Do you have a supplement business that has been around for a while now and you’re thinking now may be the right time to start growing the company? Then again, maybe your supplement business hasn’t been around for long, but thanks to the success it has been enjoying, you’re considering growing in order to meet demand.
The goal of every business is to reach this stage where growth is necessary in order to keep up with customers. But does that mean you move ahead blindly and with speed? Absolutely not. In fact, for a business to be successful with its growth plans, there should be just that – a well thought out plan. So, let’s take a look at four tips that will help you to grow your supplement business.
Is There a Customer Demand?
The first thing to do is ask yourself whether there is in fact customer demand for growth. This should be the number one driving factor, the factor that truly pushes you forward. If there is no customer demand, then growth probably isn’t wise at this time. It’s going to be a real uphill and risky trek without that demand.
How Will You Ramp Up Production?
Just because you’re ready to grow and your customers are ready for your business to grow, doesn’t mean you have all your ducks in a row. How will you plan to ramp up production to offer more of a specific item, or even introduce new supplements and products to your line-up? Do you have the facilities or partnerships with vendors and suppliers in place to handle this increase?
If you do plan on introducing a new product to customers, then you also need to figure out what that new product will be, where you plan on getting the raw materials, what the delivery method will be (meaning tablet, liquid, or capsule form) packaging, pricing, the list goes on and on. If you are planning on filling capsules, you can use online resources like this convenient size chart to figure out what sized capsule you need.
These are questions that should be asked well in advance of actually moving forward with any expansion plans.
Are You Ready to Bring on More Staff?
If you have plans of growing then there is likely going to be a need for additional staff. Is this also something you are ready and willing to take on? More staff isn’t just a cost issue; it’s also a space issue as they need somewhere to work, and a training issue – you can’t just expect them to know what to do on day one.
Can You Devote Time to the Marketing Side of Things?
Of course, your plans for growth will only be successful if customers embrace them, which means they need to know about them. A huge part of this growth should be how you plan to address it through marketing campaigns. Let customers know what to expect, what will change for the better for them, what new products and launches are coming, and what other potential changes will happen. It’s the customer’s “what’s in it for me” question that you need to answer.
Ideally, you want to get active on your social network platforms as early as possible when it comes to growth. You want to essentially create hype and excitement around this next big step for the business. Social networks offer you the ability to engage with customers, answer their questions, introduce new products, and really get your company seen.
Growth Done the Right Way
So, before you rush in blindly to grow your supplement business, it’s important to have a plan and a goal. What aspect exactly are you hoping to grow, and what are the steps you need to take in order to achieve it? These answers will help to direct you in your next challenge.
