I have exciting news.
Or at least, more exciting than this pet rock I’ve been stroking for the last half hour to keep the voices from coming back into my head. (Don’t judge…….we all cope with anxiety in our own way).
I’ve recently completed a project called the Formula Analyzer that helps reduce an annoyance I’ve had with the supplement industry since I began: it takes a ridiculously long time to get quotes back for your formula.
When I first started in the industry I quickly found out that it can take up to 3+ weeks to hear back from a manufacturer. That’s not an outlier either. That’s pretty typical.
It was taking so long that I decided it’d be easier to build my own spreadsheet and contact suppliers myself. Most of the time that’s what I did. The most recent project is Incredible Mood, and this made it far easier than waiting for Joe Sales Rep to get back to me after 29 days of waiting.
After getting some feedback from other entrepreneurs on the Health Kismet forums it was apparent other people were facing this same problem.
So I coded something up that streamlines the process of pricing, sourcing, and finding a manufacturer for your health supplement.
It works like this:
The basic idea is to give you a lot of high level information about planning your next health supplement at your fingertips.
You can find it by going to the tools section of the main navigation bar:
Here’s the condensed version of how it works:
1). You enter in your formula and run information (servings, price/bottle, run size)
2). Analyze it to find out how much you’ll need for each ingredient and how much it’ll cost
3). Breakdown your costs so you can see how much you’ll have to pay for your manufacturer, ingredients you source yourself, and an estimated per bottle quote based on the ingredient costs.
4). Have a curated directory at your fingertips to help you find suppliers and manufacturers.
Trust me, if you’re looking to start your next business project around a health supplement, you’ll use this all the time!
If you’re new to the industry this could save you days of work. When you’re first getting started it can be hard to get an accurate high-level view of how to synthesize the different components.
Hopefully this’ll help.
Now start formulating!
3 thoughts on “New Tool: The Formula Analyzer – Price, Source and Manufacture Your Health Supplement In One Step”
Looks useful, thank you. I’ve played around with it and it looks like it covers issues I’ve thought about myself.
One question though: what’s the difference between the upfront and total ingredient costs?
Total ingredients costs covers what’s used on your run. So if the ingredient costs for your bottle are $8 and it’s all sourced by the manufacturer then and your run is 1,000 bottles then your total ingredient costs will be $8,000. It’s based entirely on what’s used in your run.
However, if you source ingredients yourself then this will reflect in your upfront ingredient costs. So, for example, if you source an ingredient yourself that’s $35/kilo and has a 25 kilo packsize then your upfront ingredients costs will be 35*25 = $875, regardless of your run size.
Post is much informative.