Taking dietary supplements seems to have become something of a fad in recent years. The American diet unfortunately leaves room for a lot of deficiencies, especially in iron and calcium. So, starting your own supplement company isn’t a bad idea.
However, there are many things to consider and a lot of aspects to put in place before you can have your company up and running. It is important to remember that it can take anything from 6 months to 5 years for you to start making returns on the money you have initially invested in the company.
That being said, here are the first 5 things you absolutely have to do when starting your own supplement company.
- Business Plan
First decide on what type of supplement you want to specialize in. It could be vitamin or mineral capsules, weight loss supplements, pre-natal supplements, protein supplements, etc. Accordingly, focus on your demographic. Next, you need to decide if you are going to supply them in the form of pills or syrups and will they be herbal or organic?
Considering all aspects, put together a sound business plan. If you have a knack for science but are not much of a business mind, find someone to help you put together your business plan. You need a strategy that will include advertizing, transport, raw material suppliers, etc.
Once your business plan is ready, you will be able to apply for a loan. Get all your documents together and ensure that you have a solid proposal that will get you a loan. If you plan on investing your own money initially, work out the logistics and the costs to make sure your business plan is good enough to start getting you returns.
- Licenses and Permits
Once all systems are a go, set up your space and begin to apply for all the necessary permits to comply with state requirements. GMP rules and regulationsare enforced by the FDA and you would need to be prepared for any and all inspections that may come your way. Read up on the health and safety, as well as the manufacturing documentation that is required. These are standards that you are expected to adhere to. NutraScience Labs has answers 5 common GMP compliance questions which is worth the read.
- Business Insurance
A great way to ensure financial security for you and your new company is to get business insurance. Truth be told, many start-ups skip this step (mostly for money saving purposes) and it is a large part of why most start-ups will fail within the first year. So take the time to look over the different types of business insurances offered to see which one works best for you. It may seem like a lot of money but it can really make or break your business.
- Resources and Qualifications
More than anything, you really need to make sure you know what you are doing. It is easy to Google things and throw together some ingredients in your kitchen sink but that is not how your company will succeed. You need serious knowledge about chemistry and how chemicals will affect the consumer in the long run. You also need to have knowledge about anatomy and biology in order to be able to make safe supplements for people of all ages. Make sure you have the necessary qualifications before you start a company whose products will affect millions of people.
Apart from all this, the best advice I can give you is don’t cut corners. Starting your own company can be an exciting and taxing experience. But don’t let the pressures of success weigh you down. Enjoy the birth of your company and grow with it.