The sports supplement business is growing at a rate of almost 9%, and nearly 44% of gym enthusiasts use supplements. It’s expected to grow even more by the time we reach 2027, showing that it’s a very lucrative market indeed!
Perhaps you’re a bodybuilder or someone who’s interested in this type of training. If so, starting a bodybuilding supplements business might be a great move for you. Supplements for bodybuilders are important as they always require topping up on their nutrition. Therefore, supplements can provide a quick, effective, and convenient way to get additional calories into the body.
Want to know more about why supplements for bodybuilders are important and how to start your own bodybuilding brand? Read on to find out more.
What Are Supplements for Bodybuilders?
Bodybuilding supplements usually include the following:
- Protein powders
- Weight gaining powders
- Vitamins and minerals
- Dietary pills
In addition, protein and energy bars, carbohydrate-fueled beverages, sarms for sale, and fat burners also fall into the line of supplements. They can be added along with powders and nutritional supplements for your bodybuilding supplement business.
Bodybuilding supplements aren’t just for bodybuilders either – professional athletes make use of them too. Energy bars and carbohydrate drinks are commonly used to help build sports nutrition needs, both for training and events. They’re used by triathletes, runners, cyclists, and other cardio-based athletes to ensure they maintain optimal performance.
What You Need to Start a Supplement-Making Business for Bodybuilders
There are ten main steps involved in starting your supplement business. But before we look at them, it’s crucial to see what else you’ll need in place so that you can get started with your brand and build a successful business. These include:
- Wholesale suppliers
- A vendor’s license
- Doing business as (DBA) certification and registration
Also, to get your business off the ground, you’ll need to market it well. You can advertise by having your services printed on pamphlets and posted in magazine ads, and probably most importantly, your company site.
Building Your Website
When it comes to your website, you’ll need to have all of your supplements stocked and ready to sell. In addition, it can be worth paying a web designer with a high reputation and proven track record of creating amazing-looking sites.
In addition, you may want to hire an experienced copywriter who’ll write your:
- About us page
- Product descriptions
- Services pages
- Landing pages
Landing pages will link to your social media platforms, where you can also advertise, build a following, and grow your customer base.
How to Start a Supplement-Making Business
Here, we’ll look at the ten steps to creating the bodybuilding supplement company of your dreams. This is the outline of the process:
- Pick your products
- Conduct research on suppliers
- Check online for wholesalers
- Choose your brand name
- Create your website (or have one created for you)
- Get your business plan into action
- Pay your insurances taxes
- Become business insured
- Have your business banking sorted
- Start earning for your business
Pick Your Products
The supplement company market can be fairly competitive, so it’s important to choose what products you’ll sell wisely. You can pick just a few to market, or a large list of supplements, depending on how what you want your business to focus on.
As mentioned, there’s a long line of supplements that are on offer. But whether you want to stick strictly to the bodybuilding niche, or expand it beyond, is entirely up to you, your business goals, and your target market.
You can research other gyms to see what they sell and what works for them. If it’s consistent with what you want your brand to sell, you can find supplements that tend to be popular within the industry. That way, you can add to them as part of what you decide to be part of your supplies, whether it be commonly used supplements, powders, or bars.
Conduct Research on Suppliers
Check out what suppliers are available as well as:
- Their pricing
- Products they sell
- What they offer in bulk
- Discounts that are available
If they offer a range of the products you’re looking for, you could be on to a winner while saving expenses in the process. When starting out this could be a very smart move for you.
Research for a supplement supplier that’s local so that you can pick them up yourself or take advantage of a lower delivery charge. This can go a long way towards helping you save in the process while improving your income and overall profit margin.
Check Online for Wholesalers
Don’t be afraid to make some calls to wholesalers who may be able to offer you better deals on bulk goods.
Remember, it’s a wide world online, and you can possibly find one that’s even outside your local area where the pros outweigh the cons – you could still make savings in the end!
The discounts could outweigh the dispatch fees and leave you off better financially. In addition, you could pick up some additional products that you might otherwise miss out on. You can find supplements that are different than those used by other brands along the way too with the wholesaler that’s a perfect fit for you.
Choose Your Brand Name
Your company name can make all the difference – put your own unique stint on the name of your brand! One that possesses the following qualities can help improve the traction of your brand and sites, and increase your sales:
- Tells what you sell
- Applies to your target consumers
Remember it’s crucial that you contact your region’s administration office so that you can apply for your needed vendor’s license, brand name, and DBA registration.
Create Your Website (Or Have One Created for You)
While we’ve explained how you can use service experts to help conduct an excellent website that’s attractive and easy to navigate, it’s not always needed if you possess some skills of the same yourself.
