Developing a breakthrough idea for a nutritional product is an exceptional milestone for budding entrepreneurs and startups, but without manufacturing capabilities and resources, all of your hard work can be rendered useless. The efficient manufacturing of products involves a deeper knowledge and understanding of materials, ingredients and technological innovations in order to create an end product that works.
For wellness enterprises such as health supplement companies, translating ideas and prototypes into actual supplements for mass distribution requires the expertise of health food manufacturers. Producing in bulk is costly in that a large chunk of a business’ capital is allocated to the purchase of not only raw materials, but machinery, equipment, and manpower in order for it to be operational. Private label supplement manufacturers are specialty business enterprises that focus on helping other businesses to turn their ideas into reality.
But before you make that call to the first supplement manufacturer that you find online, you need to take these considerations into account first:
Conduct market research and feasibility study
Certainly there is a huge wellness market in Australia, but how confident are you that your product will be a success among consumers? Before taking the big step of contracting with private label supplement manufacturers in Australia, you need to look at the demand, profitability and the market. Australians have a vast knowledge when it comes to wellness products such as supplements and vitamins. Knowledgeable shoppers are consumers that seek value in products and services they pay for. Conducting an unbiased feasibility study as well as thorough market research will help you improve the overall quality of your product and will automatically reel in more customers in the long run.
Do you wish to sell product yourself or offer licensing?
As a business owner, one decision that you need to make is whether you would like to produce and distribute the health supplement yourself or license the idea to yet another company that specialises in all aspects of production, marketing, and distribution of your idea or prototype. In exchange, the licensing company will pay you royalties for every item sold. There are of course a set of pros and cons for both the idea seller and the licensing company, hence it is wise to take your time weighing the benefits and drawbacks of licensing your idea to a licensing company.
Intellectual property protection
Before you submit your idea or prototype to a nutritional product manufacturer, it is imperative that you register for a patent, copyright, or trademark to ensure that your intellectual property rights are justly protected by law.
To know more about contract food and health supplement manufacturing, please visit us here or call us on 03 9358 6388.