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 the medical industry is growing and the growth rate is 18% per annum in India. It is only for increasing demand for medicine and related health care products and supplements.
One can start a medical store business with extra value-added services like a doctor’s chamber, some testing 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 the medical store business, the retail margin is very inspiring.
Here are the steps to start a medical store business
1. Make the Medical Shop Legally Compliant
Decide on the business structure under which you are going to operate. Obtain necessary licenses and permits required from local concerned authorities.
2. Write a Medical Store Business Plan
Create a detailed plan for your business. Decide what range of medicines you will be keeping. What other services you will be offering to your clients. Calculate fixed costs and working capital. Decide the entire startup budget and expected revenue earnings. Determine a memorable and easy-to-spell name of your medical store business.
3. Medical Shop Setup
Location selection is an important factor in the medical store business. It is preferred to choose a location with a high density of residential population, not a commercial area. Create a detailed floor plan layout of the storeroom, 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 a 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 the 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 employees. Your clients who are women would prefer to interact with a lady about their personal requirements.
4. Promote Your Medical Store business
You can start the promotion by giving some local newspaper advertisements. You can think of some value-added services like an online order system and delivery at the client’s doorsteps. Aged persons, who have regular requirement of medicine, will prefer this service. Offer discounts on the maximum retail price. Also, you can offer some promotional gifts for a certain amount of purchase.