So, you’ve decided to get into the supplement business. With the intake of dietary supplements increasing every year, it’s a good time to do so. That being said, how do you ensure that your business is a success? From the right target audience to the correct manufacturer, several things can determine whether you succeed or fail.
It’s essential to research the market, find the right formulations, and make sure you have the right marketing tools. Also, remember to research your competitors and ensure that you set competitive prices. If you’re having trouble figuring out where to get started, keep these tips in mind.
1. The right manufacturer matters.
Even with the right recipe, your product won’t be successful without the proper manufacturer. A tablet manufacturing facility can help you ensure that everything in the assembly process meets your requirements. Before you pick a vendor, figure out precisely what you need.
Will you be selling sublingual tablets, chewable tablets, fast-melt tablets, or time-release capsules? Have you considered the size and shape of each tablet? The right manufacturer will also help determine the proper process to make your tablet. If you don’t know enough about direct compression, dry granulation, or wet granulation research this to understand what to pick.
Do sufficient research so that you have all the information you need before you decide what to sell. In addition, it’s best to find custom tablet manufacturers that can help you make these decisions if you don’t know what to choose. A manufacturer with decades of experience will help you with everything from irregular shapes to good efficacy and dosage. It will ensure your business has the best chance of success right from the formulation stage.
2. Excellent packaging helps sales.
When you’re just starting, you need to get the best packaging at the lowest price. You want something durable, simple but attractive, and cheap enough for a startup vitamin business. Several wrapping and packaging companies offer services that are unaffordable for beginner vendors, so you’ll want to avoid those.
With a high volume of products, you can’t pack them yourself. It’s a good idea to consider a shrink wrapping service for your tablets. With a contract packaging service and fulfillment services, you can get your product professionally sealed and shrink-wrapped quickly.
Pick a company that offers test wrapping services so you can see if it’s the right packaging for you before you commit. The advantage of a shrink wrapping service is that you can send your products to a company that does this for you, and you’ll know it’s done well.
3. Your target audience determines prices.
Will you be selling your vitamins to children, seniors, or adults? Your target audience will help determine everything from the labels and packaging you use to the capsules you develop. You can’t set competitive prices if you don’t know what your target audience wants.
The specifications and ingredients in your capsules will also change accordingly. If your target audience is children, you may need to change the tablet form. Children prefer soluble or sublingual tablets with a sweet coating. Capsules with no flavor will be better for adults. Also, consider your target audience when you choose the size and shape of your tablet. Consider what packaging will appeal to them as well. Working with a tablet manufacturing facility can help you figure out and produce the best tablet form for your chosen audience, and many will even work with you on a private label. Find a tablet manufacturing partner who can make custom tablets if need be and who will work with you on labeling and design to ensure better sales.
4. Competitor research ensures success.
Researching other vendors in the market is a crucial aspect of starting your supplement business. The best formulation and years of experience in the supplement business can’t help you beat a big corporation. Try to find other ways to stand out when you’re just starting.
Remember, lower prices alone won’t help you. Competitive prices can even sometimes damage your accounts, making you operate at a loss. Instead, consider what aspects of the customers’ needs your competitors are failing to meet. See whether you can offer a formulation with fewer ingredients, a capsule that’s easier to swallow or a product line that your competitors don’t have.
Is there a specific application or a specialty item you can offer that they can’t? Even small changes to the product design to make it appear appealing may help you out. Remember to stay updated, since competitors will begin to change their formulations and strategies to keep up with your innovations.
5. You need proper certification.
So, you have an idea for a natural supplement with no additives or chemicals. It’s a custom formulation, high quality, and all-natural. Remember that you still need FDA permits, licenses, and certifications to make and sell it legally. This is essential even if you plan to start your supplement business out of your garage.
Before you find manufacturers and suppliers, make sure you register as a legal entity. Anything sold as a retail package also has business taxes attached to it. Ensure that your distributor, manufacturer, and supplier also comply with all the business’s legal aspects. It will help you avoid expensive lawsuits that can sink your business.