4 Must-Consider Factors When Starting Your Supplement Company
Without a winning business strategy to back them up, even the greatest dietary or nutritional supplement product can fall flat.
Now, we’re not saying that these are the only four factors that you’ll want to consider as you embark on your supplement brand-starting journey – far from it (there are dozens of factors worth considering, a number of which will likely be unique to your business). But from what we’ve seen, these four factors happen to be some of the easiest considerations for new brand owners to overlook.
Here they are four of the factors you may want to consider:
Factor #1: Will your supplement company have a website?
Hint: The answer to this question should be yes.
In the world of 2016, making the decision not to build a website is a simple and effective way to limit the number of potential customers that your brand can reach.
Keep in mind that your company’s website doesn’t need to reinvent the website in order to be an effective promotional tool for your business. Creating a simple site that's capable of telling any would-be customers what product(s) you're selling, what sets your brand and your company apart, and how/where they can purchase your products is a great way to start.
Even if you're not quite ready to bring on a professional web developer/design to build you a website, there are plenty of affordable, DIY options out there like Wordpress, Shopify, and Woo Commerce.
Factor #2: Will your brand have a social media presence?
Another hint: The answer to this question should also be yes.
In the same way that not having a website can hurt your brand's reach, so can choosing not to actively engage in social media.
Making the effort to figure our where your target audience likes to spend their time online (be it on Facebook, Instagram, LinkedIn, or some other digital platform) can do wonders for building long-term trust.
Market research has found, time and again, that some of the most effective brand-run social media accounts don't spend the majority of their time on self-promotion.
In fact, many of the most successful brand-run accounts have earned their success by actively trying to engage their customers about their unique needs, what's going on in the industry,
In fact, many of the most successful brand-run accounts have earned their success by actively trying to engage their customers in a number of different ways – including starting conversation their unique needs as customers, about industry knowledge, and about ways that their products and services can help get the job done.
Factor #3: Have you thought about how you’re going to market your dietary supplement product?
Noticing the trend here? When it comes to growing a successful business around a product (instead of simply creating a product), marketing can make all the difference.
A well-rounded (and modern) marketing strategy will combine things like a social media presence, and a website with other elements of digital and traditional marketing. Combining a social media presence and a website with other forms of marketing
One of the most important things to remember is that it's incredibly difficult to market well if you don't know who you're marketing to. Take the time to establish your target audience!
Factor #4: Have you taken care of all of the legal aspects of starting a supplement company?
Truth be told, no matter what type of company you’re looking to start, doing your homework concerning the legalities of the process (i.e. business structure, liability, insurance, taxes, etc.) is always advisable.
You may want to consider setting aside a portion of your budget to take care of legal fee's, insurance, and other related expenses from the beginning of your supplement journey.
In today's sue-happy world, making sure that you've dotted all your I's and crossed all your T's never hurts.
About the Author: Melissa DellaBartolomea
Melissa DellaBartolomea was the resident Content Marketing Specialist at NutraScience Labs from February 2016 to July 2018. Driven by a passion for the world of written, visual, and digital media, she's dedicated herself to keeping up with all things nutraceutical. From ingredient insights to the latest in contract manufacturing regulations and trends, her mission is to provide our readers (like you) with the stories and knowledge they need to fuel long-term growth and nutraceutical industry success.