If you’ve got an interest in starting a business in the health and wellness industry, there’s no time like the present to get started. The health industry is currently booming with a global value of over $4 trillion, and we’re living in an era where health, wellness, and fitness is an important part of many people’s lives.
Starting a health and wellness business means that you’re never going to be out of willing customers – but which niche to choose? More and more people have begun to turn to dietary supplements in order to give them a boost and help them achieve their health and fitness goals – and when done right, a supplement business can be a very profitable business opportunity.
But, what should any aspiring health and wellness entrepreneur know before tackling the dietary supplement industry?
There’s a Lot of Competition
First of all, be prepared for the competitiveness of this industry. Health supplements are cropping up everywhere, so it’s important to be prepared before you decide on a product to sell, come up with a brand, define your target audience and put together an advertising strategy.
In order to cut through the noise and make your supplement brand stand out from the crowd, you’ll need to be prepared to stay on top of what you’re competitors are doing, invest in appealing labels and packaging, and a solid advertising strategy. This simply isn’t something that you can cut any corners with.
Resell, White Label, or Make Your Own?
Before you get started, one of the biggest questions that you will need to ask is where you are going to source the supplements. The easiest option is to set up an online store that sells a range of supplements from various manufacturers at a profit.
On the other hand, if you want to sell products under your own brand name, you could consider building a strong relationship with a manufacturer and white labeling their product, putting your branding and labels on it.
Finally, making your own supplements has never been easier – and doing this gives you the chance to come up with a product that hasn’t been done yet. You get more freedom over the supplements that you sell and new product lines you add. And, getting started is simple – you’ll need basic equipment like these automated capsule machines, empty capsules, and any ingredients you’ve chosen to use.
The Legal Side of Things is Important
Don’t waste time or cut corners when it comes to the legal side of things. When you’re selling dietary supplements to the public, you’re putting your business in a very vulnerable position if you don’t have licensing, or you’re not insured.
Even if you’re carrying out stringent quality checks, using all-natural ingredients and listing everything that you use on your product labels, you can never be sure that you won’t end up in court with a customer who claims that your product caused an illness or another negative effect – whether it’s true or not. At the very least, make sure that you are covered with a good general liability insurance policy.
You’ll Need to Give Your Customers a Reason to Come Back
Last but not least, bear in mind that your marketing strategy shouldn’t just be aimed at getting people to try your brand for the first time. Too many companies go wrong by focusing too heavily on customer acquisition when they should be investing more in retaining their existing customers.
When it comes to supplements, people tend to prefer to stick with a brand that they can trust – so be that brand! Along with providing high-quality products that provide results, make sure that you’re providing your customers with valuable content and engaging with them regularly to build a strong relationship.
If you’re ready for all the above, you’re ready to take on the dietary supplement industry.
Throughout the year, our writers feature fresh, in-depth, and relevant information for our audience of 40,000+ healthcare leaders and professionals. As a healthcare business publication, we cover and cherish our relationship with the entire health care industry including administrators, nurses, physicians, physical therapists, pharmacists, and more. We cover a broad spectrum from hospitals to medical offices to outpatient services to eye surgery centers to university settings. We focus on rehabilitation, nursing homes, home care, hospice as well as men’s health, women’s heath, and pediatrics.
