While getting started in any industry can be daunting, sometimes the challenges posed by the nutraceutical industry can make getting started here particularly complicated. Before you even begin custom supplement development, you need to understand the market, the consumer trends, the science, the competitive landscape, and the regulatory environment to develop a sound business plan. With so much to consider, how do you even get started?
We asked Vitaquest’s Assistant Vice President for Powder Product Development Michael Bengivenga what he thought were the most important considerations for those considering a venture in the nutraceutical industry. Mike is a 31-year industry veteran who has worked for large and small organizations on both the supplier and the marketer side of the business. Mike has seen companies come and go from the industry and understands what it takes to succeed.
Find Your Manufacturing Partner
The most important step is finding a nutraceutical manufacturing partner. A collaborative partner can be the difference between having a future or being a flop.
According to Mike, “The best way to get started is to find an innovation partner who can guide your growth”. Mike further explained that by taking ideas and/or initial business plans to a potential manufacturer with the knowledge and expertise to shape that plan into products that provide consumer value, entrepreneurs avoid expensive trial and error cycles and develop a solid foundation for the future.
Know Your End-Goal
What kind of supplement do you ultimately want to develop? A powder for athletes? A tablet for immunity? A capsule for women’s health? Before you begin your custom supplement development, know what the purpose of your supplement is and what value you want it to bring to your consumers. It also helps to know your competitors. Are you developing a supplement to compete with one of theirs? Or are you setting out to develop something the market’s never seen?
Plan Your Spec Sheet
We can help you here! Think of your spec sheet as your custom supplement development map. It lists out the ingredients and raw materials, chemical makeups, and physical characteristics of your ingredients, among other things. The spec sheet helps maintain costs, helps plan out ingredients, and helps scientists test your products for quality and compliance. It may not seem like it, but a spec sheet is one of the most important tools in your kit when it comes to custom supplement development.
Getting Started with Vitaquest
Getting started on your nutraceutical development journey doesn’t have to be tough. Because Vitaquest’s expertise lies in providing custom products, Mike and his team are in the unique position to be able to advise entrepreneurs on the best options for ingredients, product formats, and supplement product packaging to deliver consumer propositions that have competitive distinctiveness and return good value to the company. Vitaquest wants to do more than make a sale; they want customers who have staying power in the market.