How to Start Pharma Franchise Business? – The Pharmaceutical industry has loads to offer for new entrepreneurs and people who are looking for good business deals. Want to know how to start a pharma franchise business? Franchise deals have been one such segment of this domain which has attracted millions of eyes over the past few years. Starting a business may seem a difficult task but the pharma industry makes it easy for you!
The Pharma franchise works on a greater level whether it is an investment, return, the area of working, sales target or profits. If you have worked as a PCD owner or have wide experience in pharma sales, then you are most welcome. In this post, by Pax Healthcare, we are going to tell you about, “How to start pharma franchise business?”
Points To Remember When You Start Your Own Franchise Pharma Business
From making startup mistakes to making a plan, you should always be certain about everything that can come in your way to success. Here are some things you should remember whenever starting a business of pharma franchise:
- Defining your goals and choosing creative ideas is the thing. Think of the possibilities of franchisees you can take like pharma franchise for diabetic medicines, ophthalmic medicines, ENT drugs and medicines etc or simple pharma franchise of variety of medicines at a limited quantity.
- Your experience is like the brush to a great a future. So, always consider your interests, talents, experience, and knowledge to see what kind of pharma franchise you will mostly rejoice.
- Create your own hypothesis. Inadequate research can lead you to trouble and losses. Thus, always do good researching before you start a pharma franchise business by knowing about the demands, companies, competition, monopoly availability, product availability, reviews etc.
- Do you think that investment is too much and you want a partner? Beware! Always choose your partner wisely as it can leave your business in losses or standstill like Koolkart.com went.
- Assumptions are good when it comes to the net profit, gross profit, and profit margin but remember pre-assumption are never benefiting. So, cross-examine everything and take out the flaw assumptions.
- Being selfish is the new trend! Being a fresher, you should be more focused on least overhead cost whether it is furnishing or buying a commodity
- It’s a startup in the end and the gestation period can be exhausting financially and emotionally. So, be prepared in advance as per experts a start up to work may take 6 to 8 months. Be prepared with a contingency fund before you start the franchise business.
Documents Needed To Be Owned and Submitted To the Pharma Company
It a pharma business! You will need to own certain list of documents which are compulsory to submit it to the main Pharma Franchise Company before you apply for Franchise:
- Legal Drug license (Central Drug Standard Control Organization/State Drug Standard Control Organization provides it)
- A copy of rent agreement of your premises if taken on lease or rent. In case you own it, a copy of the blueprint.
- PAN number from Income Tax department
- Registration copy of a Limited Liability Partnership (LLP) contract with attestation from partners (conditional)
- CST ( Central Sales Tax)
- TIN (Tax Identification Number)
- VAT (Value Added Tax)
Learn about GST (Goods and Service Tax), 2017 which will affect the business of pharma franchise.
Tips To Choose the Right Pharma Company
Here are some goof tips on choosing a pharma franchise company to associate with for franchise:
- See the promotional inputs like cards, diaries, pens etc being are qualitative and attractive.
- List of pharma products being served which is should be more than 100+ and according to the demand in your locality.
- Certification and approvals from ISO, GMP, WHO, FDA and DCGI should be there.
- Monopoly rights are being distributed to the franchise clients or not. Monopoly lets you cut on competition and have more profit for yourself in the designated zone.
- Have a detailed research about the company and know the profit it has been earning past years which is important.
- Expansion opportunities should be there. Thus, the vacancy should be available near your locality when you want to expand your business.
- Loan or credit can be availed by the franchise holders which is a benefit given by many companies. Look for such a company as it can be helpful in times of crisis.
Pharma Franchise is a successful business model with genuine investment plans. On that contrary always have a business plan and investment needs to be estimated which will be good for your business. The main thing is to find the right company for investment. Pax Healthcare is one of the best Pharma Franchise Company in India. Certified with ISO 9001:2008, we are engaged in offering a wide list of pharma products and services across pan India at genuine rates.