How to Start an Online Supplement Business When You’re Low on Funds
Getting into any area of the health and fitness industry can mean big money these days. In fact, reports show that the industry is at about $30 billion and growing steadily at around 3 to 4% a year. While there are several probable reasons for this, consumer savings seems to take the lead. For one thing, health insurance costs have skyrocketed over the last decade, making it much more appealing to get healthy and stay that way. For another thing, gyms have popped up everywhere, making fitness more affordable. And healthy food is more accessible and affordable than ever.
Consumers aren’t the only ones looking to put money back in their pockets. Entrepreneurs are also looking for ways to cash in on the craze, and an online supplement business might be the best way to go. This is especially true if you don’t have a huge amount of capital to begin with and you’re not 100% sure what you’re doing. Of course, you can spend big bucks up front and start big if you want to, but these steps will help you get started on even the smallest of budgets.
Locate your product
To sell supplements online, you must first find supplement manufacturers with quality products. You’ll want to look for companies that are FDA-approved and willing to work with a small businesses. It’s also a good financial decision to go with a company that will allow you to private label your product. This way, you can build your brand and recommend the products with your label on them.
Once you’ve found a good product or products from a wholesaler you can trust, you’ll need to decide how you’ll sell them. So many options are available that it’s almost impossible to go wrong. The main platforms people use are their own websites, e-commerce stores, or Amazon. Then, speak to your wholesaler about minimum purchases and possible drop-shipping arrangements. If they’ll allow you to drop-ship your items, you’ll have less storage and won’t have to pay them until a customer pays you.
Identify your target market
Before you make another decision, you’ll need to identify your target market. Once you do this, you can figure out where they hang out and what they like. The concept sounds overwhelming, but it just takes a little research. One way to find customers is by analyzing your competition. Check out their social media pages to find out what demographic of people hang out there the most. You’ll want to consider things such as age, marital status, and interests.
Another way to identify your target market is by thoroughly analyzing what your product will help people with. For example, will your supplement help curb people’s appetites? Then your audience would naturally be people who want to lose weight. Keep in mind that your interests and knowledge should also have a lot to do with whom you target. If you can’t stop talking about how good you feel on your low-carb diet, then you should probably build an audience based on that.
Build your brand
Building your brand requires a good marketing strategy. You can spend thousands on campaigns that cover everything from newspaper ads to TV spots. But if you’re operating on a budget, you can use plenty of free digital marketing tactics. If you’ve identified your target market, your decisions shouldn’t be too difficult to make. If you’ve decided to target new moms with a few extra pounds to lose, find relevant groups on Facebook that talk about this subject. Or if you’re a bodybuilder who wants to help people gain muscle, find forums on bodybuilding websites along with social media.
