Medical store business opportunity is perfect for those who are a chemist or has years of experience as a pharmacist. In this business there are so many types of commercial options are available apart from only medicine selling. Every year it is seen that medical industry is growing and growth rate is 18% per annum in India. It is only for increasing demand of medicine and related health care products and supplements.
One can start medical store business with extra value addition services like a doctor’s chamber, some test facilities like blood pressure, oxygen supply etc. As a startup, you can buy a franchise of established brand or you can start your own. In medical store business, the retail margin is very inspiring.
Legal Formality For Medical Store Business
You can start this business as proprietorship and also as a partnership. Medical store business attracts several legal state and central Government licenses for different locations. To start medical store business in India, you will need to have trade license from the local authority, sales tax registration and license as per the norms of Drugs and Cosmetic Act 1940 and rules 1945 as amended after.
Medical Store Business Plan
Create a detailed plan of your medical store business. Decide what range of medicines you will be keeping. What other services you will be offering to your clients. Calculate fix cost and working capital. Decide entire startup budget and expected revenue earnings. Determine a memorable and easy-to-spell name of your medical store business.
Medical Store Business Setup
Location selection is an important factor in medical store business. It is preferred to choose a location with a high density of residential population, not a commercial area. Create a detail floor plan layout of the store room, cash counter, customer waiting area, doctor’s chamber and get your shop’s interior decorations according to that.
Contact with the local wholesaler or medicine manufacturing company to have the products. If you go for direct company supply definitely you will get better margin but they will ask you for a higher order quantity. To start with, it is advisable to go with medicine stockiest.
Hire skilled personnel having experience in medicine retail segment. If you are not a chemist and starting your medical store business, then always remember, it is mandatory to keep a pharmacist on a full-time basis. Keep women employee. Your clients who are women would prefer to interact with a lady about their personal requirements.
Promote Your Medical Store business
You can start promotion by giving some local newspaper advertisement. You can think of some value addition service like online order system and delivery at clients doorsteps. Aged persons, who have regular requirement of medicine, will prefer this service. Offer discounts on maximum retail price. Also, you can offer some promotional gifts for a certain amount of purchase.
“For Further Reading”
1. Handbook of Drug Store and Business Management: 0
2. Drug Store and Business Management (Including Accountancy): 0
4. Drug Cosmetic Retail Handbook— Drug Cosmetic Stores Business Innovation