Nowadays,people are becoming more and more health-conscious. They go to the gym daily so that they can stay fit and live a longer life. They also focus on the food and add supplement items to make their diet rich in protein and nutrients.
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In this article, we will discuss a business plan to start a supplement business with an example of protein powder in which you can start to make a lot of money. So a lot to know, a lot to discuss and without wasting time, let us begin.
Business Plan to start a protein powder business
You first have to make a proper business plan for starting your own supplement business. So let us discuss the important components of a protein powder or any supplement business which you must include in your business plan:
#1 Raw material required to start a protein powder making business
First of all, write down all the raw materials for making a protein powder as per your recipe. It is important to find out the raw material required to calculate the estimated price of your product. Generally, casein, hemp and some other nutrients are used for making product powder.
#2 Area required to start a supplement company
On a small scale, you can start this business in an area of about 1500 square feet or even less. But for a large-scale supplement manufacturing business, you need at least an area of about 23,000 square feet to become a part of the supplement industry.
#3 Machine required to start a protein powder making business
Generally, the machines required for any supplement business are the same. I will not mention the name of each component of the machine because you can easily buy a protein powder making machine for $ 15,000 in the United States or Rs 7 lakh in India. You can easily make protein powder.
Apart from that, you need to buy a protein powder packaging machine for about $2,000 in the United States or Rs 1.2 lakh in India.
#4 Workers required to start a protein powder making business
On a small scale, you need to hire 1-2 workers because it is very difficult to do all the work yourself.
For a large scale business, hire workers accordingly as per the workload.
#5 Other resources
Apart from the above, you also need other facilities like transportation, electricity, and water to start this business.
How to decide the price of the product?
Now comes the time of determining the price. For determining the price of the product, first, you have to properly calculate the cost involved.
The Costs involved include everything you spend on manufacturing protein powder like rent on building, depreciation on machinery, cost on transportation, salary and wages to workers, cost of raw material, selling expenses, warehousing, advertising,electricity, water, internet or any other cost which your business occurs for making protein powder.
After calculating the cost, analyse your competitors, product quality and targeted audience. After analysing, decide your profit margin and add it to the cost incurred. The required value is going to be the price of your product.
How to sell protein powder?
Make a marketing strategy and advertise your website properly on the internet. So that more and more people come to know about your product.
At last, be patient and wait because a new company takes some time to grow. Wait for some time and focus on improving the quality of your supplement product.
Investment required to start a supplement business
You have to arrange the area, machines, workers, transportation, electricity and some other resources to start this business. So, according to my estimate, a small scale supplement business can easily be started with $60,000 in the United States or Rs 30,000,00 in India.
It is very complex for me to estimate the investment requirement on a large scale because I don’t know your area and other factors. So please estimate it yourself or take the help of an expert.
How to arrange funds for starting a supplement business?
Since supplement or protein powder is a food item. So if your product is really beneficial for health, many Not For Profit organisations will promote and sponsor it.
Apart from that, on a small scale, you can get help from many government schemes, especially for food items.
If you are starting it on a large scale, you can approach investors for funding or take a bank loan to start this business.
So let me quickly summarise the article. The demand for healthy items like protein powder is increasing because more and more people are becoming health conscious, making a health supplement business more profitable.
You need raw materials, machines, workers, area, and other resources to start a supplement business. A person can start this business with about $60,000 on a small scale and easily arrange the funds by benefiting from government schemes.
Calculate cost and analyse your customers and targeted audience for determining the price of your product.For selling it, make a proper business website and start advertising the products on the internet.
At last, wait, and if you perform the business process properly and your product adds value to the customer’s life, then definitely your business turned out to be a great success.
We can easily conclude that starting a supplement business or protein powder is not an easy task. It requires a lot of effort, planning, and lot of intelligence for starting a profitable business.
So be patient, keep working and don’t be depressed if you fail because more than 90% of businesses fail in the very first year.
If you fail, try other businesses like corn flakes making business, chilli powder making business, or any other business of your choice but always keep working, keep hustling until you achieve success in it, and become rich in your life.
So with this note, let us end this article and, as always, “ God Bless You All.”
Frequently Asked Questions
How much money is required to start a protein powder making business?
According to my estimate, a small-scale supplement business can easily be started with $60,000 in the United States or Rs 30,000,00 in India.
Is there any scope of the supplement business?
Yes, the Supplement business has a lot of scope in the future.
Is supplement business profitable?
Yes, the supplement business is very profitable.