With the rising population in the urban parts of India and the increasingly rampant urbanization of even the rural areas, people are getting more buying capacity. And that has made them more aware of their health in the last couple of years. Access to medicines and other health products has become a priority for Indians across the country.
That is the reason why starting a medical shop can turn out to be an extremely profitable business option for you. In this post, we are going to walk you through the whole process of starting a medical shop in India. We would also tell you how a medical shop billing software can prove out to be instrumental for the success of your business. Let’s get started:
- Business and Tax Registration: First of all, you need to make sure that all the registration processes are taken care of. You will have to choose one of four options. The four options are Hospital Pharmacy, Standalone Pharmacy, Chain Pharmacy, and Township pharmacy.
Depending on where you wish to start the medical shop and how you plan on creating a set of customers, you will have to choose one of these four options. Following this, you will have to choose the way you want to register your business as a legal company. You will have to choose one out of LLP or Private Limited Company.
After you’re done registering the company, you will have to make sure that the tax registrations are done right. Obtain a GST number and other paperwork is very important for your business. For streamlining your tax process, you should employ good GST software.
- Pharmacy or Drug License: To start a pharmacy business, a drug license from Central Drugs Control Organization as well as State drugs standard control must be obtained. Retail Drug License (RDL) is given to pharmacies whereas Wholesale Drug License is required if you and your company is going to be involved in the wholesale business of medicines and drugs.
The requirements for getting a license include a minimum of 10 square ft. area of operation, refrigerated storage facility, and qualified staff.
- Go Digital: To make sure that your medical shop succeeds and has a lot of customers, you will have to understand the digital world and use it to grow your business. First of all, you need to sign-up for Google Business so that people can discover your shop via Google Maps. Following this, you need to get on social media and engage with your customers. You should also go for medical shop software to make sure that everything in your business is running smoothly. Not only this, you can even integrate with your GST software to reduce paperwork for your business.
- Give Buyers a great experience: For making sure that the customers visit your shop regularly, you have given them an amazing shopping experience. A medical shop billing software can save a lot of time of your consumers and you can even provide them an invoice with it. You should also accept payments online and cards to attract more customers who are tech-savvy and believe in going cashless.
So, this was all you needed to know about how to start a medical shop in India. Have any questions? Feel free to ask us in the comment box.