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Starting Your Own Supplement Company
Q. I want to start my own supplement company! I have some great ideas in mind for formulas that will be better than anything out there. How much money do you think I need to get going?
A. It doesn’t take much money at all to start your own supplement company and have products made; however, it can take quite a bit of investment, planning, and time to build a successful supplement company! I suppose it really depends on what you want out of starting a supplement company. Too many fly-by-night companies have peddled snake oil one too many times! Also, the regulatory landscape of the industry is always changing, so to be competitive, you first need to start with a solid formula. This alone won’t sell your product, however; you need to develop a brand behind your product, which can be costly. Consider how your product will be introduced to the consumer and where it can be purchased. Will you use print vs. internet marketing vs. the various distribution channels (GNC, Popeye’s etc.)? Will you sponsor athletes or promote at shows? All of this needs to be factored into the cost of starting a company, not to mention the cost of manufacturing, graphic/web design for the company, etc. If it was cheap to start a successful supplement company, everyone would be doing it! Now, I don’t want to discourage you from getting started. If you are creative and take advantage of the evolving technologies and benefits of social media and YouTube, you might be able to create something special. I would love for someone to prove me wrong and show me that they built a company with minimal investment.