Becoming a wholesale vitamin supplier is easier than you might think. While you must be focused and intuitive while creating your business and brand, success can bring you a solid income as well as the ability to catapult into other opportunities. That’s just what legendary entrepreneur and author Tim Ferriss did with one of his first companies, BrainQUICKEN. Through this company, Ferriss was a reseller of one of the first nootropic supplements to hit the market.
World of Possibilities
While he has long since sold the company, being a retail and wholesale vitamin supplier got him his start as an entrepreneur. It paid the bills and functioned as a “muse” business that funded his other ventures – as well as numerous amazing vacations and personal growth adventures.
Eventually, Tim Ferriss learned about the benefits of outsourcing as many of his business tasks as possible until he eventually pared his efforts down to a “four hour work week” – just 20 to 30 minutes per day of checking in with the business most weeks.
Since then, Ferriss has written numerous successful books and articles, including the book that made him famous: “The Four Hour Work Week.” Ferriss is currently the host of a successful podcast and blog that continues to inspire entrepreneurs all over the world.
Are you ready to get started as a wholesale vitamin supplier?
Decide On Your Business Model(s)
Your structure as a wholesale vitamin supplier may embody a variety of different models. A Multilevel Marketing (MLM) model would involve you inviting resellers to offer your wholesale products to the public. You could also be the middleman between the wholesale manufacturer and health food stores and other retailers. You might choose to create your own label and brand for your business, as Tim Ferriss did. However, you can also have branches of your business involved in all three models. It’s entirely up to you!
Research the Industry and Your Product Ideas
Be sure to do plenty of homework about the industry as well as your vitamin and supplement product ideas. What private label vitamins and supplements are selling well on eBay and Amazon? Read health and nutrition forum discussions to see what people are talking about. Once you’ve determined where the market is headed, you’ll be better informed as you select and refine your product line.
Inventory management is crucial as a wholesale vitamin supplier. If your customer cant reorder these contingent based items whenever they need you will never earn their brand loyalty!
Partner with a High Quality Vitamin and Supplement Manufacturer
This decision is crucial to your success as a wholesale vitamin supplier. Screen vitamin and supplement manufacturers based upon reputation, feedback from customers and longevity in the industry. Verify that they are a certified manufacturer and not a reseller themselves. Look for qualities like trustworthiness, integrity, timeliness and good communication.
Next, do some independent testing of your product ideas. Enter into health and nutrition forum discussions and talk about your product with members so that you can gauge the response of your target audience. Buy some samples of your products and offer them on eBay, Amazon and other low-risk venues to see the response.
Create focus groups and have trusted friends and contacts try your supplements and give their honest opinion; you can use what they say as testimonials in your marketing later.
Experiment with different brand names and product packaging imagery as well.
Finalize Your Business Name and Brand
Image, branding and marketing can be just as crucial to success as a quality product. Based upon your research and testing, finalize the decisions about your business and product names as well as the product offerings themselves. Refine your logo, brand imagery and marketing material.
Register your business under your desired tax structure and obtain a tax identification number. Open a business bank account and a method for processing payment from customers.
Marketing is Key to Success as a Wholesale Vitamin Supplier
You can have the most amazing and helpful products, but if no one knows about them, they can’t help anyone. Put considerable time into your online presence including a solid website and social media accounts.
Set up stores in eBay, Amazon, Yahoo and other quality platforms.
Be sure to keep SEO in mind; identify the top keywords for your products and use them optimally throughout so search engines and customers can find you. Consider using banner advertising and pay-per-click opportunities like Google AdWords and Facebook ads. Becoming a wholesale vitamin supplier takes time and focus, but the rewards can be substantial. You’ll be assisting others in improving their health while also making a nice income.
Follow these seven steps for getting started, and you could be on your way to entrepreneurial greatness like Tim Ferriss.