Assess the viability of the idea
Vitamins have become a part of every person’s life. We take them as a prevention to maintain a healthy state of the body. Modern production methods make it possible to produce vitamins that retain their beneficial properties and are perfectly absorbed by the human body. Therefore, this type of business attracts those who want to earn money by helping people improve their health.
At the idea stage, a vitamin manufacturer must weigh all the bright and dark sides of running this kind of business. It is worth considering whether you are ready for difficulties or whether you will give up everything halfway. To understand whether to start this business, we suggest answering a few questions from the checklist:
- What can you offer your clients?
- Where will you sell the product?
- What price category will you choose?
- How can you surprise your customers?
The competition in the vitamin supplement market is growing and to effectively start a business, you need to focus only on what you need first, moving in stages to the sale of products. And one of the first steps is to create a business plan.
It is the main document of any business. Without this plan, it is impossible to launch a product, attract partners or draw up a budget. The business plan should contain a detailed description of the product and options for its further transformation; current market analysis with a description of all groups of competitors; characteristics of potential buyers, their interests and desires. A business plan is not an idea. It contains information about the required budget for the start and the payback period of the project. The plan to open production is an idea whereas calculating the number of products manufactured and monthly income is already a business plan.
With this document, you can:
- create an effective business plan;
- write down all possible details;
- attract investors and partners;
- minimize risks;
- set key indicators;
- organize team work;
- properly allocate resources.
To make your business plan as effective as possible, when drawing it up, you must follow 4 basic principles. All instructions described in the document must complement each other, that is, be uniform. A business plan should not be written just for show. Its purpose is to continuously monitor business dynamics, statistics and further planning. Flexibility plays a key role in the market. If at some stage you see the inefficiency of the strategy, you need to adjust it. And the business plan also carries the accuracy of describing actions and tasks, supported by quantitative indicators.
Starting the production of full-cycle vitamins requires a special line of equipment that would solve certain problems. These tasks include dosing the components in accordance with the recipe, mixing and distributing the necessary elements in each serving of vitamins, preserving and transporting the finished product between production sectors. The contents of this set of equipment may vary. Depending on the type of finished product, the vitamin manufacturer will need equipment for the preparation, ultrafiltration, freeze-drying of raw materials; reactors, mixers, as well as tableting, encapsulation, and blistering lines.
The final packaging of vitamin supplements depends on their purpose and the physical and chemical properties of the ingredients. One of the important requirements for packaging is the protection of vitamins from sunlight, moisture, air and microbes. Therefore, the vitamin manufacturer must choose the packaging individually, considering specific cases. So, for example, to place pills in a blister pack, machines with a technological scheme of continuous molding are used. When purchasing equipment, be sure to consider a manufacturer with a good reputation in the market.
An obligatory intermediate stage in the production and sale of dietary supplements is their laboratory research. Qualitative and quantitative chemical analysis requires large production facilities – sophisticated analytical equipment, highly qualified personnel, correct interpretation of the final results. It will be unrealistic for a beginner in the production of supplements to provide laboratory research on their own, so it is worth contacting government and commercial laboratories. They conduct research within predetermined regulated limits and according to standard methods.
There are 3 main channels for the sale of vitamins: pharmacy chains, sports and healthy food stores, online stores. Each implementation point has its own nuances. If a novice manufacturer starts selling supplements in pharmacies from the start, they will have to pay a tidy sum and payback should be expected in at least 3 years. The best option would be to sell through online stores. And only when a reputation is formed, trust is earned in the market, it is possible to start cooperation with small pharmacy chains and move forward.
Starting a vitamin production business is possible only if you approach this process correctly and with all seriousness. So it will take time to turn the idea into a real business plan, with all the calculations and details. Consider the cost of production equipment and use the budget wisely. Be sure to conduct laboratory studies of products before its implementation, to comply with all standards and norms. If you have already begun to engage in production, do not hesitate and do not quit your business, because the thorny path always ends in a sunny result. And perhaps it is your products that will become popular in a few years.
Angela Spearman is a journalist at EzineMark who enjoys writing about the latest trending technology and business news.