How to start a pharmacy franchise - medical store business plan

medical store,pharmacy franchise

Everyone in life wants to reach a good place, start a pharmacy franchise - medical store business plan wants to succeed and progress. To touch this success, everyone is trying to move forward in some work or business. One such job is a pharmacy franchise - medical store business. But due to lack of information, many people are left thinking about this business. Yes, as soon as someone thinks about working in a field, the lack of information comes in front of him as the biggest obstacle. In this article, we will give you all the information related to the process of opening a medical store and the business that you need for this.

In this article we will tell you

pharmacy franchise - Medical Store Business Opportunities

How much profit can we make

What should be the qualification

Market information

Capital and Infrastructure

Legal procedures

How to do marketing

Important information - Pharmacy franchise

> Medical Store A pharmacy franchise - medical store business is a great and evergreen business idea of   a chemist's shop. The business of a chemist's shop in India is a work that will never be closed nor can there be a loss in this business.

But due to lack of information, many people who want to start this business have to face difficulties. Today we will try to overcome the same deficiency through this blog. In this article, we will talk on every aspect that will give you all the information from beginning to end of doing business in pharmacy.

Pharmacy franchise - Medical Store Business Opportunities

A medical store is a business that is a low-cost business and a successful business idea due to high demand. The economy of the country does not have any special effect in this sector because it is a field which everyone needs. According to some studies, by 2050, around 20% of people in India will be 60 or over 60, which is an age group which has the highest demand for medicines.

That is why it would not be wrong to say that the pharmacy franchise - medical store business will be very beneficial for you in today's era. According to the report given by PWC  , the pharmacy business in India was at 13000 crores in 2001 but will reach 35000 crores in 2020. With this, you can get an idea of   how beneficial it can be to do business in the pharmacy.

Apart from this, once you have opened a successful medical store, you will not have to think much about the future profit and once you have a personal shop, you can convert the same shop to Chain Pharmacy. In which you can open more pharmacies in the name of the same shop in different areas.

medical store,pharmacy franchise

How much profit can we make

Retail medical stores make profit margins from 5% - 30%. There are different margins for each type of product, such as profit margins for fungicide products, generic medicines, OTC (over-the-counter) medicines, branded prescription products. After this whatever discount you provide which can be up to 5% - 20%. After that your benefit margin can be around 5% - 25%. From the pie chart given below, you can understand how much profit margin can be given in each product and how much profit margin can be obtained after discount-

Is image mein bataya gaya hai ke ek pharmacy business mein aapko kitna profit margin mil sakta hai
Medical business profits

How to start a pharmacy franchise - medical store business

Eligibility
A minimum qualification is required to open a medical store. Anyone who wants to open a chemist's shop should have studied science subject in 12th and must have a pharma degree in graduation. This qualification should be of the person in whose name the drug license is being issued (you will get full information about the drug license). Keep in mind, it is not necessary that you have this qualification if you are the owner of the shop. Even if someone knows this qualification, you can get the drug license for the shop, which is an important step in the process of opening a shop.

Is image mein bataya gaya hai ke
Original Source:  Pharma Help

If you or someone you know has any of these degrees in graduation, then they are eligible for the drug license of the shop.


Note: Keep in mind that in order to open a medical store, in whose name a drug license has been issued, it is necessary to be at the shop with you. If that person is not present at the shop with you, then your license can be canceled at any time from the drug inspection. Apart from this, if you have 1 year experience in the field of medicine and medicine, then you can also run your work without licensed carrying person.

After qualification, the next step is market research, to find out how and where your shop can run well and what are the important factors that are important to keep in mind before opening the shop.

Market information
Before opening a medical store, there are many factors that you should keep in mind regarding the market area. It is only on these factories that it will be decided what your shop should be and in which areas it will do well.

Buy pre-made medical stores or open a new store

To open your own pharmacy franchise - medical store business, you can either buy a pre-made pharmacy or start your own shop. These two methods have different advantages and disadvantages.

