Starting a business: Nectarmin - the product

PRODUCT

A health supplement made of local ingredients, in the form of tablets and a drink.

BENEFITS

Based on an ancient Maori recipe, Nectarmin is proven to boost energy levels and strengthen the immune system.

INGREDIENTS

Native plant extracts, manuka honey, spring water, kiwifruit, Marmite, tomato sauce, butter, chips.

BUSINESS PLAN DESCRIPTION OF THE BUSINESS

Product: A health supplement made of local ingredients in the form of tablets and an energy drink.

Benefit of product: Taken daily, Nectarmin is proven to boost energy levels and strengthen the immune system.

Manufacturing process: Outsourced.

Channel to market: Retailing at health shops and supermarkets nationally. Proposed prices are $3.50 (drink) and $34.95 (50 tablets).

CURRENT STATUS OF BUSINESS

Product development: Prototype developed.

Logo and packaging designed.

Intellectual property protection: Not yet sought.

Other regulatory approvals: Not yet sought.

Capital to invest: $50,000.

Market research/proof of demand: Yes.

Management and personnel:

Staff requirements: Owner aims to work in the business fulltime but will support him/herself through the start-up phase by other forms of income.

Outsourced functions: Production, packaging and distribution.

Marketing and selling

Target market: Fitness, health conscious, medium to high-income earners and active retired people looking for a supplement to complement a healthy lifestyle.

Competition: Although health store shelves are bulging with health supplements, Nectarmin believes there is an opportunity for a homegrown product focused on boosting energy levels.

Promotion and advertising: Limited advertising budget initially. Plans to advertise in health magazines.

Distribution channels: Retail at health stores and health product section in supermarkets.