5 Expert Tips When Starting Your Own Supplement Company
Starting your own supplement company (or any company for that matter) can feel overwhelming. Sometimes you just don’t know what you don’t know, you know? And the only way to find out is either learn the hard way or learn from someone who has walked the same path.
Who better to learn from other entrepreneurs that have been through the ups and downs and have ultimately built successful businesses over and over.
Here’s advice from five super successful entrepreneurs to other entrepreneurs.
Gary Vaynerchuk
Gary really gives entrepreneurs a reality check in this video. For you business to succeed you need to know if you have the cash and the time to make it happen. You might have all the passion in the world but that doesn’t matter because businesses don’t run on passion they run on money. So make sure you can put your money where your mouth is.
Second is time. Gary’s advice is that you dedicate 18 hours of your day to your business for the first year, at least. Building your own supplement business takes time; it’s not a get rich quick scheme.
Marcus Lemonis
One of the biggest problems Marcus sees with struggling entrepreneurs is their pride and their inability to listen and learn. It’s easy to get wrapped up in your vision and want everything your way. It’s your supplement business after all and it probably feels like your baby. But rejecting good ideas just because they’re not your ideas, is a bad idea.
A key to finding success as an entrepreneur is learning when to listen to the ideas around you and learning to make the right decision. Whether or not it’s your idea that pushes the company forward, just remember, it’s still your company!
Tilman Fertita
In this age where entrepreneurship is cool, it seems like businessmen are the new rockstars! But just like rock ‘n’ roll there’s a lot of hard work that happens behind the scenes that doesn’t get nearly as much attention. The basics of business, like accounting and knowing your numbers, isn’t what gets hyped but that’s what moves a business forward.
It has been said that accounting is the language of business. When running your own supplement business, it’s important that you speak that language. It might not be fun, easy, or glamorous but it is what will make the difference in the end between success and failure. Just take it from Tilman.
Barbara Corcoran
Barbara Corcoran has faced many obstacles in her life. She grew up poor in a large family and wasn’t able to read and write until she was 11 years old. But none of these obstacles prevented her from becoming a multimillionaire real estate mogul.
Her biggest observation is that the most successful entrepreneurs are the ones that bounce back from failures or bumps in the road. No great business grew up without obstacles Nike, Facebook, etc. all of these business were faced with major obstacles before they became the success they are today.
Jack Ma
And last but not least, Jack Ma – founder of Alibaba, provides five pieces of advice for entrepreneurs.
- Be optimistic for the future
- Surround yourself with people who believe in your vision
- Ask yourself what you’ll sacrifice not what you’ll gain
- Don’t look at what’s hot, see what’s coming
- Don’t wait for things to be ready
With these in mind you’ll not only be able to be a good entrepreneur, you’ll be able to build an amazing supplement company.
The Takeaway
Building your own supplement company won’t be easy especially if you’re trying to build something truly great. But by looking to mentors in the business world who have already found success can help guide you through the process.
We here at Vox Nutrition are ready to help you too! We love helping people build their very own supplement companies starting from the ground up. With high-quality, popular, science-backed products, we’re ready to help you start private labeling today!
