An Ideal 4-Step Guide to Start a Nutrition Business
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Demand for professionals is on a rise, as they are believed to guide people towards their health goals. A holistic approach to health can be seen which includes diet, weight loss, strategies, and nutritional supplements. You should be familiar with the basics of vitamins and minerals, and food’s role in the body, before entering the business.
According to the Drug Marketing and Manufacturing Association, Nutraceuticals are a rising branch, which is estimated to clock a CAGR of about 16% in the next five years.
Mentioned below are four ways which should be considered before starting your own nutrition business:
A research is also mandatory before opting for a franchise model, as it provides the required information to the franchisee. Plan a proper research on your state’s requirement for education, training, and licensing of nutrition business. Getting advanced training in nutrition can help you determine the costing factor, for initiating a formal training. It’s also mandatory to make sure whether you are going to work alone, or as a group.
Investigating the Business
Try investigating as many aspects of the business which can help you learn about the nutrition industry. Deciding to emphasize product sales or counseling services as required, will lead you to seek employment in a retail establishment.
Joining a distributor is an option which can offer plenty of opportunities, enabling you to start your nutrition business for a small investment. Various multi-level brands are offering training and support services, establishing your distributor relationship. “The new regulations establish well-defined standards and regulations, allowing nutraceutical manufacturers to manufacture, distribute, sell, and import products within a clear framework. This transparency will further increase the consumers’ trust in nutraceutical products and help the market grow and evolve,” shares Sushil Khaitan, CEO, and Director of Pure Nutrition.me.
Establishing a Relationship
When going for franchising, getting a bank loan is pretty easy if your franchise brand is a huge success in the market. Try to establish a relationship with a bank or financier, which can establish a source of funding for your business. If you are lacking fund and business experience, try to contact the local Small Business Administration office, for free business courses, which can change your way of seeing a business. A good product, followed by appropriate pricing and personalized customer service, can serve as tenets for your successful nutrition business.
This article was originally published in Franchise India by Shahram Warsi.