This is Jonathan. I own a supplement company called Health Kismet and made the Formula Analyzer to solve an annoyance I’ve had with the supplement industry ever since I began: it takes a long time to get pricing on your formulas.
The idea behind the Formula Analyzer is that formulators and entrepreneurs can throw some numbers together to quickly piece together about how much it should cost to make a few bottles of their desired supplement, or easily test what-if scenarios with regards to pricing.
The video explains how to use it…….it’s not too complicated. I’m sure you’ll figure it out.
With that said, here’s the advice I’ll give to the two groups of people that I hope make the most use of it.
Manufacturers: I made the Formula Analyzer with entrepreneurs in mind, but please, if you think this will allow you to quickly give your clients roundball numbers for how much something would cost to make……..USE IT!
It’s frustrating to wait 4 weeks to find out how much something will cost to make.
You’d be surprised how much of a difference you can make with just a tiny bit of feedback.
Something like, “Based on what I think pricing is at the moment, it’s probably going to cost at least $7 to make” really helps out a lot.
Trust me, having absolutely no information to give and giving the perception that you’re impotent without some internal department is not good for sales.
Entrepreneurs: This tool will probably never 100% match a quote you’ll get from a manufacturer, but hopefully it’ll give you enough information to start making useful assumptions.
It’s hard to proceed with your plans when you don’t know if your product will cost $5 or $10 to make.
The big sticking point for you will be using accurate prices for your ingredients. If you’re not sure how much something should cost contact the vendors in the supplier section and use those.
It won’t exactly match what your manufacturer uses, but it should get you on the right track.
Okay…….now start formulating!