Given the post-pandemic climate, many individuals around the world are now more conscious of their health status than ever before.
This has, in turn, led to an exponential increase in demand for, and the use of, health supplements.
People often prefer a natural approach to supporting their health and find supplements to be an effective and convenient means of achieving a balanced diet.
Combined with the current booming market, this provides an excellent opportunity for those who are interested in setting up a new business and/or earning extra income. It is an ideal time to get into the supplements business.
According to Mintel, the vitamins and supplements market showed strong value growth in 2019, driven by the wellness trend and consumers taking their health into their own hands.
The COVID-19 pandemic then had a significant impact on the industry, which was forecast to grow in value by 9.1% in 2020 to £494 million.
And this growth is set to continue - the market size of the vitamin and supplement manufacturing industry is expected to increase 18.9% in 2021.
Let's have a look at how you can start a health supplements business in practical terms.
If you find the right partner, it can be a lot easier than you think. And you don’t need any prior experience.
Do it right, and you could have a highly lucrative business, with minimal effort and investment.
Identify high-value, in-demand products
As we’ve already discussed, supplements are currently in very high demand; and this demand shows no signs of abating. They are therefore ideal for re-sale.
Of course, there are a lot of supplements out there. Do your research and find a wholesale supplier of high-quality, off-the-shelf products that are ready to get selling immediately.
Ideally, find supplements with a USP, which help you to stand out from your competitors. For example, products that are “free from”, vegan, natural, certified organic, UK manufactured etc.
A combination of quality and a specialism will give you greater flexibility to charge more.
Partner with a supplements wholesaler
The next step is, of course, sourcing the products.
As a start-up business, and perhaps with little or no experience in the supplements industry, you definitely won’t want to be concerned with formulating and manufacturing your own products. This can be an extremely expensive, time-consuming and complex process.
The easiest route to market and making sales as quickly as possible, with minimal upfront financial outlay and hassle, is to find a supplements wholesaler with a market-ready range.
That way, they cover the costs of (for example) minimum manufacture runs, and are also responsible for ensuring legal compliance, quality assurance etc.
When selecting a supplier, you should check their portfolio carefully and look for certifications, quality standards, client recommendations, as well as trading history, to give you an idea of the quality of their products and services.
We recommend UK-based Specialist Supplements Ltd (Trade Division) – a well-established and respected supplements wholesaler, that specialises in quality combination market-ready products. They can help you to set up your own retail supplements business, in just a few easy steps and at an affordable price, irrespective of where you are in the world. A full-service company that can deal with all aspects of your wholesale supplement business needs, under one roof!
Select your target market
In carving out a niche in the market for yourself, it can be very helpful to focus on a particular group or health goal.
For example, will you be targeting women? Or perhaps weight loss?
Whatever target market appeals to you, having this focus can help to inform your branding and marketing and, in turn, make it easier for customers to understand what your products do. It can also make it easier to select the products you wish to sell.
You might want to think about current trends and areas of particular demand.
Before hitting the market, gaining an understanding of your competitors can be very helpful. Not only can this help you to define your sales and marketing strategy, it can also help you to target customers that perhaps your competitors ignore.
You should also try to make your products stand out, by having a strong brand identity that is linked to your target market (see above).
This will help customers to find you, will promote customer loyalty and repeat orders, and will also go a long way to ensuring that your customers can't find products like yours elsewhere.
Personalised product branding (also known as private labelling / own label), can go a long way to achieving these goals and helping you to stand out from competitors.
Market your products
Marketing on an ongoing basis is a key factor in the long-term success of any business. Think about it – if no one knows about your products, you are not going to make sales. What’s more, when you get customers, you want to keep them.
As mentioned above, a central part of your marketing strategy should, of course, be your product range branding. With the help of the right supplements wholesaler, this needn’t be too costly or complicated.
Private label supplements (i.e. applying your own personalised branding to the wholesaler’s unlabelled products) can offer a quick, easy and affordable means of creating your own range.
And then there are email marketing campaigns, social media campaigns, website-based promotions – the possibilities are endless.
One of the best ways to maximise your potential customer base is to sell online, via an e-commerce website or sales platform like Amazon or eBay.
An eye-catching website, featuring your own branded supplements, could afford you easy access to this lucrative global market.
And don't forget more local marketing too... Health centres, gyms, fitness clubs and spas are all great options for reaching potential customers.
Targeted and affordable marketing enables you to secure a regular and growing income.
Inspired? Why not take the first step towards making your dream of owning your own business a reality. We have provided you with a number of important tips and also links to a supplements wholesaler who provides excellent products and services.
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