Strategic targeting is part of being an excellent entrepreneur. You target the right market at the right time, with the right tactics and you almost definitely have it!
Most if not all Americans will willingly spend some dollars for their health and wellness, that’s why entrepreneurs who look that direction will most likely succeed.
People in the US are dropping to traditional medicines for alternative medications like nutraceutical supplements— a sector looking at 375 billion dollars by 2025.
And many buyers are savvy, they know exactly what they want. For instance, while there are other forms of nutraceuticals, some or many today consumers are likely to ask for fat-soluble nutraceutical supplements—unless they are after the vitamins in fat-soluble types like (B and C).
Why Focus on Fat-soluble Nutraceuticals
These supplements carry the vitamins A, D, E and K that matter most to the body in controlled quantities.
Animal foodstuffs are the richest natural sources of these vitamins. Consumed from animal foods, they enter the bloodstream faster than when ingested in fats.
The body relies on these vitamins for different vital roles. But you will rarely find them in the food you buy in public.
Also, you will most likely find other fat-soluble vitamins in meals but Vitamin D is rare in diets— which is why people go for these supplements.
Your Nutraceutical Business Checklist
Here’s how to set up a fat-soluble nutraceutical store.
- Identify a niche. Don’t start without identifying a target market. Conduct a thorough research to identify a ready market.
- Choose a Product type. You can offer one or all of these nutraceuticals: minerals, prebiotics, vitamins, probiotics, fat and antioxidants.
- Offer unswerving Customer support. Preferably, go for live chat to maintain active interaction.
- User-friendly website. Work towards hassle-free navigation, easy product search and a stress-free checkout process.
- Use eye-catching product designs. Looks is everything. Design and flaunt attractive packaging for your products on a user-friendly website.
- Seek FDA Compliance. Customers will check. Make sure you seek certification from the Food and Drug Administration.
Next, you want to search for the right merchant services and payment processing solution for your nutraceutical business.
Nutraceutical Merchant Account & Payment Processing
You’ll need a Nutraceutical Supplement merchant account to process payments but you’ll break some sweat to get one because banks consider nutraceutical-related businesses high-risk.
That means you won’t enjoy the normal low-risk payment processing as other less-regulated industries.
Furthermore, due to unmet expectations, not all of your customers will be happy with your products. And banks shy away from you if you’re prone to chargebacks or reverse charges.
All these and the fact that nutraceuticals don’t have a strong scientific backing makes these businesses are a no-go-zone for banks.
So your best option lies with high risk merchant account providers. If you have every other thing in order, these service providers will see to it that your business begins processing payments ASAP.