4 Steps to Launching Your Own Supplement Company
supplement market is on track to reach $194.63 billion by 2025. There is still plenty of room to
enter and thrive in this expansive industry, but many entrepreneurs are unsure
of where and how to get started.
Let’s take a
closer look at the process of building a dietary supplement company.
1. Identify Your Market
business starts with an idea. You may think your idea is genius, but are people
actually interested in it? Is there a demand for your proposed product?
invest any real money into your business, you need to determine whether there’s
a demand for your product and a market for it.
need to identify your market. Here are a few questions that
you’ll need to answer:
- Who are your customers?
- What are your customers’ needs and problems that you
- Where do your customers buy their products?
- Where do your customers get information about the
products they use?
- Can you solve your customers’ problems?
entrepreneurs overlook this crucial first step. Don’t make the same mistake. If
you don’t identify your audience, you won’t know who to market your products
2. Perform Competitor Analysis
crucial step is to perform a competitor analysis. The supplement industry is
huge, and you’ll have a lot of competitors. The goal is to replicate your
competitors’ success while avoiding their mistakes.
you want to look at what your competitors are doing, and try to improve on what
they offer. There are a few ways to do this, such as:
- Offering better prices
- Finding an overlooked customer segment
- Adding or deleting ingredients
If you hope
to compete and succeed with your company, you need to outdo your competitors.
The only way you can do this is to analyze their operations.
3. Developing a Plan for Manufacturing
are physical products, which means that you’ll have to develop a plan for
manufacturing your products.
importantly, you’ll need to look for a:
- Factory that can produce your products
- Material supplier, such as Wisepowder, to
source your ingredients
- Testing facility to test for quality and verification
of your ingredients
you can find a turnkey manufacturer that offers both manufacturing and
secondary services, such as testing, packaging, labeling and distribution.
time with this step to make sure that you choose the right companies and
suppliers. Working with a reputable and FDA-compliant manufacturing facility
will also give consumers more confidence in your brand.
4. Branding and Marketing
development is crucial, and your marketing plan will make or break your
product’s label is more important than you might think. It should convey your
brand in every way, from the fonts you choose to the colors and language you
– and more importantly – you need to ensure that your labels are FDA compliant
to follow the agency’s nutrition label guidelines. All active and inactive ingredients
should be listed, and you’ll want to make sure that you’re following the
requirements regarding health claims (you can’t make any health claims).
It may be
advisable to work with a lawyer when developing your branding, marketing and
labels to ensure that you’re following the law.