Today, we have a guest post from Tadeh Vartanian, Pharm from Complete Blue. D to talk about his journey to financial independence through creating a product. He is here to share with us how he has created a physical product and how it will help him on his journey to financial independence. The Frugal Physician and Complete Blue have no financial relationship. Welcome, Tadeh!
Tadeh Vartanian, Pharm.D., BCGP
On Sunday, May 3, 2020, my wife and I just dropped off our one-year-old son at my in-laws so that we can take a much-needed weekend getaway trip to a beautiful campsite near Temecula, CA. It was smack in the middle of the COVID lockdowns, and we desperately needed to get away and recharge.
Little did I know that that trip would open me up to a new idea, which would then sprout into a new business.
It was then that I decided to launch a physical products company, along with three other awesome pharmacists, with the mission of helping healthcare professionals and the general public all around the country on their journey along the field of medicine and wellbeing in general.
Sleep is the cornerstone of functioning during the day. Without sleep, stress and anxiety are amplified as our bodies go into a fight or flight state. Our product, a sleep aid founded on science and backed by quality ingredients, will allow people to get the sleep they need so that they can function during the day and handle the stresses that come from medicine.
Tadeh's background
I’m a pharmacist by trade. I had been a practicing pharmacist for over a decade. I went through that training so that I can practice pharmacy for the rest of my life. But my wife and I noticed that people in my field, and in medicine in general, were burning out. So was I.
What could I do to help that wasn’t being done already?
The COVID pandemic really shined a bright light on our healthcare system and on the support that medical professionals get in their own lives. And I must say, I didn’t like what I was seeing. I saw a group of individuals who worked long hours without a break. I saw individuals take on multiple jobs, working odd hours of the day/night, and completely neglecting their own health and satisfaction in life.
The Birth of a New Brand
In came the idea of completeblue, a health and wellness company whose primary mission is to clean up the supplements industry. We believe that healthcare professionals needed to be front and center in the world of supplements, to ensure patient care in a totally different way. They were the unsung heroes in all of this, and it is our mission to help them on that journey.
I’ve been on this journey for less than a year, and it’s been exhilarating. I’m bummed out when the day ends and I need to stop working on this. I’ve never felt anything like this, even at the prime of my career. What keeps me going are the people I make an impact on.
I reached out to professors and colleagues who would be of any help in this journey, thanked them for what they did, and even provided value to them in some way. That led to more connections and pretty soon I knew Amazon experts, product formulators, medical writing companies, and more.
Why a Financial Independence through a Physical Product?
The biggest challenge with any medical practice is time. Healthcare professionals are limited by our time… The only way we make more money is by working more hours, getting a new certification, or opening a new line of service, all of which take time.
But with a physical product, we can scale. The work needed to sell 10 units is about the same as selling 1000 units. Any tasks associated with the sale of that product, like email support, customer service calls, return processing, etc. can be sent out to an assistant and can be baked into the cost of having it sold. After that, the more we sell, the more money we make, without the need for more time. That sounded very intriguing to me.
What Product Did I Create?
I formulated a dietary supplement, geared specifically for those in the medical field. As healthcare providers, we suffer from poor sleep on account of odd work hours and variable shifts throughout the week. We also need to have a high level of immunity to fend off infections that we may be in contact with. There’s also the stress and anxiety piece of being in the medical field that needs to be addressed. I chose sleep because of my own personal experience working the night shift. On top of that, there weren’t a lot of great products out there, prescription or otherwise, and the issues of poor sleep were only increasing more over time.
Sleep is the cornerstone of functioning during the day. Without sleep, stress and anxiety are amplified as our bodies go into a fight or flight state. Our product, a sleep aid founded on science and backed by quality ingredients, will allow people to get the sleep they need so that they can function during the day and handle the stresses that come from medicine.
Boom, I found my first product.
Can You Create a Physical Product, as well?
Many clinicians envision creating a physical product as something that involves a big manufacturing site, several employees, and a complex corporate structure to make it all happen. In reality, creating the product is not the hard part. Contract manufacturers, packaging companies, fulfillment centers, and printing companies can all pretty much create the product for you. You can also hire out others through Fiverr or Upwork to create any designs you need. And there are plenty of label designers who can create a beautiful, FDA-compliant label for your needs.
The biggest thing you need to work on is creating an audience, a true brand that stands for something. Until you have that, you’ll just be another person selling something on Amazon, susceptible to the next seller who is willing to outbid you on keywords.
Focus on the person, the hero in this journey, and the product will follow smoothly.
Can I Achieve Financial Independence with a Physical Product?
I truly believe we can do this. The opportunities are amazing, and you as doctors have the ability to do so, more than anyone else in my opinion.
The beauty of physical products is their scalability. For me personally, SLUMBER has provided a steady stream of income that is small at the moment (by intention). I am confident that as more products are launched, expenses are optimized, and launches are streamlined, that the profitability of future products will be as good if not better. All of this happens very fast once the systems are built, and that’s why I love physical products as my way of achieving FIRE.
Will you be able to sell a multimillion-dollar business within a few years? It’s been done before, but this route usually will take some time if done the right way. The good news is that as doctors, you understand that great things come with time and patience. Use that in whatever FIRE route you want to go on.
Want to talk more?
I love helping people in the medical field. You can reach us at hello@completeblueinc.com and I’d be happy to connect with anyone who is passionate about physical products, dietary supplements, being frugal, and more.
Great having you on here, Tadeh! Thanks for sharing your journey with us. Have you created a physical product? Have you been thinking about it? Please ask your questions in the comments below!
Stay frugal, y’all!
Disha
ETA: Tadeh has generously extended the readers of The Frugal Physician a 10% discount code: Use code “FRUGAL10” at checkout!
Standard Disclaimer: For informational purposes only. Not meant as individualized financial or medical advice.
Comentarios