Starting a supplement line is a dream many people who are interested in fitness and health hope to one day achieve. The supplement industry is huge and only growing, with many outlets projecting the global market to be over $200 billion by the year 2020. At Private Label Supplements, we are focused on helping entrepreneurs realize their dreams and take some of the hard work out of the process. For newcomers in the industry, it may seem intimidating, but if you follow the steps established by the many who have come first, you can make your startup leaner and more efficient.
Step 1. Choose Your Niche
The first step to starting a successful supplements company or line is to choose what type of niche you want to be involved with. Supplements are a very broad and deep category with a lot of places to go and make your mark on the industry. When you start, deciding on whether to deal with proteins, diet aids, vitamins, nootropics, nutritional, or any other area should go a long way to helping you brand effectively. Focusing in on what matters to you and what will be profitable is going to lay a proper foundation and get your new company started on the right foot.
Step 2. Choose a Quality Manufacturing Partner
The second step is going to be choosing a quality manufacturer or supplier that meets your needs. At Private Label Supplements, we have been working for years to refine our process and our formulations to meet the highest standards of the industry. Finding a quality wholesale supplier or private label supplements manufacturer will certainly save you some time and effort since you are able to lean on the expertise of others. This will allow you the freedom to direct your brand strategy and marketing plan, which will allow you to focus on how to make your line profitable.
Step 3. Define Your Branding
Thirdly, you will want to clearly define your initial branding and labeling ideas, this way your bottle can stand out from the ones next to it or others that your potential customers are considering. There are some companies that will be willing to work with you to accomplish supplement label design and printing and keep all these elements in order. At PLS, we offer labeling design and printing services to help you keep costs down and get an amazing looking product.
Bonus Tip: Be Compliant!
Another consideration for labeling will be dealing with compliance, which can be another good reason to work with a company who has experience. The initial step in this process is understanding what verbiage and regulations the bottles are required to have, as well as having proper disclaimers.
Step 4. Define Sales Channels
The fourth step would be deciding the channels where your products will be for sale and coming up with an appropriate plan for getting sales in those ways. For instance, if you plan to work strictly through Amazon then you will want to make sure to have a merchant account set up. Many entrepreneurs will work to diversify their sales channels and setup a website as well. If you are looking to sell your supplements through a website, there are many great options out there to start a site cheaply and effectively. These days, many people use WordPress with Woocommerce, Shopify, Wix, and a bevy of other options to make online sales.
Bonus Tip: Credit Card Processing is Key!
A consideration for anyone getting into the supplements market and specifically an e-commerce solution will be to have a range of credit card processing. You will want to make sure the customer is able to easily and securely enter their credit card information and make a purchase. To achieve this feature, you can apply through your bank for merchant services which allow you to integrate payment processing into your new site.
Step 5. Generate Traffic
The fifth step will be to get traffic to your site and/or Amazon store so that sales will start to generate. There are a variety of ways to achieve this, but some quick starters are using social media advertising, Google AdWords, and other forms of online advertising to help spark this initial demand. Another good practice is to develop content that is helpful to your target market and post this on your website to get people coming to your site.
Final Tip: Never Stop Refining You Brand!
Finally, you will need to continuously build your brand, advertise, engage potential customers, network with local business owners who may carry your line, and evolve your product mix. Being able to continually adapt in this changing and growing market will help you satisfy your current customers and continue to gain new ones. Starting a supplement company may be hard work, but it can be extremely rewarding both monetarily, as well as mentally.