The entrepreneur emphasizes the importance of understanding the competition, industry, and market when starting a new business. Researching the area to determine if there is a need is essential for success. It is also important to read extensively about the diet and nutrition industry, and to get professional training or hire a consultant if needed. Sean Pena and Lauren Waskewicz identified a gap in the health and wellness industry in the form of nutritional supplements.
Online supplement stores often offer membership packages with additional privileges, such as discounts, early access, free health consultations, and more. The profitability of a store with 80% organic traffic is likely to be much higher compared to sales in health stores. Amazon's entry into the retail pharmacy business is becoming a reality, but CVS Health is looking to grow. 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) was founded in 1963 by brothers Stanley and Sidney Goldstein and their partner Ralph Hoagland. If you own or are thinking of opening a health and supplement business, here are some tips from two successful nutrition company owners.