Pre-built pharmacy

profit

Get ready made pharmacy and consumer too.
Older staff may be retained.
There is no need for too much advertising or publicity.
loss

It is expensive to buy a bunny shop.
You may need to take more lawns to buy.
You have to start your business where the shop is.
New pharmacy

profit for pharmacy franchise 

It takes less investment to set up a new shop.
Shop can also be started in less money.
You can start a shop at your desired location.
loss

Open a new shop and attract a new consumer.
New staff is required to hire.
Promotion has to be done to increase the consumer.
2. Research the area and area
By extracting information about the area, you will understand what is the thing or facility that can only provide your shop which is not able to do the rest, like home delivery of medicine etc. While doing local or area research, some of these things should be kept in mind -

Research into which age group people live more in your area. For example, in the area where old or children will be more, there will be more demand for medicines in that area because people fall more sick in this age group.
Find out about the economic condition of your area. If the people of your area are under economic condition, then you will have to keep the prices of medicines at the same level and if the financial situation is good, then you can keep the prices of medicines in the same way.
Keep in mind how many medical stores are there in your area. The more medical stores are in your chosen area, the more difficulty you will have and you will have to work very hard to increase the customer.
Nearby pharmacy franchise - medical store businesses can give you an idea of   whether that area would be beneficial to start a business. For example, if a big brand is running its business in your chosen area, it means that that brand must have also done a lot of research and only then started their business. Meaning that area can also be beneficial for you.
Also find out if there was any other chemist shop in the area you have chosen which has been closed in recent times. If yes, find out what was the reason that stopped. Did you know that nothing could have been done and that is why it was removed.
Capital and Infrastructure
The investment that is required to open a pharmacy franchise - medical store business depends on many factors such as what is the area of   your business, what is the level of business, ie you are starting your own shop like a retailer, a distributor or a drugstore. Opening wholesale shop. Apart from this, your overall finance depends on your shop rent, advertising cost, legal fee renovations and every investment that you will take to open a shop.

However, if you have an estimate, if you have up to 4-5 lakh investment, then you can open a 10 squarefeet chemist shop which will include drug license fee and medicine stock (excluding shopping rent / infrastructure / shop purchasing cost).

In a pharmacy franchise - medical store business, you have to keep a variety of medicines and other materials in your shop. That is why many racks, drawers and selfs are needed to divide every medicine and keep it properly arranged. So let us know which furnitures are required and the approximate cost -

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pharmacy franchise cost

Furniture quantity Price (approx)
Showcase with sliding glass

1 10,500 rupees
Medical Store Display Racks

1 18,000 rupees
Pharmacy rax

1 Rs 21,000
Pharmacy counter with drawer - pharmacy franchise cost


1 8000 rupees
Medical store counter - pharmacy franchise cost



1 Rs 39,000
cash counter - pharmacy franchise cost


1 Rs 4,700
Computer counter - pharmacy franchise cost


1 Rs 4,500
-

The total 105,700 rupees
Original Source: India Mart

So, if you look at it by adding infrastructure + documentation + stock, then your total budget should be in 5-7 lakhs. With this, you can get an idea of   how much you will spend to start a pharmacy franchise - medical store business.

Full business expenses
Rs 5,00,000 - 7,00,000
Apart from this, if you want to buy a shop or rent it in your area, you can find the cost and rents by visiting the website given below. This will give you an idea of   medical store license fees and stock as well as infrastructure cost.


Magic breaks
99 acres.com
Olx
For investment, you can choose any one of these 3 ways -

Is image mein bataya gaya hai ke kon se tarikon se aap ek nayi pharmacy kholne ke liye investment kar sakte hain
Personal investment - Personal investment means investing your own money for your shop is the best option. Because of this you will not need to take a medical store loan, which you have to pay back in the future. Apart from this, if you have to invest in someone else in the future, your own investment will become a trust point for your investor that you are serious about your business.

Angel Investors - Angel Investors are people who are very rich and invest directly in small businessmen. These investors are usually very experienced and can help you a lot in increasing your pharmacy franchise - medical store business. You can find angel investors according to your stat on the internet.

Keep in mind that before reaching these investors, have a complete plan ready to open your shop and make a document that you can explain to them.

Bank Lawn - Bank lawn plays an important role for any small or big business. If you do not have your own investment, you can get a medical store loan done by the bank. To get a loan sanction from the bank, you will have certain things like -

You must be 21–65 years of age.
You will need to show a profit margin that will provide trust to the bank. Profit should be at least Rs 1.5 lakh.
A proper business plan has to be shown which can give complete information about your business to the loan provider.
Another important factor in finance is the insurance of your shop. In India, people do not pay much attention to insurance, whereas it is very important to have shop insurance to avoid any damage such as theft or any accident. For this also you will have to contact an insurance company. Click here for more information .

Legal procedures for pharmacy franchise

Tax registration in pharmacy franchise - medical store business means VAT (Value Added Tax) registration. In India, any product or goods require VAT registration through business. If we talk about the v, that is, then it is necessary to get two types of registration - tax (VAT / GST) registration and drugs / pharmacy license . Let us know in detail what these two licenses are and how they can be found.

