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Whoever thought of the idea of creating protein powder is probably worth a lot of money right now. The world of health supplements is bigger than it’s ever been, with so many different supplements available for the public to buy. It’s a massive industry, but could you come up with the next big health supplement? If you could, the money would be astronomical and you might be set for life.
Unfortunately, it’s not as easy as that. Saying you’re developing a health supplement and actually going out to make one are two completely different things. Yes, the market is there for them right now. Especially with the coronavirus pandemic making everyone more conscious of their health. People want to get healthier and take better care of themselves, but is the supplement industry a viable thing to go into today? Well, let’s take a look:
A saturated market
The supplements industry is huge, but that’s both good and bad. On the one hand, you know there’s a demand for supplements, on a local and national level. On the other, you are competing against loads of other companies that are all doing the same thing. How on earth can a small business compete with the resources that a lot of these companies have? You’d need a groundbreaking idea that nobody else has come up with, which is very hard to achieve in a saturated market. You could cut costs by finding a local manufacturer to work alongside (for instance if you are based in Utah, you could use this supplement manufacturer Utah), but nevertheless, it will still be difficult to keep up against the bigger companies.
A lengthy development process
Developing a supplement is no easy feat. It involves a lot of chemistry, biology, and trial & error. It can take years before your supplement is fully-tested and approved for public consumption. The only good news is that it’s a lot easier to get your hands on substances that you might want to test as part of your research. Companies like Chemyo offer reference materials that researchers can purchase online and test. So, that makes your life slightly easier, but you’re still looking at a long development cycle. Plus, who knows what the world will be like by the time your supplement is out there. What seemed like a killer idea in 2020 may be less than ideal a few years later.
Naturally, you can make money developing the next big health supplement. That is, as long as you have it in your hands right now. For most small businesses, the idea of developing a new supplement from scratch is not a good one. It requires too much time and investment in an industry where you’re dwarfed by bigger companies.
However, this doesn’t mean your dreams of making it in the supplements industry are dead. A much better way of making money is by starting your own supplements business. Here, instead of making your own products, you acquire them from other manufactures and sell them on. This lets you tap into the large market and promote products that already have an audience. You’ll find that the majority of small businesses in this industry operate in this way. So, forget about trying to create the next big health supplement and set your sites on something more realistic.