People are more conscious about their health now than ever. All because of the pandemic, we have finally realised the importance of having good health. And one of the best ways to ensure we are in our best health is by taking supplements.
Supplements fulfil the nutrition needs that regular meals cannot achieve. These can be dietary, fitness, or health-related coming in different forms and variations. And there is a huge market for the supplement business.
If you also want to ride the wave, here is a detailed guide on how to start a supplement store in India.
But starting a supplement store is not just about registering and getting a license. You must have some knowledge before jumping on the trend. So, let us understand what you need to open a supplement store.
What do you need to know to open a supplement store?
Supplements provide nutrition to our bodies. They ensure your body has enough vital substances to keep it functioning. Some people take supplements to reduce the risk of disease.
Most supplements contain vitamins, minerals, protein, calcium, herbs, and enzymes. These active ingredients have strong biological effects on the body. Therefore, you must know about them before selling them. In addition, some supplements cannot be sold without a prescription. Hence, you should know about what supplements should be sold.
Supplements come in various forms, such as capsules, powder, soft gel, gummies, and more. So try to understand what purpose each supplement serves.
People consume fitness supplements or sports supplements for weight gain or loss. These can be bought without a prescription. But they have a diverse effect on the body, hence need to be taken cautiously.
Considering all the points mentioned above, one must have enough prior knowledge about supplements and how they work for our body. In addition, as a store owner, this knowledge will be helpful to tackle customer queries.
Also, knowing different types of supplements will help you make an appropriate business plan. A business plan helps you set up a foundation for your business. As you want to start a supplement store, creating a business plan requires some research about the market.
So let us learn about the steps required to open a supplement store in India.
Also Read: Best Whey Protein Brands in India
How To Open A Supplement Store In India?
Like any other business, starting a supplement requires research, planning, marketing, and execution. And below is the step-by-step guide on how to do that.
Step 1: Start with an Idea
The first step is to come with an idea about supplement stores.
Consider these questions while deciding your store idea:
- What is the goal of opening a supplement store?
- Do you want to start small or big?
- Do you want to go for a franchise or go independently?
- What supplements do you want to sell? (Dietary, Fitness, Health)
- Do you also want to sell other food items or only supplements?
- Do you want to rent a store or own the property?
Once you have a clear idea about all these questions, the next step is market research.
Step 2: Market research
Doing market research ensures your business starts on a smooth note. It allows you to taste the water before actually stepping into the business.
The following points will help you do your market research:
- Where do you want to set up your store?
- What are the competitors selling in your area?
- Is there a gym nearby?
- Is there a need for a supplement store in a nearby area?
- What types of supplements are in demand?
After doing the market research, the next step is to use that to create a business plan.
Also Read: Gym Equipments Manufacturers in India
Step 3: Create an in-depth business plan
Your business plan will include all the necessary information for opening a supplement store.
These are the points to include in your business plan:
- What are the costs involved in opening a supplement store?
- Who is your target market?
- What are the monthly costs of running a supplement store?
- What brands do you want to sell?
- What products do you want to sell?
- How many employees do you need?
- What will be the structure of the store?
- Do you need to do any construction work?
- What is the vision for your supplement store?
- What will be your store name?
- Do you want to sell online or in-store only?
- What do you need for an e-commerce store?
All these points will help you evaluate how much time and money you need to invest in opening a supplement store. It will also help you with the legal formalities in the next step.
Step 4: Legal formalities
You will need to register your business with the concerned authorities.
Depending on what is your business type, register your business as:
- LLP - Limited Liability Partnership
Also, you will need to register for an FSSAI license. FSSAI stands for Food Safety and Standards Authority of India, an organisation that monitors and governs the food business in India. It is an autonomous body established under the Ministry of Health & Family Welfare, Government of India. All the Food Business Operators (FBO) need to get an FSSAI license.
Now that you are done with the legal formalities, the next step is to promote your supplement store.
Step 5: Promoting and marketing supplement store
This is a critical step in starting your supplement store. But, first, you will have to promote your store in the right places to acquire a customer base.
Some points to help you promote your supplement store:
- Promote your supplement business to your friends, relatives, and acquaintances.
- Contact the nearby fitness centres. Share your product catalogue with them. You can also offer coupon discounts for their customers.
- Create a website. Start sharing information about your products and share the links with online communities.
- Create social media channels for your store. Share details about various products. Share benefits of using supplements.
- You can hire an assistant with a fitness background to solve customer queries. It will help build a trust factor with your customers.
Marketing your store will bring in more customers, hence more profits. Knowing your right customer is the key to effective marketing. Therefore, do your market research properly.
A few points to remember to run a successful supplement store:
- Keep track of your inventory. It means to keep track of which products are selling well and which ain’t.
- You can offer home delivery in your area.
- Offer a variety of supplements so that your customers will have more options to choose from.
The bottom line is, spend more time on planning and doing market research to run a successful supplement store.
The ‘how to open a supplement store’ guide will help you set up and run your business smoothly.
|We hope our article turned out to be useful for you. For more such informative content, you can visit these linked articles as well:|
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Q. Do you need a license to sell vitamins and supplements?
Ans. Yes, you will need an FSSAI license to sell supplements in India.
Q. How much does it cost to open a supplement store in India?
Ans. The cost of investment depends on what products you want to sell, where you want to sell, and how you want to sell. Therefore, it varies for everyone.
Q. How can you make the supplement store business more profitable?
Ans. You can start an affiliate program. Promote your products to nearby fitness centres. You can offer coupons and discounts to the referrals you get.
Q. What are the costs involved in opening a Supplement Store?
Ans. The starting costs include property, equipment, furniture, and inventory.
Q. Who is the target customer for the supplement store?
Ans. Your target market is fitness enthusiasts, gym members, health-conscious, and older people.