Tax Registration - VAT
Tax registration in a pharmacy franchise - medical store business means GST (Goods and Service Tax) registration. GST registrations are required to sell a product or any salmon through business in India. VAT registration comes under the state government. If you want to open your chemist shop in Delhi, then you have to go to the official site of Delhi VAT registration and register.

Similarly, for VAT registration of every state, information has to be taken by visiting the specific VAT registration site of that state. Below we have summarized the sites of VAT registrations of some states.


VAT
Uttar Pradesh VAT
Maharashtra VAT
Tamil nadu vat
Gujrat vat
Karnataka VAT
Kerala VAT
Tax registration in a pharmacy franchise - medical store business means GST (Goods and Service Tax) registration. GST registrations are required to sell a product or any goods through business in India.

Tax Registration - GST

Earlier people used to take VAT service for tax registration, but now the time has come for GST (Good and Service Tax). Under GST, you can register your business and complete the tax process which is mandatory.

GST registration is a simple and easy process that can be completed from anywhere in India by filling online forms. There are some important documents for GST which are needed such as -

GST registration of liuri jaruri documents
Original Source: India Filing

For GST registration, you have to go to the official website of GST. Click here to visit the official website of GST -  Goods and Service Tax

Apart from this, click here to know how to fill GST form .

How to register drugs / pharmacy
To start a retail business of a medical store or pharmacy, you must obtain a drug license. You cannot operate your pharmacy unless you have a drug license. These rules have been made mandatory all over India by the Drug and Cosmetic Act 1940.

If you want to open a drug retail business ie medical store in more than 1 city, then you have to get a license for every city where you want to open a shop. Apart from this, if your chemist shop is in more than one place in the same city, then for those two places you will have to issue different applications and issue licenses.

Keep in mind that you have to register your shop as an LLP or private limited company to get the drugs license  .

There are two authorities providing drugs license -

Central Drugs Standard Control Organization
State Drug Standard Control Organization
Because you need a drug license to open a chemist retail shop, you will need to contact your state's State Drug Standard Control Organization (SDSCO). They have their own SDSCO for each state, whose details you can take from this PDF -

State drugs control organization list

Original Source: India Filing

Important things for drugs license
Here are some important things to keep in mind for taking drugs license -

Area: You must have a minimum area of   10 square meters to open a chemist shop. If you want to open both retail and wholesale business together, then it is necessary to have an area of   at least 15 square meters.
Infrastructure:  Chemists have many different types of medicine. Apart from this, many times you will also keep some small medical equipment in your shop. Therefore, your shop should have multiple shelves or divisions, which you will find in the table.
Apart from this, one of the sex products in your shop should be expired medicines which can contain bad and old medicines.

Storage facility: It is also necessary to have a refrigerator and an air conditioner in your shop. Certain medicines and drugs such as vaccine sera or insulin injections have to be marked and kept in the refrigerator only.
Technical Staff: For retail drug sale you have to have a registered pharmacist in your shop which is verified by the government. You can keep any one of these crypteria who have been filled in your pharmacy -
Under Registered Pharmacist of the State Pharmacist Council.
A graduate with a minimum of one year experience in drugs sale and marketing.
Someone who has 4 years of experience and is SSLC certified.
Any department that should be approved by Drug Control.
Apart from this, you need to have a helper or another pharmacist with you who can help you. Pharmacists, you have to be on the counter in working hours and so everything else such as arranging new medicine stocks, taking medicines over the counter, taking follow-up from the distributor for new stock, a helper can do all these things for you. is.

Documents required for drugs license

For a drug license, you have to go to the website of your relevant state drug license authority and fill a form. Each form is available on the website for different criterias like -

Is image mein drug license ke types ke bare mein bataya gaya hai
To start a retail business in a medical store, you have to take the license that will be obtained through Form 20 . Along with Form 20, you need some more important documents which are mandatory for you to open a retail pharmacy shop -

Pharmacy business kholne ke liye jaruri documents
Original Source: Drugs Control Department, Delhi
Click here for complete information related to the drug license form .

Apart from these, there are some other important documents which are required for drug license along with the form. These documents should be in 100 copies black and white and will be scanned and uploaded by online applications. You should have an original copy of these documents which will be demanded from you during the inspection after the completion of all the processes.

Application form
Honorhip document of Rent Agreement / Farmers Premis.
Premis Site Plan and Key Plan.
Declaration Form.
Covering Letter.
Fee Challan.
Freezing, air conditioner etc. prescription bills, electricity bills etc.
Original Documents of Incorporation Certificate AOA and MOA.
Affidavit of Registered Pharmacist or Competitor and copy of flower time employment appointment letter (as per Drugs and Cosmetics Act, 1940).
Property tax receipt.
Rupee 2 stamp (4 copies)
How to do marketing
Good marketing is very important for any business, be it small or big, to move forward. For this, keep in mind that according to your business, what are the marketing methods through which you can reach your business to as many people as possible. pharmacy franchise - Medical store business is a service that is needed by everyone and it can never fall short.

