Prescription drugs are necessary for certain ailments, but others are easily remedied by natural alternatives in herbal and vitamin supplements. If you feel like naturally helping people is your calling, have you considered opening your own GMP certified supplement company? It might seem scary to venture into the great unknown but fear not. There are questions to ask yourself if you’re unsure how to start a supplement business.
Where to Begin?
As with any small business, you need to have start-up money, so your first step will be acquiring funding. Do you qualify for a bank loan? Do you have money saved? However you find the cash, be sure that you open a bank account specifically for your company. It will be easier to keep track of spending and keep everything separate from your personal funds.
Who Are You Marketing To?
Stereotypically one might think of people who use herbal supplements only as hippies or new-age oddballs, but you know that this is not the case. The truth is that you can find success in marketing your product to several different audiences.
- Sports medicine is always a great target market. Athletes often take different vitamins and require things like wraps and protein powders.
- Older adults have fragile bones and weaker immune systems than most others. Specializing in medicine to keep their lives long is a great endeavor.
- Women need to be sure they have all the right vitamins to ensure their plumbing works properly, especially if they are pregnant or nursing. Have you thought about catering to women’s needs?
What is Competition Like?
It’s a healthy marketing strategy to know what your competitors are doing and how they conduct business. They can give you an idea of what you should and should not be doing as an entrepreneur.
- Visit other shops like the one you hope to start. Strike up a casual conversation with the owner. How long have they been in business? What is their best-selling product? What does not sell well?
- Note the prices of their items. What kind of markup are they giving, and are customers happily paying these prices?
- Why are you different from these other businesses? What makes you unique enough the customers will visit your store instead of someone else’s?
Social Media is Your Friend
In this hyper-connected world, people who hear about your business will want to look you up online. Beat them to the chase by having a stunning website and social media pages to give your business that extra boost.
- Since you have 140 characters or less, Twitter is a great outlet for teasing new products and sales to customers. Generate a buzz by being deliberately mysterious!
- A picture is worth a thousand words! Let Instagram be the platform for some of them while you show off pretty pictures of your store, products, and employees.
- Youtube isn’t just for funny cat videos. Use it to market new products and to create fun ways to interact with your customers.
Starting a supplement business takes work and dedication, but it’s worth it. Happy, steady customers and a good selection of products can help you get the most out of your new company.