searching. Do you have enough money to come in with a formulation that seems like a fresh new product? There are various risk factors involved on each end — you have to weigh them and pick the best choice.
If you don’t have the time and resources, it’s not a bad idea to resell. With this option, you have the opportunity of capitalizing on the hype of a previous product.
Step 4. Find a manufacturer
When you just started thinking about this business and asked yourself how to start a supplement company, the first thing that came to mind was how to find a reliable manufacturer. The healthcare sector may be evolving, but one thing remains the same: whatever product you choose to sell must be U.S. FDA-approved. It doesn’t matter if you’re creating a weight loss product or selling probiotic supplements or vitamin D capsules. It would help if you worked with a reputable supplement manufacturer with good manufacturing practices because you are distributing this product to real people. It would also be a good idea to visit their manufacturing facility to check that products are of the highest quality, and that you’re being offered good quality service.
Step 5. Build your brand and start selling
This is the last port of entry, so it’s an important one. Building your brand can be a tedious process; nevertheless, you need to create awareness. If no one knows what you are offering, they definitely cannot connect to it. A lot goes into a brand identity; a logo, social media presence, website, and name. Once you have a brand in the mix, reaching out to health food stores, pharmacies, and supermarkets will be more comfortable. This is because people have something to reference when considering patronizing you.