Nothing is quite like going into business for yourself — that’s what many people think of when they think about the American dream. Nothing is better than taking something that you’re passionate about and making a profit from it.
With the country becoming more health-conscious, this is a great time to get into the industry of supplements and natural health solutions. It is estimated that by the year 2024, the supplements market will generate a whopping $278 billion in revenue. If you want to make sure that you get your chunk of that pie, then follow these tips that will help you in your supplement store venture.
Establish yourself as an authority
One of the hardest things about starting your own business — no matter what industry — is being the new kid on the block. You will compete with companies that have been at it longer and already have established a customer base and a reputation.
Even though you will be engaged in an uphill battle to build your brand and compete with established companies, all is far from lost. One of the best ways to establish your brand as an authority in the nutritional supplements market is through the internet.
According to statistics, 90 percent of American adults used the internet in 2018. If you create entertaining, informative content that is relative to your store’s specialty — and link your content to reputable sources — you can build an online presence. This is called search engine optimization, and SEO is the current “it” online marketing strategy.
Create your own line of products
Sure, you plan to stock your shelves with the top name brands in supplements, and you should. But one thing to keep in mind is that name brand products can be expensive — especially the top tier brands.
Often, customers will frequent your business looking for bargain brand supplements that will fit their budget. If you build a relationship with a nutrition manufacturer, it can supply you with nutrition products that bear your name. You will likely be able to offer these at a price that is much friendlier on the wallet than the leading brands and build your brand at the same time.
Location is important
When searching for a place to build your brick-and-mortar store, you must be selective about the location. You want to put your business in a place that is already frequented by the type of people who will make up your customer base. Where your business sits will play a major role in the quality and quantity of clientele that you attract.
You should scout locations that are in shopping centers with a lot of traffic already. It would be a huge plus if this shopping center has a fitness center in it or a store that sells athletic gear. A location like that should be a haven for health-conscious professionals.
Get on the CBD train
One of the biggest trends right now is the emergence of CBD as a natural health solution. Many people are enthusiastic about its potential as somewhat of a cure-all, and it is only gaining momentum as cannabis becomes more accepted.
If you build a relationship with a business-to-business CBD supplier such as StockCBDSupplements, then you can stock your shelves with your own line of CBD supplements. Also, by selling CBD products, you can expand your customer base to people who aren’t natural health aficionados but are enthusiastic about cannabis.
Use social media
Your nutrition store will likely draw a young adult crowd. Studies show that close to 90 percent of Americans between the ages of 18 and 29 and 80 percent of Americans between 30 and 49 have at least one social media account. If you’re not engaging with prospective customers on social media, then you’re missing a golden opportunity to build your brand.