Getting started in any business is fun, but challenging. The fun comes from knowing that soon you’ll be working for yourself, setting your own hours, and creating your own policies and company values. That being said, any entrepreneur knows that it can be difficult to break into a new industry. That’s why it’s so important to look into a few different verticals before you select which one makes the most sense for you and your new business.
One industry that’s doing particularly well even during the pandemic is the health and wellness sector. Many consumers are taking time during quarantine to focus on becoming healthier versions of themselves, so if you can tap into that mindset with your new business you may have a loyal customer base. Thankfully, many areas of health and wellness, such as the dietary supplements niche, offer you a recurring source of revenue, too. If you’re interested in getting started in the supplements business, here are a few tips to help you get your company up and running.
Secure the funding you need.
This is a fairly obvious step for most entrepreneurs but it bears repeating: it is crucial to have the money you need to start your business without having to rely on profits from that company in order to keep you afloat. Part of that starts with having a realistic business plan and budget so that you understand fully what your expenses will be each month and how much revenue you need in order to make ends meet. Generally speaking, you shouldn’t expect to really start turning a profit until 3 to 6 months into doing business. This means that your budget and the money you receive ahead of time should be enough to at least get you through that 6-month mark without any sales.
In terms of securing funding, there are plenty of ways to go about getting the money you need to launch your new business. Some entrepreneurs have saved up money from their existing day job and choose to make the switch once they finally have enough. Others look to loans from family members, friends, or government entities such as the Small Business Association. Many websites also offer loans for entrepreneurs looking to fund their business ventures. Just be sure to pay serious attention to interest rates and how much money you’ll ultimately pay over the life of the loan, and be sure to factor that into what you need to make each month in profit in order to pay back your loan on time and avoid penalties.
Work with an experienced manufacturing company.
Even if you do have some traits that make you a natural fit for the supplements industry it’s still worth finding an experienced manufacturing company to help you take your business from idea to retail. There are a lot of steps in the manufacturing process and if you job these out to a variety of companies, it may be difficult to keep things straight and manage your timelines as well. Whether you’re taking capsules, powders, tablets, or liquids, you need to work with a contract manufacturer who will provide you with only the highest quality dietary ingredients for your dietary supplements. It’s usually best for new entrepreneurs to find a contract manufacturer that offers end-to-end service. this means that from brainstorming different formulation options, testing flavors and textures, label design, and fulfilling orders, the company you choose will be there to help you every step of the way.
For example, you may already have some graphic design experience and know-how you want to market your supplements. However, the FDA and other regulatory administrations have a variety of rules about how certain supplements are advertised, marketed, and ultimately packaged. A misleading or incomplete label could get you in major trouble, ultimately forcing you to close shop early if you don’t have enough money on hand to quickly rectify the situation. Working with a supplement manufacturer that knows the ins and outs of the dietary supplement sector prevents this from happening, ultimately protecting you and your business’s interest by way of fully understanding the health and wellness industry.
Scale your business using technology that helps you work smarter, not harder.
Most entrepreneurs nowadays are really leaning on digital technology and the internet more in order to do business. Thanks to the pandemic, e-commerce is really on the rise, and with that comes a rise in online sales as well as online customer support. As you grow your company these sales and support departments will become more and more integral to keeping your customers happy and your revenue flowing. After all, it’s much easier to keep an existing customer than it is to spend the money necessary to attract a new one. As such, it’s important that you have the right tools for your sales and support teams to thrive.
Especially if you are a larger or enterprise-level business, one of those tools is likely going to be IT service management software. IT service management software allows you to create a user-friendly support workflow, having customers submit tickets or requests to support agents who can then field them based on priority. This ultimately helps customers get the support they need faster from the service desk, while also providing them with better more accurate solutions since their queries can be routed to the appropriate agent rather than the first available one. All of this is a major boon for any large company that values and must invest in their customer service in order to stay in business.
Get the word out.
Once you have a great product, it’s important to get your supplements marketed to the people who will be interested in purchasing them. Many companies start with social media marketing since it is generally quite cost-effective when you factor in the return on investment (ROI). Being able to even spend $50 or $100 to target a specific Facebook or Instagram post towards the demographic you are trying to reach can be incredibly beneficial and starting to get the word out and build word of mouth.
Once you start having sales, it’s also a good idea to sign up existing customers to your mailing list. Being able to email past customers or anyone who has opted into your email list as a way to receive promotions is a great way to keep your products top of mind each month when it is likely customers are due for a refill on their protein powder or vitamin tablets or capsules in a variety of flavors. As you start to build a name for yourself, it might be worth attending various trade shows to continue making contacts with interested parties and other businesses who may be interested in carrying your products. Whether that means attending a small gathering in a hotel conference room or heading to a larger event at the Central Jersey Convention and Visitors Bureau, putting a face behind your company’s name can be great for sales and ultimately help you scale your business faster.
As you can see, there are a lot of balls to juggle if you’re looking to get into the supplements business. From finding a manufacturer who has the skills and experience to make your products a reality to finding creative ways to market your supplements to your target demographic, there are plenty of things to focus on as you’re launching your new business. That being said, just because there’s plenty to do doesn’t mean that the journey to becoming a self-made entrepreneur is impossible. If you come up with a strong plan and keep the above tips in mind you’re sure to find success with your new business venture.
