Jimbo
New Contributor
User Power
Value/Post Ratio
30%
- Sep 1, 2013
- 27
- 8
Not another progress thread...I know! You see these all the time. But I'm determined to turn this into a success, to build my wealth system and scale my company (that doesn't exist yet).
So here is a quick overview:
Industry: Health/fitness supplements
Location: Australia
Current position: Still in the 'planning/idea' stage. Looking to decide on my first 'core' product this week. Determine ingredients, then contact various manufacturers to gather information on MOQ etc.
Barriers to Entry: Obviously competition, cost and the TGA (Therapeutic Goods Administration), who like to regulate almost every aspect of the supplement industry over here. However this can obviously be a positive, as it seems to be a lot of difficult to get supplements on the market over here.
On a side note, if anyone has had any run ins or has had to jump over any hurdles with the TGA, any advice would be much appreciated on what to do/avoid.
What I've done so far:
- Written out a brief business plan, outlining target market, how I will reach them, monetization methods, distribution etc etc.
- Contacted various people asking for advice on tackling certain aspects of which I'm unsure of, including members of the forum, potential competitors and an old friend from school who is now a professional natural body builder in Canada (who has offered to put me in contact with a couple of owners of supplement companies over there to ask for advice).
- In depth competitor analysis of a range of different brands. Outlining what they do good/bad and how I can do things better.
- More research on the TGA, acceptable ingredients, formulas etc etc.
- Constructed a list of contract/private label manufacturers here in Australia. Hopefully I'll be able to contact them later this week for specific MOQ information.
What I NEED to do:
- Decide on 'core' product, and find out costs associated with manufacturing this.
- Register business name/company. Open a new business bank account.
- Come up with brand name, logo, graphics, labels etc.
- Build a website (should be simple as I'm a web designer by trade).
- Usual stuff such as register all relevant social media sites, write some blog posts, set up auto-responder, google analytics etc etc.
Obviously the most important thing for me right now is developing my product, then tackling the TGA and finding out more about how hard this will be here in Australia.
I welcome any constructive criticism, just let me have it! Will do me good in the long run.
Wish me luck!
So here is a quick overview:
Industry: Health/fitness supplements
Location: Australia
Current position: Still in the 'planning/idea' stage. Looking to decide on my first 'core' product this week. Determine ingredients, then contact various manufacturers to gather information on MOQ etc.
Barriers to Entry: Obviously competition, cost and the TGA (Therapeutic Goods Administration), who like to regulate almost every aspect of the supplement industry over here. However this can obviously be a positive, as it seems to be a lot of difficult to get supplements on the market over here.
On a side note, if anyone has had any run ins or has had to jump over any hurdles with the TGA, any advice would be much appreciated on what to do/avoid.
What I've done so far:
- Written out a brief business plan, outlining target market, how I will reach them, monetization methods, distribution etc etc.
- Contacted various people asking for advice on tackling certain aspects of which I'm unsure of, including members of the forum, potential competitors and an old friend from school who is now a professional natural body builder in Canada (who has offered to put me in contact with a couple of owners of supplement companies over there to ask for advice).
- In depth competitor analysis of a range of different brands. Outlining what they do good/bad and how I can do things better.
- More research on the TGA, acceptable ingredients, formulas etc etc.
- Constructed a list of contract/private label manufacturers here in Australia. Hopefully I'll be able to contact them later this week for specific MOQ information.
What I NEED to do:
- Decide on 'core' product, and find out costs associated with manufacturing this.
- Register business name/company. Open a new business bank account.
- Come up with brand name, logo, graphics, labels etc.
- Build a website (should be simple as I'm a web designer by trade).
- Usual stuff such as register all relevant social media sites, write some blog posts, set up auto-responder, google analytics etc etc.
Obviously the most important thing for me right now is developing my product, then tackling the TGA and finding out more about how hard this will be here in Australia.
I welcome any constructive criticism, just let me have it! Will do me good in the long run.
Wish me luck!
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