Here in this article give you a perfect answer for you with your question How to get a pharmacy franchise in India. This will also help you to know more about other questions like Is a Mediplus franchise profitable? How much money can I make from a franchise of MedPlus? in detail.
How To Become A MedPlus Pharmacy Franchisee in India ?
Pharmacies can be operated all round the year, round the clock because medicines are one of the basic needs and families may cut down on luxuries but continue to purchase medicines to maintain health. When it comes to pharmacy business it’s obviously a recession free business and if the stock is well managed and the necessary products are available in time, then success is assured. The operational activities involved in running a retail pharmacy are similar to a trading business. Operations of pharmacy primarily consist of channelizing the required and some general products from many suppliers and selling them to the end customers through the retail counter.
Who are eligible to become a MedPlus Pharmacy Franchisee?
The experience would really matter alongside the education background. A pharmacist qualification is helpful however at a minimum level the candidate should have completed SSC or Intermediate level education. Ideally a Pharmacy diploma/degree holder can be able to understand the pros and cons of the technicality of the products. Prior experience in Pharmacy or managing a small business is countable. Individuals possessing the quality to work hard, diligent and dedicated would see growth from the inception. The determination to personally manage the pharmacy operations rather than through employees is important and the ability of understanding trade terms, margins, profit & loss in terms of mathematics are sufficient.
Investment Details for MedPlus Franchise
To set up a MedPlus Franchise one requires a total investment up to 20 lakhs depending on the location and the size and condition of the premises. The refundable security deposit to premise-owner/rental advance franchisee fee, interior decors, storage racks, computer systems, branded stationary and initial inventory (stocks) are inclusive of the amount. Of this amount, the franchisee should be able to invest Rs 6-7 lakhs of his own to receive a loan under the special scheme towards remaining investment through State Bank of India across India, subject to having collateral of around 6 lakhs.
Location & Premises Criteria for MedPlus franchisee
The location plays an important role in setting up of the MedPlus franchisee. The clutter size determines the demand of the products availability. Considering any city with more than population count of 50,000 would be suitable for a MedPlus Pharmacy to run. Across India, MedPlus Franchises are being offered only in the states of Andhra Pradesh, Telangana, Tamil Nadu and Karnataka presently.
For the pharmacy premise a minimum of 300 Sq.ft or more is required in the main market area with good frontage and unrestricted access to the customers. The enrollment procedure is simple as any individual interested in joining hands with MedPlus Pharmacy Business can register themselves by dropping a mail at [email protected] or make a call to head office.
Running the Franchise Business
Firstly maintaining necessary registrations, documentation and procedures to comply with the laws of the state and drug regulatory authorities is inevitable. Also, to be able to do the operational activities successfully, a pharmacy should be well versed in these:
- Identifying and estimating the demand for the products in the area
- Maintaining stock levels of the most sold products and continuous updating of stock over time
- Minimizing stock loss due to expiry, damage, theft or pilferage
- Locating multiple suppliers for all the products
- Negotiating prices, discounts and payment terms with the suppliers
- Procuring in time and as per need
- Keeping records of customer details, sales data and stock outs
- Managing cash with an understanding of costs, revenue, profit and loss
- Managing the staff members so as to satisfy customers with great service
- Generating demand by marketing and promotional schemes
MedPlus Franchise Training and Support
For setting up a MedPlus franchise one need some help that is backed by the Training & support team. The following services are afforded by the franchisor
- Assistance in selecting the proper location for the store and all aspects of operating the franchise
- Help with store identification and lease finalization, in entire layout plan, branding materials and furniture and systems required.
- Facilitate a bank loan if required.
- Supply of all products sold through the store, all types of equipment to manipulate the pharmacy related purchases, sales, bank deposits, customer records without any complications.
- Training for the franchise and its staff with Audit support.
MedPlus Franchisee Benefits – Profitable Money making Pharmacy
- Be the pride owner of the brand in a reputable profession with assured income
- Get assured of the best training, knowledge, and support for running a large pharmacy because of strong operations expertise and sourcing, technology and execution capabilities
- Initial credit facility or loan from State Bank of India under a special scheme for about 60% of your basic investment requirement
- You generate a volume of business that is 2 or 3 times higher than other marketers and enjoy higher customer retention yielding high profit margins.
- Repeat purchases due to brand pull and enjoy the attractiveness of the loyalty and reward program naming as FlexiRewards
Hope this article have helped you with your question How to get a pharmacy franchise in India. Let us know more about other questions like Is a Medplus franchise profitable? How much money can I make from a franchise of MedPlus? in detail in next articles.