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Starting a business with parts of the business you are working on - good or bad idea?

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Idea threads

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Oct 15, 2018
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Hi guys,

at the moment I am in the process of developing a functional food. But that will take at least another nine to twelve months.

I have already found some producers for certain ingredients of the functional food and these ingredients are also sold as supplements. In the country where I live, however, the supply of these supplements is very limited. Therefore, I am thinking about starting a brand for these supplements while I continue to work on the functional food. I would also skew value in a couple of areas for the supplements in order to differenciate my products from the competiton.

This way, I might be able to earn money and at the same time I would learn a lot about online marketing, building a brand... This would benefit me when I go to market with the functional food.

What do you think of this idea? Would that distract me too much from the original idea or could it work?

Thanks.
 
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RoadTrip

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Nov 27, 2012
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How is the market demand for these supplements? Is there is enough demand and can you steal customers from your competitors with value skew?

If so, I would certainly consider it. If you are new to entreneurship it will definitely help you learn the process, deal with problems and get to know your ideal customer better. It can even help you refine the functional food idea that you have. And you would already have an audience to sell it to.
 

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Thank you for your reply.

I will definitely try it in order to learn the process... However, I am thinking of buidling a different brand for the supplements than the one I have in mind for the functional foods, as the audience would not really be the same.
 

RoadTrip

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Nov 27, 2012
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Thank you for your reply.

I will definitely try it in order to learn the process... However, I am thinking of buidling a different brand for the supplements than the one I have in mind for the functional foods, as the audience would not really be the same.

I think it's a good idea since you don't have to wait a full year before you get any results and experience. Starting a supplement brand isn't going to be easy since there are many established business in the niche. So you have to find your edge and find a way to market the supplements. I think it will be a great learning experience, especially if you do not have any previous entrepreneurial experience.

You will probably learn all this:

- How to define the right product portfolio
- Branding, and how to find the right designers for your brand (tip: not easy if you're on a budget)
- Source products and find the right manufacturers
- Work through legal food safety regulations
- Find the right eCommerce solution (probably Shopify)
- Design and setup your store
- Market your product
- Aftersales, e-mail campaigns, etc.

Obviously, before you dive into this please make sure there is a big enough need for the supplements.
 
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Taktik

Aut viam inveniam aut faciam.
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Oct 15, 2018
121
84
I think it's a good idea since you don't have to wait a full year before you get any results and experience. Starting a supplement brand isn't going to be easy since there are many established business in the niche. So you have to find your edge and find a way to market the supplements. I think it will be a great learning experience, especially if you do not have any previous entrepreneurial experience.

You will probably learn all this:

- How to define the right product portfolio
- Branding, and how to find the right designers for your brand (tip: not easy if you're on a budget)
- Source products and find the right manufacturers
- Work through legal food safety regulations
- Find the right eCommerce solution (probably Shopify)
- Design and setup your store
- Market your product
- Aftersales, e-mail campaigns, etc.

Obviously, before you dive into this please make sure there is a big enough need for the supplements.
The best thing is, that I basically can't fail.
I will learn a lot, even if I don't make any money. And in the long term experience is the most important thing on the way to success.
 

RoadTrip

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Nov 27, 2012
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The best thing is, that I basically can't fail.
I will learn a lot, even if I don't make any money. And in the long term experience is the most important thing on the way to success.
Indeed you can't fail because you will learn and grow. And if you're able to build the brand and pull a profit (which should be your goal), you win twice.
 

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