Starting your own supplement store is not as hard as some people may think, and while some struggle to navigate and find a manufacturer, others might struggle to follow industry trends and regulations.
There are different guides out there that will tell you different things, but today, we came up with a complete guide to make it all easy for you.
1. Research the supplement industry
Before launching your online store, it’s important to dive deeper and learn more about the supplement industry. Keep in mind that there are plenty of supplements out there, and while there are many options to choose from, it’s important that you figure out which areas you need to research:
- Market Trends: Identify popular supplements and emerging trends. You learn more about emerging trends on social media channels like Instagram and X (formerly Twitter).
- Target audience: Are your supplements targeting athletes, general wellness seekers, bodybuilders, or any other group?
- Conduct a competitor analysis: Learn more about your competitor’s prices, branding, and even customer engagement strategies.
Always choose a niche that aligns with the market demand and even your personal interests. For instance, some dream of starting their own fitness supplement store, while others dream of starting a supplement store that involves bioproducts.
2. Acquire the necessary licenses
Since dietary supplements are regulated, it’s always important to make sure that you are complying with legal requirements. To make everything more complete and easier for you to understand, here’s everything you need to do:
- Acquire a business license: A general business license is required to legally operate your supplement store. You can apply through your city or country government.
- Acquire an Employer Identification number (EIN): EINs are issued by the IRS for tax purposes. They are required mostly if you want to hire employees or operate as an LLC or corporation. You can visit the IRS website to find out if you need an EIN or not.
- Sales tax permit: Required if your local government collects sales taxes.
- Compliance with the Dietary Supplement Health and Education Act (DSHEA): Dietary supplements are regulated under the FDA and need to comply with labeling and manufacturing regulations is essential. In case you plan on manufacturing your own supplements, you’ll need to also register with your facility with the FDA.
- Health Department Permits: Some local health departments require permits if you store or sell consumable goods, but this will strongly depend on your business model and location.
After you’re done with these licenses, it’s now time to move to the next step.
3. Create your website
If you want to start your own supplement store, there’s something important you need to focus on and that is creating your website. Your website will serve as a guide to all buyers to see what you are offering and guide customers where they need to go.
As technology continues to evolve, there are new ways on how you can create your website. This includes using Artificial Intelligence (AI) tools. In fact, roughly 68% of business owners are using AI web builders to create a website.
AI web builders cost much less to use and can create websites in under one hour. The online world is evolving so fast nowadays to a point where everyone needs to be fast in how they address something.
4. Find where you can source your supplements
Finding reliable suppliers for your supplement store is important if you want to ensure product quality, customer satisfaction, and improve business success. There are several steps you need to take when it comes to finding who is a trustworthy supplement supplier and we’ll go through each of them.
Research reputable manufacturers and wholesalers
It’s always good to look for Good Manufacturing Practices (GMP)- certified suppliers to make sure they are trustable and safe to work with.
Check if they are complying with industry standards such as industry directories like USP, NSF International, and FDA databases for certified manufacturers.
You can also explore wholesale platforms such as Alibaba, Global Sources, and ThomasNet to find what you are looking for. The good part is once you start searching for supplements, these platforms have an algorithm that will always keep you up to date with industry trends and similar products.
Verify supplier credentials
When choosing to work with a supplier, it’s always important to check if they are FDA-compliant and follow GMP rules.
As a business owner of a supplement store, you have the right to ask for certificates of analysis (COAs) for product ingredient verification. Above all, you can look for third-party testing certifications to guarantee product potency and purity.
To verify supplier credentials, you can also request samples before committing to larger orders and test them for accuracy, taste, and packaging durability. Also, don’t forget to pay attention to the labeling regulations to avoid any legal issues.
Assess shipping and lead times
Make sure the supplier has fast and reliable shipping options. Moreover, find out about their lead times for reordering and restocking.
As a general rule, it’s best to always check for the nearest warehouse location in your region to minimize any shipping delays. Especially if you have products that are high in demand, it’s important to communicate with the supplier to plan ahead to avoid any “out of stock” issues.
Pay attention to return and refund policies
Pay close attention to all policies on damaged, defective, or incorrect products. Make sure that the supplier offers fair return terms to protect your investment and avoid working with suppliers that aren’t clear with their return policies or are avoiding talking about them.
5. Focus on social media marketing
In order to attract and retain customers, it’s always important to make sure you are effectively promoting your products and services on social media channels. 64% of the global population uses social media channels and this means that it’s now your chance to reach a wider audience and connect with your audience on a much deeper level.
Firstly, it’s best to focus on platforms where your target audience is most active. Popular social media channels where customers purchase supplements the most include Instagram, Facebook, and even Pinterest. Additionally, you can use TikTok to showcase your product through videos and even “how-to”-guides on how customers can use the product if it’s complicated.
Next, your content needs to be informative and engaging. You can make this possible by creating product spotlights, highlighting the benefits, ingredients, and usage of your supplements. You can show before and after transformations that help build credibility in the customer.
Above all, when creating your content, show education posts such as health tips, workout routines, and supplement guides. After customers are done using the product, you can encourage them to share their experiences with your product.
6. Email marketing
The bingo to effectively marketing your supplements to customers other than using social media channels is to use email marketing tactics. Email marketing is an effective way to nurture leads, engage customers, and increase your sales.
First of all, you should focus on building a high-quality email list. You can promote your email list through social media campaigns and even collect email addresses during the purchasing phase.
Second, when a customer makes a purchase or registers in your email list, send them a thank you or welcome email to show appreciation.
Third, segment your email list based on personalization. Not every customer has the same preferences. Send out discounts for the next purchase to encourage customers to buy again, or reward loyal customers with exclusive offers. This is your chance to use your creativity at the maximum level.
Lastly, your best approach is to send out abandoned cart emails. These emails are follow-ups to see if they can engage the customer's interest once again. Abandoned cart emails can be sent out in three different ways:
- After 1 hour: Includes a friendly reminder and the product's image.
- After 24 hours: Offers a discount and free shipping.
- After 48 hours: Offers a limited-time offer that creates urgency.
A purchase is better than none and sometimes all the customer wants is to be persuaded so it’s now time to do so.
The time has come to start your own supplement store
Starting your own supplement store can be a rewarding and profitable venture, but success always requires careful planning, industry knowledge, and strategic execution. We created these six tips to make it easier for you and easily make your supplement store stand out from competitors.
The supplement market continues to grow each day and is offering endless opportunities for entrepreneurs who are passionate about health and wellness. Therefore, always stay committed to quality, build trust with your customers, and adapt to industry trends. With dedication and the right strategy, you can easily turn your supplement store into a sustainable and successful business.