Alternative medicine is nothing new; in fact, archaeologists have found traces of medicinal plants dating back as far as 60,000 years ago! If you are an entrepreneur and would like to help people use private label supplements to improve their health and wellness, be informed about your new venture.
Decide on the Target Audience
What kind of vitamin shop would you like to open? Keep your target audience in mind. Think about who you are selling for and stock products accordingly. You might also look into private label dropship for a more convenient way of ordering stock.
- If athletes are your key demographic, some logical products would be things like protein powders, calcium, zinc and antioxidants. You might also stock more than vitamins and carry products like ACE bandages, slings and ointment.
- Elderly people’s bones are more brittle as they age, so proper nutrition and the right supplements are important in their daily lives. Some of these might include vitamin B12 for proper digestion; calcium for bone and joint strength; and vitamin D for energy.
- What about a medicinal marijuana or CBD store for patients of chronic illness or pain? Since marijuana is still federally illegal in the United States, know the laws in your area before considering this kind of store.
Product and Inventory
Remember this rule of thumb when beginning any retail business: do not sell anything that you, yourself, would not use. That being said, do not buy a stock of product simply because it’s cheap. Understand what you are buying, how it is manufactured, and if it is FDA and GMP-certified. If you would not be comfortable putting one of your own products into your body, it’s bad business to try and sell it to customers. Contact several vendors and have a list of questions ready to go beforehand. Some questions to ask might be:
- What are your safety standards for your supplements? How do you process and manufacture them? What certifications can you show me and are you able to produce a liability insurance certificate?
- What is the price? My payment terms? Are you firm on your price or is there wiggle room?
- How long have you been in business? How long have you been producing this product? May I have references?
Insurance and Liability
You don’t want to be held responsible for someone who misuses your products and tries to sue you. Cover yourself and your company by knowing the laws and legalities and by investing in insurance.
- Find an insurance company that specializes in business law. Ask questions, understand the process inside and out, and purchase a plan that works best for you and your situation.
- Speak to an attorney if you have questions about your legal rights, as well as what customers can and cannot use against you in a potential lawsuit.
Financing and Taxes
Starting any business requires money, so have a plan as to where that money will come from. Remember that you will be filing business taxes from here on out, so consult your accountant or financial advisor for the best tips on how to do that.
- Contact banks for taking out a business loan. This process can be a bit complex, so again, speak to your financial consultant before doing so.
- Open a business bank account. This will keep your personal money separate from your business funds and will make tax season much easier.
- Save and document ALL spending. This can be simplified by using spreadsheet software like Microsoft Excel, or for a free version you can also use Google Sheets.
As more studies are done and scientific research validates the good in daily vitamins and supplements, natural remedies are becoming increasingly popular in the United States. Know what you are selling, be educated on the products and be cautious when advising consumers.