medplus franchise

How to Start MedPlus Franchise Business in 10 Steps

MedPlus is one of India’s leading pharmaceutical retail chains. It offers a trusted and established franchise opportunity for entrepreneurs looking to enter the healthcare sector. With a strong presence across the country and a reputation for quality, MedPlus provides a platform for both experienced and aspiring business owners. In this article, we will guide you through the steps to start a MedPlus franchise business in India.

Introduction to MedPlus

MedPlus was founded in 2006 and has since become one of India’s most recognizable pharmacy brands. With over 2,200 stores spread across 12 states, it has earned the trust of millions of customers through its commitment to delivering genuine and affordable healthcare products.

Online pharmacy & general store, MedPlusMart.com, launched in 2015 has quickly grown to become the biggest e-Pharmacy in the country today. Through MedPlus Mart, customers can buy medicines, OTC products, FMCG, and nutrition products from the convenience of their home or through mobile, read important information about medicines, store their health records, view their prescription history, and redeem rewards.

Medplus today serves over 2,50,000 customers daily and employs over 10,000 people. The company offers free home delivery in several of the locations where our store is present.

Why Choose a MedPlus Franchise?

Starting a MedPlus franchise offers several advantages:

Established Brand: MedPlus is a well-known brand in the pharmaceutical retail sector, which can significantly reduce the time and effort required to establish a new business.

Wide Product Range: MedPlus stores offer a comprehensive range of pharmaceuticals, healthcare products, and wellness items, attracting a diverse customer base.

Proven Business Model: As a franchisee, you benefit from a business model that has already been tested and proven successful.

Training and Support: MedPlus provides training and ongoing support to its franchisees, helping them navigate the complexities of the healthcare industry.

Technology Integration: MedPlus incorporates technology for inventory management, billing, and customer relationship management, enhancing operational efficiency.

10 Steps to Start a MedPlus Franchise
1. Research and Feasibility Study

Before diving into any business, conduct thorough research to understand the pharmaceutical retail market in your chosen location. Assess the demand, competition, and potential customer base. This will help you determine the feasibility of a MedPlus franchise in your area.

Also Check: Top Pharmacy Franchise Business Opportunities in India

2. Meeting Eligibility Criteria

MedPlus has specific eligibility criteria for franchisees, including:

  • Educational Qualification: Typically, a minimum qualification of a Bachelor’s degree is required. However, a pharmacist qualification is always preferred.
  • Experience: Some prior experience in retail or pharmacy-related business is preferred.
  • Financial Requirements: Ensure you have the necessary financial resources to meet the franchise investment and working capital requirements.

3. Contact MedPlus

Visit the official MedPlus website and navigate to their franchise section. Fill out the franchise inquiry form with your details. A representative from MedPlus will get in touch with you to discuss the opportunity further.

4. Location Selection

Identify a suitable location for your MedPlus store. The location should meet MedPlus’s criteria for store size, visibility, and accessibility. MedPlus will often assist in site selection.

5. Franchise Agreement

Once you meet the eligibility criteria and both parties agree on the terms, you’ll need to sign a franchise agreement. The agreement will outline the terms and conditions, including the initial franchise fee, ongoing royalty fees, and the duration of the franchise.

Read: Top Healthcare Business Ideas

6. Cost & Area Requirements

The total investment in starting a MedPlus franchise retail store will be around Rs. 15 – Rs. 20 lacs depending on the location and the size and condition of the premises.

This amount covers the franchise fee, refundable security deposit to the premises owner (rental advance), interiors, storage racks, furniture, computer systems, printer, branded stationery, and initial inventory (stocks).

In addition to this, you must be prepared for an additional investment towards working capital to fund non-moving inventory and initial operating losses.

Any town with more than 50,000 population would be suitable for a Medplus Pharmacy Retail Store. A minimum of 300 sqft or more in the main market area with good frontage and unrestricted access to the premises is preferred.

7. Arrange Funds

To successfully start and operate a MedPlus franchise, you need to arrange the necessary funds. The initial investment will cover expenses such as the franchise fee, store setup, inventory, licenses, permits, and working capital. It’s essential to have a clear financial plan and secure the required funding sources, which can include personal savings, loans, loan apps, or partnerships with investors.

Read: Best Business Credit Cards in India

8. Store Setup and Training

MedPlus will provide guidance on store setup, layout, and design. They will also offer training to you and your staff on store operations, inventory management, and customer service.

9. Regulatory Compliance

Ensure that your store complies with all the regulatory requirements for pharmaceutical retail, including licenses and permits.

10. Grand Opening

After setting up the store, you can have a grand opening to attract customers and create awareness about your MedPlus outlet.