The vitamin industry has steadily grown for many years. In the year 2010, revenues for the vitamin industry in United States have increased by nine percent and are expected to grow after five years. This may be attributed to the people’s increased awareness on giving importance to health. This guide will help individuals who plan in starting vitamin shops as a commitment to cater to the nation’s health requirements.
The first step is to choose the type of business whether sole proprietorship, partnership or corporation. Certified public accountants are very familiar with identifying the appropriate business structure and so their advice will be of great value. All legal and financial requirements for the type of business structure must be documented.
Licenses, insurance and tax registration must then be accomplished. The business license and other permits required to operate can be obtained from the city clerk’s office. For insurance, an insurance agent who is knowledgeable on retail businesses may be consulted. Advice can be sought from the agent on liability policies. Also, tax income can be obtained from the department of revenue.
A store site suitable for vitamin shops must then be considered. It must be visible and accessible so that customers will not have a hard time looking for the shop. Feasible locations would be near beauty-related businesses or medical offices. The building must have easy access and sufficient parking space.
After checking the location, shop competitors must also be determined. All direct and indirect competitors must be listed down for proper monitoring of market share and price changes. The competing vitamin shops can be visited personally or in the internet to examine prices for vitamins and supplements. A vitamin shop businessman must be quick enough to respond to market changes.
Once the competitors have been identified, it’s time to list down all the vitamins, supplements and nutritional products to be stocked. A great edge would be to stock the products that the competitors do not have. Also an advantage is to search for reputable brands and purchase them by bulk in order to avail of quantity discounts or to achieve economies of scale. Stocking “private label” vitamins are also an effective strategy for vitamin shops like DNC Supplements in Tampa, FL. Stocks must be checked beforehand if expiration dates are displayed. This will be used for monitoring of the supplements’ potencies.
It is also very important to consider the hiring of accommodating and knowledgeable staff. An entertaining staff can surely be an effective strategy to gain the customer’s loyalty. Having an employee with technical knowledge on the products can also prove to be effective as communication with clients will be improved. Also, contracting with an expert dietitian would provide the vitamin shop with consulting services.
Prior to the store launching, advertisements must be conducted at fitness centers and other wellness centers. Vitamin shops in Tampa, FL would hire graphic designers to facilitate the creation of ads for magazines and newspapers. Lastly, a Health and Nutrition Open House can be opened to further cater to the client’s nutritional needs. The hired dietitian can be assigned to handle talks and consultations to answer to people’s questions on proper diet schemes.