Pharmacy business plan:
Pharmacy business or medical store is a good business option because this business is attached from our health People are very conscious about their health. And when they need a medicine, they go to the medical store. This business never runs out of customers. The chemist's shop business is an excellent and green business. In this article we will provide you all the information related to this business which is very beneficial for those who want to start this business.
Pharmacy is one of the best low cost businesses. Once you've opened a Successful Medical Store, you don't have to worry too much about future profits. So it would not be wrong to say that the medical store business will be quite a demand for you in this day and age. When your shop becomes successful, you can further open its branches.
Required qualification:
Anyone who wants to open a
chemist's shop should have a degree in science and a degree in gradation. This
qualification should be for the person in whose name the drug license is being
issued. If you are the owner of the shop it is not necessary to the required
education but the staff you hire must have the required qualifications. In
addition, if you have an experience in the field of drug and medicine, you can
run your own business easily.
Profit margin:
Profit margins of retail medical
store range is 10% to 30%. The margins of each type of product are different.
Then whatever discount you offer which can be up to 5% - 20%, then your benefit
margin can be up to 5% - 25%.
Location:
Here are some factors to keep in
mind before starting a pharmacy business. These factors will determine what
your shop should be like and in which area it will run. When you find out about
locality, you will understand what is the only thing that only your shop can
provide. Like medicine home delivery etc. If the economic status of the people
in your locality is low then you have to keep the price of medicines at the
same level. The nearby pharmacy business can give you an idea of whether or
not there will be a demand for starting this business.
Cost and infrastructure:
The investment it takes to start
a pharmacy business depends on multiple factors. Like business area, business
level Whether you are a distributor or wholesaler. In addition, your overall
finances depend on your shop rent, advertisement costs, legal fees,
renovations, and every investment you make in opening a shop.
If you have an investment of up
to Rs 4-5 lacs then you will opened 10 Sq.feet chemist shop which will include
Drug license fee and Medicine Stock (Excluding Shop Rent / Infrastructure /
Shop Purchasing Cost). In the pharmacy business, you have to keep many types of
medicines and equipment in your shop.
Required furniture:
|
Show Case With Sliding Glass |
1 |
10,500 |
|
Medical Store Display Racks |
1 |
18,000 |
|
Pharmacy Rack |
1 |
21,000 |
|
Pharmacy Counter with Drawers |
1 |
8000 |
|
Medical Store Counter |
1 |
39,000 |
|
Cash Counter |
1 |
4,700 |
|
Computer Counter |
Drug/Pharmacy License:
To start a medical store or
pharmacy retail business, you need to get a drug license. You cannot operate your own
pharmacy unless you have a drug license. Note that you must register your shop to get a drug license.
How to market:
The medical store business is a service that everyone needs and can never fail. You need more than luck to succeed in this business. Shop Advertising, Dealing With Your Customers and Customer Benefits.You can promote your business through many ways like; Google Me Business is a free tool from Google that lets you list your business on Google. The advantage of this is that whenever someone searches Google, a chemist shop it will be easy to find all the details of your shop on Google.
Hoardings and paper media:
You can also promote your
business through hoardings and paper media You can place your chemist shop hoardings
in every area where there is a market, such as near hospitals, on bus stands,
in markets, in residential areas of your area. You can also sell pamphlets at
your shop. You can give it to the people who come and go, or you can take it
home by paying some money to the local newspaper of your area. In addition to discount offers,
you can also provide coupons for spending a certain amount. For those coupons,
and your sale will be better than before.
We hope that with this
information you have come to understand a great deal about how to start a
pharmacy business. We
have tried our best to get you the answer to every question from beginning to
end.
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