Every new business is unique, but there are certain obstacles which repeat themselves for most new endeavors. In the supplement industry this boils down to 21 different issues. This is what they are.
BeeAlive is a successful supplement company that's followed a blueprint that's very suitable for others: They started off slowly and self-funded, paid close attention to product quality and maintaining a customer experience, and have gradually grown to a 75 person operation that grosses 8-10 million a year. Here's an interview with the CEO of the company about the process. This is a very informative read for anyone curious about starting their own supplement company or someone looking to know more about how the products are made.
The health supplement industry is something many of us come in contact with everyday.......but know surprisingly little about. You don't really see recruiters for supplement companies at campus recruiting events, and you probably don't have an uncle or cousin who works for your neighborhood supplement manufacturer. It's an industry that mostly lurks in the shadows. So here's some advice on how to get started on learning what you need to know if you want to work in the industry or start your own company.
Choosing a manufacturer for your products is a tricky thing. It's extraordinarily important, but the industry is opaque and diffuse, so getting useful information can be difficult. Here's a simple but powerful way to ascertain what your manufacturer actually does and how legitimate they are. Because a lot of companies out there aren't what they seem.....
When designing a supplement it's easy to suffer from paralysis by analysis. There are about 5,000 different ingredients you can use, 1000 manufacturers to choose from, and probably over 500 different delivery options. It gets complicated very quickly. So given all that information, what's the easiest way to just get started? Inside are three useful resources to get you on your way.
Here's part 3 of the mini-series on how to start a supplement company. The business model is unique in that it has the greatest ability to mold itself around your own strengths and weaknesses. It allows you to be like water: able to penetrate the smallest of crevices, yet apply itself with brute force. This article covers the following issues: 1). What options you have 2). The art and science of determining your comparative advantage 3). A sample spreadsheet that lets you play around with some numbers 4). Much more inside!