Health and wealth go together; this much you already know. Done right, entrepreneurship can be the ultimate self-improvement project. But what can you do to enhance both health and wealth in your own life? One answer may be starting a private label dietary supplement business.
One research firm estimates that the global supplement market was worth $115 billion in 2018 and will continue to increase by as much as 7.8% in the near future.
Create Your Niche
Fortunately, you no longer have to be a chemist, a pharmacist or a doctor to start a supplement brand. You just need a business partner who knows the industry and has products you can believe in. Contracting with an established, well-respected lab allows you to offer exceptional product while saving you effort and energy.
You can start with just a few products, build customer loyalty, then expand into other lines as you see the profits roll in.
Decide What To Offer
Most people are familiar with vitamins and minerals, but they are only the tip of the iceberg. Depending on which private label supplements lab you use as your supplier, products can help with everything from testosterone levels to brain function to pet health. Figure out what speaks to your current business, experience and lifestyle. For personal trainers offering weight management, ketogenic aids and muscle builders are a must, while those in the beauty industry may focus on cleansers or collagen products.
Best of all, the private label supplement opportunity is open to everyone with access to a computer. Maybe you have recently discovered how effectively CBD relieves pain or retinol is working wonders on your skin and you want to spread the word. That Facebook page you started with your dog for fun may become an ideal platform to promote pet creams and tinctures.
If you can operate an online store, you can create a lucrative side business and get some passive income streaming in.
Decide Who To Partner With
When it comes to supplements your supplier is your business partner, but it is ultimately your business and your name. Therefore, it is crucial to use a lab you can trust.
First, be sure you go with a company that follows strict Good Manufacturing Practice (gmp) guidelines. A lab that specializes in gmp contract manufacturing will produce quality products that meet FDA standards.
Second, ask about the lab’s equipment and quality control process. Equipment should be state-of-the-art, and quality assurance should be built into every phase of production from raw materials to final packaging.
Third, for ease of doing business, you may want a company that will take care of order fulfillment, freeing you up to focus on marketing and customer loyalty.
Fourth, be sure your new business partner is committed to staying on the cutting edge of the supplement industry; their research and development translate into your growth.
Decide How To Offer It
Online services and mobile apps are popular retail spaces and are exceptionally good for new businesses. You can sell from an Amazon store or on your own company website.
Perhaps you prefer a good old-fashioned storefront where you can be face to face with your customers; this is a great way to build trust especially if you plan to specialize in products marketed to the elderly. Another brick and mortar option is to get your product lines in others’ stores, for instance cultivating relationships with veterinarians if you offer pet products or salon owners for skincare lines.
Live the Dream
If possible, offer products you use and use the products you offer. Not only will this add to your credibility, but your testimony will become more compelling. More importantly, you will start looking forward to the alarm clock each morning because your energy and motivation will be through the roof.