WELLCARE Blog for Business

For something we’ve done since birth and a necessity for us to function in our daily lives, it’s only recently that sleep has been looked at more closely as an area requiring attention. While most people are content to simply throw the covers over themselves and just sleep, more and more people are turning to sleep aid products.

Enter the rising boom in interest for the sleep industry. Suddenly, there was a surge of interest in understanding how we slept instead of why: studies, products, and innovations came pouring in to a market that needed these products. But not all sleep products are created equal - and it’s important to decide once you enter the industry as to what quality is.

Suppliers

You’ll need to start with reliable suppliers. Whether it comes to partnering or sponsoring sleep aid products, suppliers are the lifeblood that can make or break your investment in the industry. Here are a few key tips to get started:

• Ask around! With so much interest in the industry, there’s plenty of startups and established suppliers that are waiting to partner with investors. Sometimes all that you need to do is a simple Google search, or even better, network.
  
  
• Establish yourself. The opposite way of looking is making yourself easily found - by advertising your interest to certain groups of companies that you’re looking to invest in the personal care industry, it’s more likely that you’ll get competitive bidders for your investment.
  
  
• Discern and evaluate what you need. The kind of supplier you’ll be partnering with also relies on your needs - are you looking for an initial, small investment that will grow over time? Or are you wholeheartedly investing a large initial order?
  
  
• Research. The best way to get a good idea is to get a lot of ideas - and if you have more than one potential supplier to partner with, it’s never a bad play to take a look at their facilities and manufacturing capabilities. You’ll need to make sure that their entire process is smooth, from gathering raw material, manufacturing, delivery and sales.
  
  
• Investment. This isn’t just referring to the initial investment you make in your supplier - it also counts as the effort you put forward into the relationship that you develop with them if it continues. A good relationship with a supplier can net you all sorts of advantages, such as networking opportunities and preferential treatment.

Profit

But for the bottom line, the concerns may be a little trickier. Arguably a good relationship with your supplier can help smoothen out things in the long run when it comes to making a profit - but you also need to play the field a lot smarter when it comes to the sleep industry.

The biggest things that can play into your advantage here is timing and research - see where the latest innovations might lead and research on how to take charge in these fields. Sleep aid products are steadily becoming more sophisticated, yet more accessible by the day - which means an ever-expanding market that understands the importance of good sleep, and are willing to engage with your product.

Profitability will come with an established sense of trust and wisdom about how the sleep industry works. Follow the idea that you are doing this to give people the best comfort that you can provide, and your future decisions will not run into major difficulties.

The sleep aid industry is growing rapidly, are you interested in selling products from the sleep aid industry? You should definitely learn more about the market since it is a growing business! 

We've created a complete infographics about the sleep aid industry. If you are interested in this market, click on the link below to download our FREE Ebook: Everything you need to know about the sleep industry.