Whether you’re a veteran in the nutrition field or new to it, launching your own food supplements brand can be a lucrative way to start a business. The US market for dietary supplements is valued at $35 billion and is seeing rapid growth due to the increased health consciousness of the general population.
The first step in starting a supplement brand is to research the market and decide what kind of products you want to sell. This will help you figure out how much you can charge for your supplements and if there is enough demand to support your business.
Next, you’ll need to choose a business structure that suits your needs. There are several options available, each with their own benefits and drawbacks. Choosing the right one will be important for your taxes, personal liability, and overall company registration requirements.
Private Label – This is a great option for small businesses that need to make a quick buck and don’t have the time or resources to create their own supplements. It can also be an excellent way to launch a brand and get your name out there, as you have full control over the formulas and branding of your product.
Custom Formulation – For most supplement businesses, it’s preferable to have a custom formulation. This allows you to create unique products for your customers and give them something that no one else on the market has.
Having a customized formula will also allow you to offer different dosages, ingredients, and flavors that are specific to your business. This will make your products stand out from the crowd and increase your sales.
Packaging – If you’re selling your supplements online, you’ll need to decide how they’ll be packed and shipped. This will impact the final cost of each unit and your profit margin.
Label Design – Having a well-designed label can be the difference between success and failure in the supplement industry. It should include clear, concise information that meets FDA regulations and provides the customer with what they need to know.
Marketing – Your brand should be advertised in a variety of ways to reach as many people as possible. These can include email, social media, and traditional advertising.
The key to successful marketing is finding the right blend of strategies to meet your budget and reach your target audience. Some of the most effective tactics for marketing a dietary supplement are:
Influencer Marketing – Pay social media celebrities or fitness bloggers with large followings to promote your products. This can be a great way to boost your brand and build a loyal following.
Testimonial Marketing – Share testimonials from customers about how your supplements helped them achieve their goals.
eCommerce – Most consumers shop on the internet today, so you’ll need to have an online presence in order to be successful with your supplement business. You can do this by creating a website or blog, promoting your business through online and social media channels, or even using paid ads on Amazon or other sites.