The dietary supplement industry is huge in the US. Experts predict its market will exceed 200 billion dollars by 2026. Some people see this as too much competition, but what it really means is that there’s room for anyone with a quality product. But starting an online business in any industry requires a particular set of skills.
For example, you must be a self-starter, open to new ideas, and willing to take risks. However, if you find yourself lacking in any of those areas, don’t give up. They can be learned or sometimes, even hired out. But before you take the leap, load up on your research. Find out everything you need to know before you begin. Here’s how to get started.
Partner with the right company.
Starting your own online vitamin brand can be tricky without the right resources. Partnering with the right vitamin manufacturers should be at the top of your list. The right company for your business will have good reviews, be FDA compliant, carry the products you want to sell, and offer great customer support. Look for a company that makes quality multivitamin formulas, single-ingredient vitamins in a variety of packaging choices.
Once you’ve found a great supplement company, you’ll need to talk to them about how they can serve you and your business. There are several important topics to discuss. For one thing, you’ll need to know about their pricing structure. Most companies offer higher discounts for larger orders. It’s also important to find out if they offer dropshipping and private labeling. Dropshipping will help you scale your business slowly since you won’t have to buy and store bulk inventory. But whether that’s the right business model for you will depend on the profit you can make.
Decide whether or not to private label your vitamins.
Private labeling may be the most important aspect of your business if you actually hope to brand the supplements yourself. The way this works is that you buy your products from a manufacturer that allows you to put your own labels on them. This is a good business model for business owners who wish to build a name for themselves or their company, create customer loyalty, and charge their own prices for their products. All these things usually equal higher profit margins and more exposure.
Get help when you need it.
Many startups fail because their owners try to do everything themselves. And while this may be necessary for a time to save money, your business can suffer without the proper help. One area almost every small business owner needs help with is accounting. This is one of those areas that can really trip a business owner up because there are so many ins and outs to self-employment taxes.
Aside from taxes, they can help you handle business growth, new employee salaries, property acquisitions, and much more. And this kind of outsourcing is usually much less expensive than you think. You don’t have to go to your local CPA to get it done. Many entrepreneurs, instead trust e-commerce accountants with all their bookkeeping and tax guidance. This allows them to get the help they need virtually with specialists who know their business.
Choose the right platform.
When starting your new vitamin brand, choosing your platform could be one of the most important decisions you make. You can choose an online storefront like Shopify or WooCommerce. These will allow you to showcase your products in a streamlined way on a platform made for selling. Or you can choose to simply build your own website and place a sales page on it that may incorporate one of these platforms or be set up by you. Sometimes, people even choose to just use social media to sell their goods. This is often a good place to start, but it won’t offer you the same credibility as your own website does.