If you are preparing to procure a franchise of any pharma franchise company then you require to follow the stepwise method to start your own pharma franchise business. Pharma companies give pharma products to franchisees at the net price and they distribute these products with decent marketing procedures to obtain a marginal profit. Now we are going to address the stepwise method for starting a franchise business.
Following Steps below to run a pharma franchise business
- Planning: In this measure, you need to prepare a decent business plan with all the needed measures like segment-wise product range, targeted channel partners, marketing tactics, and all the economic and financial planning. If you are about to open a PCD pharma company on a part-time basis then further examine its future, purpose, and objective.
- Also, you need to prepare funds for admin, management, marketing, promotional and other activities. You need to provide funds until your pharma business begins to earn a profit. It will rely on your experience, knowledge, and efforts and may take a 1-year duration for proper establishment.
- DRUG Licence Registration: For starting a pharma franchise company, you should need to register your company first then you should apply for a drug license and GST number for your business.
Primary Stage Requirments:
- Choose Location: Choose your location from where you wish to start your franchise company. For this, you need to make small research of competitors, their products, pricing, and people reviews. Prepare a list of doctors and retail chemists of your area and break them into different parts as per the opportunity of sale then make a plan to approach and promote your products.
- Product list Preparation:- Product planning is also essential as business planning. Create a list of different product range such as derma, pediatric, gynae, general, or any other division. Also, you can make a molecules list which you want to promote.
- Selection of the right company: First of all you need to hunt for different pharma franchise companies for your place. You can find them on different search engines, brochures, pharma newspapers, drug books, and other publication media. Create a list of nearby 5-6 PCD Companies and examine them with their product list and pricing. Examine their net rates, product list, molecules, marketing, and promotional support and extra terms conditions then choose PCD Pharma Company which is going as per your condition.
- After the selection of a fitting pharma Franchise Company, you require to follow some necessary steps
- Terms & Conditions: Make terms and conditions based on mutual understanding between you and Pharma Company. They must be in writing because written records are helpful in any future conflict. Mention all the terms including promotional and sales assistance, sampling, product distribution, target market, payment terms, and other conditions.
- Monopoly marketing is the base pillar of any PCD business. With an area-wise monopoly right contract, no other distributor can sell the same pharma product at your location. So proceed area wise a monopoly agreement with a pharma company.
- Final Order preparation: After successfully clearing all the above steps, now you can put the final order as per your necessity and requirements. PCD Pharma Company grants proforma of products and payable amount. You can do the payment as per your decided terms.