How two mates who plunged their life savings into a business dream signed a mega deal with Coles: Here are their top tips to making millions
Two best friends who took a risk and invested their life savings to develop a supplement brand are now on track to turnover millions following a mega supermarket deal. Charlie Wood, 31, and Dan Concannon, 34, launched Vitadrop in 2019 after noticing a lack of 'proactive' Australian hydration solutions in the market.
Charlie Wood (right) and Dan Concannon (left) launched hydration company Vitadrop in 2019
Unlike Hydralyte or Berocca that are often taken when sick or hungover, Vitadrop is intended to be taken daily as a preventative measure.
Over the last three years the Melbourne mates have dedicated late nights, early mornings, and $140,000 out of their own pockets to get the brand up and running.
But it's paid off, with the pair landing a huge deal with Woolworths and Coles - launching in more than 1800 stores.
Over the next 12 months the supermarket giants predict the brand will turn over a staggering $6.3million, which the pair say is a dream come true.
Unlike Hydralyte or Berocca that are often taken as needed when sick or hungover, Vitadrop is intended to be taken daily as a preventative measure
Charlie said Vitadrop isn't a 'magic potion' that 'erases your hangover' instantly. But it's certainly an 'ally' that can be used to aid hydration and nutrient replenishment
At the core the 'fun and unique' brand offers hydration solutions targeted at Gen Z, with each box filled with 10 sachets of powder which dissolve in water.
They also sell carbonated cans of their drink.
However, Charlie said Vitadrop isn't a 'magic potion' that 'erases your hangover' instantly.
They said it's certainly an 'ally' that can be used to aid hydration and nutrient replenishment.
Dan added: 'It's about harm minimisation. We wanted to offer something that makes the day after a little easier to manage.'
'We thought if someone's going to have a go at starting something from scratch, it may as well be us,' Charlie told FEMAIL.
According to research from sparkling water company Sodastream, 80 per cent of Australians suffer from symptoms typical of dehydration without realising. The alarming data struck a chord with the young co-founders who have a driving ambition to lower this statistic
Beforehand Charlie worked in marketing and has a background in biomedical science, while Dan is an ex-athlete and young dad who suffers from ulcerative colitis - an inflammatory bowel disease and autoimmune condition.
Dan particularly knows all too well about the importance of maintaining your health after being diagnosed with the condition in September 2009.
At the time he was playing rugby competitively and lost 15-20kg over a couple weeks then was admitted to hospital out of the blue.
'After a month's worth of testing they finally came back with the diagnosis - it's been up and down since then,' he said.
'I was fit and healthy, it felt like someone flicked a switch and it just kicked in.'
Now he maintains his health with a balance of the right diet regime along with supplements and medication. Unfortunately there's no known cause or cure.
Dan (right) also knows all too well about the importance of maintaining your health after being diagnosed with ulcerative colitis - an autoimmune disease - in September 2009 while playing rugby competitively. 'It felt like someone flicked a switch and it just kicked in,' he said
According to research from sparkling water company Sodastream, 80 per cent of Australians suffer from symptoms typical of dehydration without realising.
The alarming data struck a chord with the young co-founders who have a driving ambition to lower this statistic.
'We firmly believe in preventative health and promoting health habits, rather than taking supplements only when you're sick,' Charlie said.
'Water is free and ubiquitous but yet not enough people drink it. We turned to each other and thought someone needs to do something, so it may as well be us.'
'We firmly believe in preventative health and promoting health habits, rather than taking supplements only when you're sick,' Charlie said
Since Vitadrop comes in the form of a powder - not a tablet - the body is able to absorb the supplements quicker because it doesn't need to be broken down. Prior to securing the supermarket deal 2.97 tonnes of Vitadrop powder had sold
It's also worth pointing out the price.
Customers can purchase a box of 18 sachets for $18 or a tub containing 30 serves for $28.
This may seem quite high compared to other brands on the market, however the difference comes down to a couple key factors - the ingredients used and benefits of the product.
The ingredients are formulated in Australia rather than overseas, and are said to be of high quality and don't contain anything worrisome.
Since Vitadrop comes in the form of a powder - not a tablet - the body is able to absorb the supplements quicker because it doesn't need to be broken down.
Prior to securing the supermarket deal 2.97 tonnes of Vitadrop powder had sold.
To capture the attention of the big-name supermarkets, Charlie and Dan took matters into their own hands 18 months ago and reached out to the team members on LinkedIn.
From there they managed to work their way up and speak to a Woolworths buyer who 'believed in the brand'.
This eventually led to securing the supermarket deal at Woolworths. They utilised the same process with Coles.
Now they've been able to quit their day jobs to focus solely on developing the brand further.
While Dan and Charlie admit there was a sense of 'naivety' in terms of what they agreed to pursue, they don't regret diving head-first into business.
'If you've got an idea, own it and be true to yourself, tell your network about it and celebrate your wins no matter how great or small,' Dan said.
Charlie agreed and encouraged others to 'go for it' when it comes to business.
Originally posted on DailyMail: https://www.dailymail.co.uk/femail/real-life/article-12507315/Vitadrop-launches-Woolworths-Coles.html
