Are you looking for your next business venture? Do you have a passion for health and wellness? If so, creating your own supplement line might be a great fit. It takes a lot of hard work, trial and error, and a dash of luck to succeed. And you’ll need more than a good idea to create the next in-demand supplement, but with some research and elbow grease, it’s more than possible. If you’re interested in developing your own supplement line, keep these tips in mind.
Identify a market with high demand
This step is pretty self-explanatory. After all, if you create a product nobody is interested in, few people will buy it. Market research is your best friend when getting started in the supplement industry. Ask yourself a few initial questions to get familiar with your target customer, their needs, and how you can offer a solution to their problems. While there are many more points to consider, these three are an excellent start to define your market.
From there, it’s time to dig a little deeper. Start researching your competition to gain insight into their business models. Examine price points, marketing efforts, and distribution networks. For example, if your biggest competitor is an online-only brand, you stand to gain a lot from partnering with brick-and-mortar shops in your area as well as doing digital sales.
Choose the Right Manufacturer
One of the biggest mistakes new supplement brands make is developing their product before they’ve done the necessary market research. The research you do in the previous step is absolutely crucial to formulating a more effective supplement. It’s also incredibly useful for deciding on which supplement manufacturers you trust to execute your vision. If you’re developing a weight loss supplement, chances are you won’t want to partner with a manufacturer that specializes in testosterone boosters.
There are a few things to consider when selecting a supplement manufacturer. The most important is their reputation within the industry as well as the quality of their products. A quick online search often effectively sheds light on a manufacturer’s reputation. Do you see frequent client complaints? Is the manufacturer responsive? Do they have case studies or examples of past work? The answers to those questions make a big difference in saying yes or no to a partnership.
It’s also important to make sure a manufacturer is NSF compliant before signing a contract. Remember that a certification isn’t the same as compliance. If you choose a supplement manufacturer that doesn’t adhere to safety regulations, it’s not unlikely that you find yourself in a legal tangle if your product has any adverse effects.
Lastly, make sure the manufacturer is affordable. The price of their services should closely align with your business model while still allowing you to profit. After all, if you simply break even, that’s not an effective business strategy.
Once your business is legally established, you’ve done thorough market research to test the viability of your product, and you’ve developed a rock-solid product, you’re ready to start selling to the masses. This is the perfect time to go live with your website and ramp up your social media efforts. It’s also time to start up any supplemental marketing efforts you’ve developed throughout this process. As you proceed, you’ll generate more and more customer awareness and the sales will start flowing.
A Learning Curve
As with any other new business venture, developing your own supplement line has a bit of a learning curve. Always remember that you won’t master everything overnight and that mistakes are natural and even expected. As long as you remain patient and informed, you’re already a step above the competition. Who knows? Maybe your product will be the next featured supplement at your local GNC!