The entrepreneur also highlights that, when starting a new business, it is important to know the competition, the industry and the market. Find your competition in the area to help determine if there is a need; this is extremely indicative of how profitable and successful your business will be. In addition, read extensively about the diet and nutrition industry. If you already have experience in nutrition, great.
If not, consider getting professional training or hiring a consultant to help you talk and learn the ins and outs of proper nutrition. She's also the author of Retail Survival of the Fittest, a free e-book to help retailers prepare their stores for the future. In fact, both Peña and Waskewicz argue that ordering a solid product and being able to communicate that value to customers is key to any owner of a health and supplement business being able to achieve and maintain success. If you're thinking of starting or expanding a health and supplement business, don't underestimate the power of technology to help you exceed your goals as you grow your business.
While Waskewicz agrees that recurring businesses focus on products, he also highlights the need for health and supplement companies to be willing and able to build a community around their brand. I spoke with Carol Haggans, science communication and health consultant at the Office of Dietary Supplements, about vitamins and minerals, and with Craig Hopp, deputy director of the National Center for Complementary and Integrative Health (NCCIH), about botanical and other supplements. For Sean Pena and Lauren Waskewicz, this gap occurred in the form of nutritional supplements available in the health and wellness industry. Online supplement stores often sell membership packages with additional privileges, such as additional discounts, early access, free health consultations, and more.
Once again, the profitability of a store with 80% organic traffic (through SEO or social media) is likely to be much higher compared to sales in health stores that have grown at a respectable 4.5 percent annually, and online sales of vitamins and supplements increase by 12 percent every year. Although Amazon's entry into the retail pharmacy business is becoming a reality, CVS Health is not only looking to survive, but to grow. He mentioned some of the same benefits, adding that the Food and Drug Administration allows a health claim to be made on calcium, or a combination of calcium and vitamin D, to reduce the risk of osteoporosis. CVS Health Corp (CVS) (originally Consumer Value Stores) originated in 1963, a value store founded by brothers Stanley and Sidney Goldstein and their partner Ralph Hoagland.
Here's what you need to know if you own or are thinking of opening a health and supplement business, straight from the mouths of two very different nutrition company owners who are making it work.