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November 15, 2018

Ways to Cut Costs When Running a Nutrition and Supplement Business

When your business model involves maintaining and improving the health of your customer base, you want to provide the best products and services to keep your customers happy and thriving. You cannot afford to cut corners by partnering with companies that manufacture inferior products. You also cannot expect to save money by offering a smaller selection of brands and supplements. While there may be fewer ways to effectively cut costs when running this type of business, there are some ways you can save money and cut business expenses without cutting corners. 

Buying Wholesale Quantities of Your Best-Selling Products 

Wholesale buying may cost you more money up-front, but if you are stocking up on large quantities of items that you sell frequently, the payoff is well worth the investment. Many supplement manufacturers offer deep volume discounts for brick-and-mortar and online shops with a large customer base. There is typically a direct point of contact you can reach to negotiate a wholesale deal. Some larger manufacturers may offer set price points and quantities that are standard requirements for qualifying for wholesale pricing, but many smaller manufacturers and distributors may offer more options when it comes to creating a customized order that is tailored to your unique business and inventory needs. 

Since you may be laying out a lot of money in advance, you want to make sure that the products you are purchasing wholesale are worth the investment. Set aside some time to carefully assess your financial records to determine the products that do not stay on your shelves for long. If you have developed a strong rapport with your customers, you can also survey them and involve them in the buying process. 

Direct-To-Consumer Shipping 

Whether you have an online shop or a brick-and-mortar store, there are always overhead costs associated with packing, shipping and storing orders and products. Many manufacturers cater to their wholesale business clients by taking on dropshipping services as an added benefit. When a manufacturer signs on with your company to dropship orders of wholesale supplements to your customers, you create invoices and send information directly to the manufacturing source. These facilities oversee the careful picking and packing of your orders, and they send the products directly to your customers. This not only saves you time, but it also saves you considerable money on packaging costs and inventory storage space needs. 

When choosing reputable companies to place wholesale orders with, you want to align with companies that have a reputation for being honest, trustworthy and professional. The best vitamin brands consumer reports trust and recommend most are those that offer transparency in their ingredients and manufacturing procedures.

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