Stop dreaming about starting your own supplement business and just do it! The new year is a great time to set and act on new goals. This includes finally achieving your goal of starting a successful business. 2021 is your year.
Here’s why there’s never been a better time to start drop shipping supplements than right now!
3 Reasons to Start Drop Shipping Supplements
1. Multiple Income Streams
We all know that 2020 was a rough year for just about everyone. Many people lost their jobs or took pay cuts due to the economy crashing. If you only have one income stream you’re leaving yourself extremely vulnerable.
Whether you call it a passive income or side hustle it’s time you start diversifying. This can help you to sleep easy at night knowing that losing one income stream won’t mean the end of the world for your finances.
According to The College Investor, “The goal of creating multiple income streams should be to maximize your potential in each category available to you. If you are just starting out, it really isn’t reasonable to expect you to generate tons of rental income. However, if you start maximizing your income generating potential through your primary salary, you will find yourself having excess income that you can reinvest to generate additional income streams and earn more money.
Remember, the average millionaire has 7 different income streams. Seven!”
Drop shipping supplements is a great way to generate a passive income stream. It’s quick and simple to set up without having to worry about shipping packages yourself. You can focus your time and efforts on money making activities like marketing and sales.
2. Growing Supplement Industry
So you know it’s high time that you start generating another income stream but why supplements? The supplement industry has been growing like crazy for the last several years and 2020 was no different. The supplement industry is one of the only industries that actually thrived last year.
This growth isn’t expected to slow down anytime soon. Even though this industry has been on the fast track for years it’s not slowing down! In fact the future looks bright for supplements especially compared to other struggling industries.
According to Fortune Business Insights, “The global dietary supplements market size is expected to showcase an exponential growth by reaching USD 117.92 billion by 2027 while exhibiting a CAGR of 9.8% between 2020 and 2027. This is attributable to the increasing demand for personalized dietary supplements and the rising prevalence of chronic diseases such as diabetes, hypertension, high cholesterol levels, and other heart ailments.”
Many of these health issues driving growth have been on the horizon for many years as baby boomers begin to age. But the pandemic threw the entire industry into overdrive!
“The government agencies have advised the citizens to follow a healthy and nutritious diet regime to fight the disease. This is expected to boost the demand for these supplements that promote good health and optimum functioning of the body by providing the necessary vitamins and minerals. The global market is expected to experience positive growth in the near future.”
So not only is the supplement industry hot right now it also has a stable foundation even after the world recovers from the coronavirus! And as a growing industry there is still room for any driven entrepreneur to carve out their own piece of the pie.
3. Low Risk Business Model
Drop shipping presents very few risks when compared to other business models. There’s no need to invest hundreds or thousands of dollars in inventory you’re not sure you can make a profit on.
Private label and custom manufactured supplements both require you to invest hundreds or even thousands of dollars on inventory thanks to minimum order quantities. Custom supplements require you to manufacture and purchase 250,000+ capsules or tablets. Even private label supplements have a MOQ of at least 50 units.
Investing that much money in a new business or product is risky! Drop shipping on the other hand doesn’t require you to purchase any inventory. That allows you to test and experiment with which supplements sell best without investing in inventory upfront.
Drop shipping became extremely popular when certain business influencers tried to sell it as a “get rich quick” scheme. This has led some people to claim that drop shipping is dead but that’s just not true. We have many customers making thousands in passive income each month.
Why On Demand Fulfillment
Here at On Demand Fulfillment we can help you get your supplement business off the ground and thriving! That’s because of our unique business model. Most drop shipping companies only allow you to sell a certain brand of products.
At On Demand we’ve combined the drop shipping and private label business models. Now you can sell your own brand of supplements directly to your customers without having to invest in inventory.