Staying healthy is essential to strengthen the immune system and ward off illnesses. Many people watch their diet and working out to keep themselves healthy. On the other hand, some people take dietary supplements to reduce the risk of health problems while increasing the nutrients in their diet.
The market for these supplements in the US is over $36 billion, which makes it an appealing option for people who are thinking of starting a business. The startup costs of setting up a health supplements store are minimal, especially if the store sells products online and does not open a physical store.
But before selling health supplements in the market, entrepreneurs should consider the following things.
Check if the Products Received Health Warnings
The first thing that an entrepreneur should do is check if the supplement has any health warnings from the US Food and Drug Administration (FDA). The website of the agency shows sanctions and safety advisories it issued against different products in the market. The entrepreneur should make sure the product he wants to sell does not have any warnings or sanctions against it.
They can also check guidelines set by the agency about looking for information about supplements in the market. With many new products released every year, some products have no advisories but are detrimental to the health.
The entrepreneur should also check the ingredients of the supplement and see if they have adverse health effects. The Federal Trade Commission and Consumer Reports have lists of substances associated with serious safety concerns.
Notify the FDA About the Intention to Market
The entrepreneur should also notify the FDA of their intention to sell dietary supplements, especially if the product has an ingredient not yet sold in the country. The Dietary Supplement Health and Education Act requires manufacturers and distributors to determine if their products contain new dietary ingredients.
If the product contains previously marketed ingredients, they should provide documents showing that those were already available before the act was established. But if the product has new components, they should prove that the ingredients are safe to use.
Purchase at Wholesale Prices
The entrepreneur should look for a reliable liquid nutraceutical manufacturer who can provide the best price for the products. The supplier should also have experience in the manufacturer and labeling of the products. It should also have the capability of supplying big and small orders of the product.
Purchasing at wholesale prices allows the entrepreneur to set a marked-up price so that they can make a profit from their sales. If the profit is not enough, the entrepreneur can look for suppliers offering affiliate programs.
With this arrangement, the entrepreneur does not have to sell the products directly. Instead, he can promote it and earn commissions each time someone buys using his link to the product. He also does not need to keep an inventory of the product since the manufacturer ships the product directly to the buyer.
Check Marketability of the Products
The entrepreneur should also check market trends so that they will know the popular products in the market. With many new products coming out each year, the popularity of the supplements will depend on media coverage and medical research.
So, the entrepreneur should keep himself updated with the trends in the market and adjust his inventory to sell products that are popular in the market. For instance, sales of vitamin C will likely increase when cold weather comes at the end of the year.
Make Sure the Products Meet FDA Labeling Requirements
Entrepreneurs should make sure that the label of the products they are selling meets the requirements of the FDA. The label should show a complete list of ingredients of the supplement. These ingredients can include the source of the dietary ingredients of the product if they are not included on the “supplement facts” panel of the label.
The supplement facts panel should also show any processing aids and additives in the product, including stabilizers, flavors, starch, gelatin, colors, and preservatives. The label should also show the name of the manufacturer and where the product was packaged. It should also have a description of the product that the entrepreneur is selling. Additionally, the label should also contain the word “supplement.”
Declaring all the ingredients on the label is necessary to ensure buyers are aware of what they are buying from the entrepreneur. The label should also not show that the product can replace a meal or diet.
The dietary supplements market is growing. This makes it an appealing option for anyone who wants to start a business at this time.