Oral care is a broad term that encompasses various products and services related to the prevention and treatment of oral diseases and conditions. Oral care products include toothpastes, toothbrushes, mouthwashes, dental floss, whitening strips, dentures, implants, braces, and more. Oral care services include dental check-ups, cleanings, fillings, root canals, extractions, crowns, bridges, veneers, implants, orthodontics, and more.
Oral care is a vital aspect of overall health and well-being, as poor oral hygiene can lead to various problems such as tooth decay, gum disease, bad breath, oral cancer, and systemic infections. According to the World Health Organization (WHO), nearly 3.5 billion people worldwide suffer from oral diseases, and oral conditions are the fourth most expensive to treat. Moreover, oral diseases can affect one’s quality of life, self-esteem, social interactions, and productivity.
Given the high prevalence and impact of oral diseases, there is a growing demand for oral care products and services across the globe. The global oral care market was valued at USD 53 billion in 2020 and is expected to reach USD 96 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.6%. The market is driven by various factors such as increasing awareness about oral health, rising disposable income, aging population, technological advancements, and innovation in oral care products and services.
However, the market also faces some challenges such as high cost of dental treatments, lack of access and affordability of oral care in developing countries, low penetration of dental insurance, and regulatory barriers. Therefore, starting an oral care business can be a lucrative opportunity for entrepreneurs who can identify the gaps and needs of the market and offer solutions that are effective, affordable, convenient, and differentiated.
How to Start an Oral Care Business?
Starting an oral care business requires careful planning and research. Depending on the type of product or service you want to offer, you will need to consider various aspects such as market size and trends, customer segments and preferences, competitive landscape, value proposition, business model, distribution channels, marketing strategies, financial projections, legal requirements, and risks.
Some of the steps involved in starting an oral care business are:
- Conduct a market research: The first step is to understand the current state and future potential of the oral care market. You can use various sources such as industry reports , government statistics, trade journals, online surveys, focus groups, interviews, etc. to gather relevant data and insights. You should analyze the market size and growth rate, the key drivers and challenges, the customer segments and their needs, the existing competitors and their offerings, the gaps and opportunities in the market, and the trends and innovations in the industry.
- Define your value proposition: The next step is to define what value you can offer to your target customers that is unique and superior to your competitors. You should identify your core competencies, your competitive advantages, your benefits and features, your pricing strategy, and your brand identity.
- Choose your business model: The third step is to decide how you will generate revenue from your oral care product or service. You should consider various aspects such as your target market, your cost structure, your revenue streams, your key resources, your key activities, your key partners, and your value chain.
- Select your distribution channels: The fourth step is to choose how you will deliver your oral care product or service to your customers. You should evaluate various options such as online platforms, offline stores, dental clinics, pharmacies, supermarkets, specialty stores, etc. You should consider factors such as customer convenience, reach, cost, control, and feedback.
- Develop your marketing plan: The fifth step is to plan how you will promote your oral care product or service to your target customers. You should use a mix of marketing tools such as website, social media, email, blog, video, podcast, webinar, SEO, SEM, PR, influencer marketing, referral marketing, content marketing, etc. You should define your marketing goals, your marketing budget, your marketing channels, your marketing message, and your marketing metrics.
- Prepare your financial plan: The sixth step is to estimate your financial performance and viability of your oral care business. You should prepare a detailed financial plan that includes your income statement, your balance sheet, your cash flow statement ,your break-even analysis ,your profitability analysis ,your sensitivity analysis ,and your risk analysis.
- Comply with legal requirements: The last step is to ensure that your oral care business meets all the legal and regulatory requirements of the industry and the location where you operate. You should obtain all the necessary licenses, permits, registrations, certifications, insurances, and taxes for your oral care product or service. You should also follow the ethical and professional standards of the industry and protect your intellectual property rights.
Examples of Oral Care Businesses
To give you some inspiration, here are some examples of successful oral care businesses that have leveraged their niche and value proposition to create a loyal customer base and a strong brand image.
- Quip: Quip is an online oral care company that sells electric toothbrushes, toothpastes, floss, mouthwash, and other accessories. Quip’s value proposition is to simplify oral care by offering a subscription service that delivers fresh brush heads, toothpaste, and floss every three months. Quip also provides a mobile app that tracks brushing habits and provides tips and reminders. Quip’s electric toothbrushes are sleek, minimalist, and affordable, and come in various colors and materials. Quip has partnered with various dental professionals and organizations to promote oral health education and awareness. Quip is an example of an electric toothbrush manufacturer that has differentiated itself from other brands by offering a convenient and personalized oral care experience.
- Hello: Hello is an oral care company that sells natural, vegan, cruelty-free, and eco-friendly toothpastes, mouthwashes, floss, toothbrushes, and whitening products. Hello’s value proposition is to make oral care fun, friendly, and effective by using natural ingredients such as coconut oil, charcoal, aloe vera, xylitol, tea tree oil, etc. Hello’s products are free of artificial flavors, sweeteners, colors, preservatives, parabens, sulfates, etc. Hello’s products are also packaged in recyclable materials and use biodegradable components. Hello has a strong online presence and also sells its products in various retail outlets. Hello is an example of a toothpaste manufacturer that has created a niche in the natural and eco-friendly oral care segment.
- Candid: Candid is an online oral care company that sells clear aligners for teeth straightening. Candid’s value proposition is to make orthodontic treatment accessible, affordable, convenient, and transparent by using telehealth technology and direct-to-consumer delivery. Candid’s customers can order an impression kit or visit a Candid studio to get their teeth scanned. Candid then creates a customized treatment plan and sends the clear aligners to the customers along with a remote monitoring device. Candid’s customers can also consult with licensed orthodontists throughout their treatment via video calls or messages. Candid is an example of an oral care service provider that has disrupted the traditional dental industry by offering a more convenient and affordable alternative to braces.
Oral care is a good niche to start a business because it has a large and growing market potential, a high demand for quality products and services, and a low entry barrier for innovation and differentiation. However, starting an oral care business also requires a lot of research, planning, execution, and evaluation to succeed in the competitive and dynamic industry. Therefore, aspiring entrepreneurs should carefully assess their strengths, weaknesses, opportunities, and threats before launching their oral care business.