Tips for Starting an Herbal Supplement Business

Jul 20, 2015

There are many types of businesses that one could start. From e-cig businesses to hair salons to online dating websites, the possibilities are endless. One of the hottest, but looked over, business opportunities is herbal supplement sales. From online sales to pop-up shops to brick and mortar stores, your business housings are as big as your imagination. The herbal supplement industry is hot, thanks to Dr. Oz and other television doctors singing their praises. While care should be taken, these businesses could end up being a godsend for you and your desire to live the American Dream.

Opening any type of business is tough, but herbal supplement businesses have a few more issues than the average business. Most states have regulation when it comes to businesses selling herbal supplements, so be sure to thoroughly research before applying for your business license. Another issue comes with locating an herbal supplement merchant account. Every business needs a merchant account to process plastic card payments, but because of the sensitive nature of herbal supplement companies, one can be hard to find. Be sure to research this as well, before signing your name to any merchant account-processing contract.

Once you have a business license and merchant account, you need to focus on your inventory. Make sure that you know where your products are coming from. Not just the merchants that are selling them to you, but also where they go them. You need to know where every ingredient comes from, as customers will ask. If something is harvested in Peru and manufactured in Utah, you need to know this. You also need to know the track record of the merchant that you are getting your goods from. Make sure that they are on the up and up, and have not had any issues with the FDA or other regulators. You do not want to have your supplier get into trouble, and suspend sales at the drop of a hat. That problem would result in you either not carrying the product, or having to hurry and search for another manufacturer. A good rule of thumb for any business is to research what you are getting into, and the herbal supplement business is no different.

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