The global dietary supplement industry is having a moment right now, and it’s easy to see why. In fact, the industry was valued at about $140.3 billion in 2020. What’s more, the growing number of health-conscious consumers is projected to raise this figure even higher in 2021.
Now that you know just how profitable the industry can be, how do you fit in? If you’re looking to launch a supplement business of your own but have no idea where to start, we’ve just the thing for you. Here is a list of some of the most important things you‚Äôll need to consider as you set up your supplement business.
1. Find a niche.
Finding your niche is the best way to ensure that your business is solving an actual need in the industry. If you choose to position yourself as a nutritional supplements brand, for instance, consider what other brands in the business are doing, and figure out what you can do differently.
For instance, consider adding small brochures with meal plan guides or dietary options to complement your supplements with every order you send out. People are looking for solutions, and the best way to acquire new customers is by showing them what value your brand adds to their lives.
As you start out, enrolling in an accelerated graduate business degree program, or taking a couple of classes in business administration can also be helpful. As an aspiring business owner, an MBA program can teach you how to seek funding for your business. Additionally, a master’s program can also help you understand global business trends, and also increase your self-confidence in your professional goals.
2. Manufacturing
Next, you need to make an important decision: will you create your own formulas, or work with a supplement manufacturer? If you’re just starting, supplement manufacturing can involve a lot of paperwork. On top of this, you’ll need licenses, FDA-approvals, and so much more. However, working with an experienced supplement manufacturer like Makers Nutrition will help ease some of this burden.
Choosing to work with the team at Makers Nutrition is a great idea for several reasons. As part of their full-contract solutions, they’ll provide you with high-quality nutritional supplements. They’ll also provide you with order fulfillment services to make sure that your orders are delivered on time. What’s more, they’ll also work with you to come up with a fair pricing model.
It’s a standard practice for supplement manufacturers to provide their own labeling and packaging design solutions. Outsourcing this service to them will allow you to focus on other aspects of your business. Working with an experienced graphic designer to develop a template for your own private label design and logo is also a good idea.
3. Marketing
Another great way to grow your supplement brand is by finding ways to make a great first impression on potential customers. Your marketing materials can easily do this for you, you just need to get the graphic design right.
Custom business cards are an easy and affordable option for getting your brand noticed. Don’t skimp on quality, and for the best business card printing services make sure to reach out to the professionals at Mines Press. Their business card printing options range from basic business cards to square business cards and even custom shapes. They also have a well-stocked catalog of durable paper stock, premium card stock, stickers, and magnet¬†business card options to choose from.
4. Search Engine Optimization
Your business needs a clean and easy-to-navigate website for several reasons. First, a website gives your business credibility. Let’s face it, a majority of consumers are skeptics and some buyers almost won’t trust a business that doesn’t have a website. Having a good website instantly boosts your credibility as a legitimate business. It also makes you and your products easily accessible because customers can easily look through your brand’s catalog.
Optimizing your online store for search engines is a great way to improve your website’s visibility. To do this, consider postings ads on social media, as well as partnering with like-minded websites that your potential audience is likely to visit.
Additionally, make it a priority to ensure that your website is optimized for multiple devices. Make sure that your site can work well on desktop sites and also on mobile devices, like tablets and smartphones.
Due to the growing popularity of voice search, mobile devices were responsible for nearly half of all web traffic in 2019. All the more reason to make ensure that your website can work well on all digital platforms.
5. Customer Service
As a small-business owner, customer service is all about being present. Taking long to respond to your customers via phone, email, or social media will not only turn away potential customers but also give your brand a bad reputation. Before you let it get out of hand, establish standard operating procedures for every area of communication and make sure your team (however small) is on board.
As your brand is still growing, listening to customer feedback is a great way to identify and improve on your areas of weakness. Whether it’s an invitation to share product reviews on your website, or a prompt to take an aftersales survey, customers like to feel like you’re listening to what they have to say.