As long as it’s pleasing to the eye, tells exactly what you sell, and why your supplements are the right ones for your buyer’s needs, you should have no issues.
Adding your payment section via the following payment systems is generally easy to use:
- Credit or debit payments
Making payments convenient can be the difference between a sale made or lost. Today, online users are looking for the most convenient means possible.
Get Your Business Plan in Action
Your business plan sets the stage for your brand to get off the ground. Business cards and fliers can be left in shops, and supermarkets, and be hand-delivered to homes. Placing ads on websites is also another viable option as well as campaigning and attending business events where you can hand information out.
Making the time to connect with the local community can prove valuable for building relationships that can stand by you later.
Pay Your Taxes
You need an Employer Identification Number (EIN) before you can start paying your taxes. Through the IRS site, you can file your taxes online, or by mail or fax. As a self-employed worker, you’re able to use your social security number to do so.
Whenever you have your EIN in place, you must decide upon your year of taxation. This, generally speaking, will run from the beginning of the year to the end, from January to December.
However, you can start it at any time as long as it lasts for the full twelve months, known as a fiscal period. For example, if your start date is the beginning of April, your tax year will finish at the end of March the following year.
Become Business Insured
While business insurance is essential, it’s often forgotten about which can pose problems for you as a sole proprietor. You’ll need it so that you don’t run into issues that can prove costly to your business, having to back-pay what you owe. But get your insurance and it’s easily avoided.
The main types of insurance you’ll need for your bodybuilding supplement company are:
- General liability insurance
- Business property insurance
- Equipment breakdown insurance
- Commercial car insurance
Let’s see why you need each kind of insurance for your business.
You’ll need general liability insurance so that you’re covered in the event of an accident while working. This is the main type of insurance you’ll need for your supplement business. It also covers you for property damage done to your place of work.
With business property insurance, you’ll receive cover for all of your equipment and company supplies. These will include your products, as well as any payments required to set up your site and web designer, should you choose one.
Equipment breakdown insurance covers you for any losses or damages caused to the equipment used for your company.
You may need a company car for picking up supplies or if you choose to make any deliveries yourself. This can also be a great way to advertise your company while having your logo, company name, and branding on the side of the vehicle. But when it comes to insurance, you’re protected in the case where any repairs need making due to deterioration or damage that’s done whilst driving.
If you do have any other workers employed by you, whether that be in the beginning or in the future, worker’s compensation will be needed in case of any personal injuries that incur.
Have Your Business Banking Sorted
Setting up your bank account for your company is an essential element for any business. That way, you can keep track of your income.
When you have your business and personal bank accounts unrelated, you can keep track of your finances better. This is especially true for the money coming into your business as well as your taxes and insurance. So, it’s always worth having the two separate.
It’s an easy process that won’t take a lot of your time, and it’s worth it in the end since you can see exactly how successful your business is becoming. It can also help you track its growth.
Your bank will likely offer a business bank account which can help simplify the process. But since each of these accounts are different depending on the bank, it’s also wise to keep your options open. Find the one that’s best for you and your needs.
You’ll need to bring your social security number with you, and then before you know it, you’re on your way to tracking your earnings. Also needed will be your:
- Personal details
- Business Information
- Legal contracts
- Articles of incorporation
Start Earning for Your Business
Many more people have started taking their health seriously since the pandemic started. This makes the health and fitness industry one that’s seeing plenty of growth this year.
It’s the perfect time to start your own supplements business for bodybuilding. There’s certainly money to be made!
Why Start a Supplement-Making Company
There are several reasons why a supplement-making bodybuilding brand can be the way forward. Here are some of the main perks that are commonly experienced within the industry:
- Annual revenue of between $80,000 to $400,000
- Yearly profits ranging from $60,000 to $160,000
- A flexible working schedule
- Only three to six months to notice growth
While an initial investment can range from between $7,350 and $15,600, as you can see, it can be a very promising business prospect to start a bodybuilding supplement company.
Additional Benefits of Starting Your Business
Other benefits include:
- Helping improve the health and strength of others, which is important to many
- The ability to work from home or without the need for office space
Not having to rent an office or building can help save money on expenses too, which can be very beneficial for the business overall. Think about all those extra dollars that can be built into your bank!
Stay On Top of the Latest Health News Here
The supplement industry is exploding lately since the coronavirus pandemic, and there’s no better time to get on board with starting your own business within the health niche. Here, we’ve shown how supplements for bodybuilders are ever popular and how and why starting your own brand can be a great move.
Read more of our blogs for more on the latest health trends today! There is a wealth of information for you, your needs, and your interests.