Now the thing is that what you are doing in the competition of your other competitors, which is making it different from the rest of your business and increasing the list of your customers. To grow your business, you have to keep these three things in mind - your promotion of the shop, your behavior with customers and the benefits of customers . So let's talk about these three methods and how you can reach your business to as many people as possible.

Advertising (Promotions) - You can promote your shop through many means. Some methods will be done online and some offline. Let's talk about all these methods -

online advertising for pharmacy franchise

Google My Business  - Google My Business is a free tool from Google that allows you to put your business in Google's listing. The advantage of this is that whenever someone searches on Google where there is a medical store nearby or if you want to find your shop directly in your name, then they will easily find all the details of your shop on Google.

Is image mein Google My Business ke bare mein bataya gaya hai
Google My Business will send your shop name, shop access direction, phone number, reviews, ratings, photos and details to your customer in one place. Apart from this, if someone is looking for a shop of medical stores near you in an area and your parlor is coming in the range of that area, then your shop name and details will also come in Google's list. With this, anyone can easily find your pharmacy online.

Creating an account in Google My Business is quite easy. You can easily create your account by following the steps of the photo below -

Janiye kaise banate hain google my business pe account
Click here for more information about Google My Business  .

Just Dial  - Just Dial is a platform that provides the information of local businesses of any area, which you can easily know either through the Internet.

Just Dial mein account kaise banayein
Just like Google My Business in Just Dial, you have to register your business. The only difference is that in Just Dial, you can get two types of listings, free listing or paid listing.

The process of registration is quite simple and you can do this online through their website or you can also register by calling 8888888888. Click here to do a free listing in Just Dial - Click here to get a  Just Dial Free Listing  and Paid Listing -  Just Dial Paid Listing.

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Offline
Hoarding - pharmacy franchise - Medical store business is a business that people mostly search offline through internet. That is why it is important that you promote your business through hoardings and paper media. Regarding hoarding, you should take care of some important things like

A few days before opening the parlor, you must put a hoarding of "Opening Soon" in front of your shop. So that people come to know that a new medical store franchise is going to open in their area.
You should install hoardings of your pharmacy franchise in every area where there is a crowd or where there is a market such as in markets, in colonies, around cosmetic shops, around the residential area of   your area, etc.
Pamphlets -  You can also promote your shop through pamphlets. You can either give it to the people visiting yourself or you can also deliver it from house to house by paying some money to the local newspaper giver of your area.

Yellow Pages -  Yellow Pages is a directory that contains the numbers and addresses of small to large businesses in every area of   your city. Click here to register in the yellow page and for more information  .

Behavior  - There is a well known saying -

SPEAK LIKE THIS, LOSE YOUR TEMPER.

COOL THE AURAAN, YOU ARE COLD.

To say this is to talk to people in such a way that along with others, you will also be happy. Your behavior has a great impact on people's minds. If one talks to you badly and one talks to you with love then it is sure that only people who talk to you will be useful.

In the same way, if you talk to your customer with love and provide them with excellent service, then people will come to your shop again and again.

Customer's benefit  - The more you take care of your customer, the more your business will be famous among people. Therefore, some things related to the customer should be kept in mind -

Try to provide easy service to your customer. The more easily and in less time people will be able to get service from your shop, the more people will like to visit your shop.
Against other medical stores, keep in mind what services or products you can give to people. For example, giving your service at home on any day of the week, giving offers and discounts etc.
Whenever a customer comes to your shop, respect it. Many times a customer comes to your shop and there is no one to attend, in such a situation some customers do not like your behavior and do not like to come back to your shop.
Try to offer more and better discounts to your customers against the rest. If your offers are good then people will like to come to your shop more.
Apart from this, whenever you offer or discount, do advertise it. To advertise you can put a board outside your medical and also tell each of your customers that you are offering on your medicines. With this, your customers will tell more people about the offer and you will get publicized on your own.

Apart from discount offers, you can also provide coupons for spending some amount. People will think of taking that service for coupons and your cell will be better than before.
One very important thing is the way of payment. Today's phase of digitization is increasing. In such a situation, try not to face any problem in paying your customer. Keep all the mediums available from card payment to online in your shop so that people can easily make payment in any mode.
We hope that with this business plan you have understood how you can start a business of your own pharmacy franchise. If you have any other question in your mind, then do ask us by commenting.