10 Steps to Starting Your Own Sport Supplement Company
Updated: Mar 30, 2018
Have you ever thought about starting your own Sport Supplement Company but had no clue where to start? If you have a decent grasp of what it takes to start a business in general, you know how difficult it can be to survive. For most entrepreneurs the belief is that you need to master the process of marketing a product, distribution, customer service, legal issues and financial affairs all while maintaining a profitable business. While they might be right, when it comes to the Sports supplement industry, there are 10 steps we believe you can follow to jump on the road to success.
Step 1- Have a Great Idea
Before you can take over the sports supplement world, you must have a great idea. Identify a valuable product, something that may have been overlooked, or something that’s in high demand. With so many different sport supplements to choose from, you must select a supplement that brings value to the consumer.
Step 2- Identify your buyer and define your market
If you’ve ever picked up a book on business or business marketing you’ve probably come across the “buyer persona”. After you’ve come up with a great product to sell, you need to break down exactly who your potential buyers are. If you can’t identify who might potentially buy your product, it’s like you’re bowling blind; you might hit a pin occasionally, but it’s not very efficient. Identify who your buyer is. What they like. Where they spend their time online. What kind of hobbies. Age. Sex. Location. You get the picture. You want to extensively break down your buyer’s concerns, wants and needs as it pertains to the product you are selling.
If you can’t get into the head of your buyer persona, try experimenting and testing. Ask questions on bodybuilding forums, do surveys, ask around in your local gym. Find out how your targeted consumers obtain information about similar products and use it to your advantage. Define your target market and mold your marketing campaign to fit their needs within the buying process.
Step 3- Spy Spy Spy
With advancements in technology, and “growth hacking” becoming the norm for scaling ecommerce business, entrepreneurs can now easily and legally spy on the competition. Make a list of the top 10 competitors in your space. Start with price. Look at similar related products on your competitions website and compare their price to yours. Break it down to overall price, price per pill and put it against their formulation. Look at their marketing campaigns and target consumers and see how they align with your buyer persona’s wants and needs.
One of the best things you can take from your competitors are their value propositions or call to actions. These are unique identifiers that push your buyers into the buying cycle or raise interest. You can also spy on the competitions use of Key Words for SEO purposes. By using these methods, you can use what works for your competition to your advantage.
Step 4- Build a Target List
Before you launch any new kind of product, you need to understand how to acquire new customers. Building lists through social media, direct sales, email blasts, blogging, pay-per-click and even direct sales can be a great place to gather new customers. Regardless of where you find customers, you need to build a list. Lists are great because not only will you get a better idea of who your buyer is, but not everyone that visits your website is going to purchase. These customers represent someone who is interested, but ultimately not ready to buy. This is how re-targeting works. You might not get your buyer to purchase with your first effort, but hopefully with some re-tooling, they might complete the cycle the next time around.
Step 5- It’s time to make your Supplement
One of the biggest mistakes young entrepreneurs can make is to jump into making their product without doing any of the research we discussed in steps 1-4. As we touched in our last post, How to Start Your Own Sport Supplement Line, entrepreneurs can start their Sport Supplement Line from the comfort of their own home. When formulating your product, remember what worked best for your competition. Look at your target market research and formulate the product to their wants, needs and concerns. At the very least, think about how you can bring a Unique Value Proposition with your product. Remember people buy benefits not features; accentuate the benefits.
Step 6- Find a Sport Supplement Private Label Manufacturer that you can Trust
One of the core values at Accelerated Genetix is trust. Trust is something that is earned not given. When starting your Sport Supplement line, you can start small and do most of your manufacturing yourself. However, if you plan to scale, it will be nearly impossible to keep up with the demand of your product. You need the right equipment, machinery, and regulatory compliance to produce your supplement at a commercial scale. Focus on these key attributes: Quality, compliance and affordability.
Remember, your relationship with your Private Label Manufacturer is huge. When you have a business partner like Accelerated Genetix that you can trust, you’ll free up more time to market and sell your product resulting in the overall end goal; revenue.
Step 7- Marketing
After you’ve done your research and have found a partner manufacturer that you can trust, it’s time to market. Start by creating a marketing calendar for the next 2 to 3 months. This calendar will represent a publishing timeline for all your content. Fill it with scheduled times for blog posts, V-logs, thought leadership, pictures, etc. Make sure every piece of content you produce has a strong call to action, a powerful headline, distribution channel and targeted key words. Remember, all the best SEO in the world wont matter if you don’t have high quality content to market.
Step 8- Fulfillment
You’ve planned and planned and planned. You’ve done your buyer and keyword research. You’ve created a long-lasting relationship with a manufacturing company, and you’ve created a marketing campaign that rocks. Before you open the flood gates to sell, you must have an idea of how you’re going to fulfill the thousands of soon to be orders. Accelerated Genetix was designed to be your one stop shop for Private Label Manufacturing needs which includes distribution. Be sure to weigh your options carefully; customer service is key when it comes to retaining your buyer.
Step 9- Legality
Before you take over the supplement world, make sure your bases are legally covered. Consult a business attorney, and if possible file for an LLC. When it comes to business in general, the larger you get the more eyes you will attract, and sooner or later someone’s going to want a piece of the pie. Establishing your business legally is not only great for peace of mind, but it will cover your tail in the long run. Look out for number 1, protect the empire you’ve worked so hard to create.
Step 10- It’s time to Sell
Now that you’ve created a legal business, you’ve broken down your buyer persona, you’ve grown a relationship with a Private Label Manufacturing company like Accelerated Genetix, you’ve manufactured the product, and have a great marketing and distribution plan; it’s now time to sell your product. You can test your marketing campaign, growth hack and focus on expanding. Now that you’re public and you have a sales funnel, you can push your product VIA social media. Remember customer service and engagement is key. Learn from your customers, build lists and retarget.
Follow these 10 steps to start your Sports Supplement Line but remember most of your knowledge will come from experience. When it comes to building a successful supplement business nothing is easy, but once your business is established, you’ll have a rewarding career. Continue following our blog at Accelerated Genetix for more exciting insights into your future business!