5 Things to Consider When You Launch a Dietary Supplement Company [VIDEO]
Did you know that the dietary supplement industry remains one of the fastest growing market segments?
According to one recent report, the global supplement market is expected to grow to an impressive USD 278.02 billion by 2024. In the US alone, the sports nutrition segment of the market is expected to hit revenue marks upwards USD 37.16 billion by the same 2024 mark.
Especially for budding entrepreneurs thinking of taking their dive into the nutraceutical marketplace, there’s a clear window of opportunity. But just like any real business venture, there are some key factors that should always be taken into consideration.
Over the years we’ve helped hundreds of companies and entrepreneurs launch their dietary supplement products and we’ve helped many of those same customers grow from a single dietary supplement product into multi-product lines and brands. In helping our clients reach their goals, we’ve become experts in recognizing some the most common pitfalls and challenges faced by young businesses.
After asking our team for their top picks, we’ve gone ahead and outlined our top five considerations for anyone looking to start a dietary supplement company.
Still looking for more tips and tricks? Then you’ll definitely want to check out this next post. Once you’ve figured out what exactly your first dietary supplement product is going to be, finalized a formula, and squared away your manufacturing concerns you’ll definitely want to put some thought into you you market your new supplement product (along with any future products) in our digital, consumer-driven world.