The global dietary supplements market is expected to expand at a compound annual growth rate of 8.9% in the next few years. Increasing consumer awareness of personal health and wellbeing remains the key driving factor for dietary supplements. Besides, the working population is struggling to fulfill the daily nutrient requirements.
Therefore, starting a vitamins and supplements business can be lucrative if you do it right. Choose a target market and evaluate the current competition to start a supplements business. You can partner with a vitamin supplier or develop your line of supplements.
Starting a vitamin shop requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell vitamin, or selling vitamin online, you can use this page as a guide for everything you'll need to know.
|Min Startup Costs||Max Startup Costs|
|Equipment & Supply Expenses||$66||$1,200|
|Retail Business Expenses||$1,250||$11,650|
|Advertising & Marketing Costs||$75||$9,636|
|Total Startup Costs||$1,754||$37,876|
|Professional Supplement Center||professionalsupplementcenter.com||#232,896|
|stay hydrated with electrolyte enhanced water||vitaminwater.com||#489,304|
|Vitamins, Supplements, Minerals & Herbs||wonderlabs.com||#695,454|
|Vitamin Discount Center, LLC||vitamindiscountcenter.net||#1,198,306|
Pros & Cons
|Rewarding work||Starting a vitamin shop can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.|
|Meaningful business connections||You never know who you will meet as a vitamin shop. This could be the start of an incredible business opportunity!|
|Daily physical activity||Vitamin Shop's typically involve a much greater degree of movement than other lines of work. Most days, you will spend your day walking, running errands for your business, and performing a multitude of tasks. This can have a positive impact on energy levels and your overall health.|
|Amazing perks and discounts||Working in the vitamin shop comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.|
|You are your own boss!||With starting a vitamin shop, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!|
|Local Community||One of the best parts of starting a vitamin shop is that you can develop a local following by selling your products at craft shows, farmers' markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.|
|Crowded Space||Competition is high when it comes to your vitamin shop, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.|
|Finding The Right Supplier||Most businesses in this space go the supplier/manufacturer route, which isn't a bad thing! However, finding the right supplier can take a lot of time, energy and trial/error. If done properly, this process can save you months (if not years) of time and energy. More on this below in the "finding a supplier" section.|
|Motivation of employees||If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.|
|Low margins||The gross margins for your vitamin shop are typically around 43%, which can make it more challenging to incur new expenses and maintain profitability.|
|High employee turnover||In the vitamin shop, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.|
|Taxes||As a vitamin shop, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.|
Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.
Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.
The affiliate typically gets a unique link where clicks and conversions can be tracked.
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
Social Media Advertising
Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.
According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.
Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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