The other day I received an email from a doctor seeking advice. He was just beginning the process of creating a startup or a supplement product.
He is at the very beginning of his supplement business. He did, however, have a YouTube channel with 70,000 subscribers. It’s the start of something he could build on.
You may have the same questions about where to start and maybe you don’t have any followers on social channels or anything for that matter.
Where would such a person start?
I thought my readers might benefit from the answers to this question, so that’s what this article will cover.
Here is my advice for him …
I would start with the market.
Also be very clear on who you are selling.
What health problem or “problem” are you trying to solve?
Now, in the case of the Doctor with 70k YouTube subscribers, or anyone with access to a sequel, I recommend watching your content for the answer. Or just ask your audience.
This doctor had created a lot of videos to create this following one, and those videos already had a ton of data that he could go to for information.
What are the 10 most viewed videos about? What is the main problem they solve? That’s what I mean when I say start with the market.
Start a food supplement start-up from scratch
For someone without any follow-up, the advice is the same. Start with the market.
Research Google search trends with tools like trends.google.com
For example, in the article on emerging trends in the vitamin market, I break down the emerging trends in the food niche to give you some ideas.
Then I would look at what the supplements are selling. What are the top selling supplements on Amazon? What are the polls of the Nutrition Industry Director tell you about the market?
Starting with the market means looking at what is selling and finding a gap that you can fill.
This market analysis is the key to finding this opportunity.
Without it, your message to the market will be a clone of all the other market players, too.
This leads to mistrust and inaction on the part of your prospects. But, once you understand where the market is, you can align with it, to help more people and have a bigger impact in the world.
In the article Three ways to find a healthcare nicheI declare that a niche is the key to success in the online direct-to-consumer dietary supplement industry. I explore three easy ways to specialize in your healthcare business.
The health supplement startup trap
The supplement startup trap that I see over and over again is that most supplement startups launch a me-too product.
If there is nothing special about your product, why should someone buy it?
When it comes to a health supplement product, that something special is usually the unique mechanism.
In the article, Does Your Dietary Supplement Marketing Need a Better Unique Mechanism?, I go into detail on what it is and how to use it.
So I will only talk about the highlights here. The unique mechanism is the “thing” that delivers the promise to your prospect. This is the reason why your product works.
It could be a specific ingredient, a mixture of ingredients, or how the ingredients work in the body.
The key here is that you probably aren’t going to discover a new ingredient. But you can talk about your unique mechanism in a way that no one else can.
This is how you add “uniqueness” to the product. You outperform the competition.
Marketing is the key to success
Overall, starting a vitamin supplement business is pretty easy to do with white labeling.
Supplements manufacturers like Ship offers can even handle the fulfillment and more for you.
The attractiveness of starting a supplement business lies in the ease and potential for profit.
The industry average profit margin is around 38%.
And you can easily earn $ 100,000 a year and more.
It’s not uncommon for a 14-person supplement company to have revenue in the order of $ 40 million, if you do it right.
But the marketing is the hardest part.
External marketing of the competition takes both time and money. Much more of both than you might think.
On the money side … As long as you are prepared for the storms and have enough funds to keep putting money into the business, even though you may not be making much today, you can get ahead of the long term course.
Three funnels every health supplement company needs to build a multi-million dollar empire
Through our work in the field of e-health, we have optimized many dietary supplement companies. During this time, we discovered the three critical funnels for success.