Are you a retail pharmacy owner? Are you thinking of starting a medical store business with small capital? Then online pharmacy business is perfect for you. The major beneficial aspect is online pharmacy businesses allows you distance selling.
Brick & mortar retail stores don’t allow distance selling. Another benefit of setting an online store is you don’t need to pay any rent for retail space. Yes, You will need to build your own website. You can sell only non-essential medicines from your own ePharmacy.
With the arrival of so many eCommerce software, initiating an online pharmacy business is really easy and cost-effective. Here in this article, we intend to explore an online pharmacy business plan sample with a very small investment.
Creates an Online Pharmacy Business Plan
ePharmacy owners must be willing to supply medicines against a prescription to anyone in India. This is a major role in the online pharmacy business.
Plan about the products first. There are several product categories. Such as prescription medicine, non-prescription medicines, baby care products, personal care products, ayurvedic products, clinical accessories, testing equipment, and cosmetics products.
You will need to determine the product range. Proper inventory management plays a crucial role. Aim to find yourself a niche product as this will make your business stand out from the crowd.
Talk to the courier companies. Fix a renowned and reliable courier company for delivery. Craft a financial plan including the working cost and marketing cost.
Registrations & Licenses For Online Pharmacy Business
Registration of business is a must. Register your organization with ROC. One Person Company is the recommended business structure for newbies with a low budget.
You can form Pvt. Ltd. or LLP for partnership operation. GST registration is required. You can apply to your state’s Sales Tax department.
A drug license is mandatory. You will need to obtain a Retail Drug License.
In most states, a retail drug license is only issued to persons who possess a degree or diploma in pharmacy from a recognized institute or university after depositing the requisite fee on account of the fact that it is a specialized job and only qualified persons can handle it.
If you have the qualification, it’s good. Otherwise, you must employ a person, having such a degree as a full-time basis. You will need to submit the following document to get the retail drug license.
- Application form in the prescribed format
- Covering Letter with the intent of the application signed with the name and designation of the applicant
- Challan of fee deposited for obtaining drug license
- Declaration form in the format prescribed
- Key plan(Blueprint) for the premises
- Site plan (Blueprint) for the premises
- The basis of possession of the premises
- Proof of ownership of the premises, if rented
- Proof of constitution of the business (Incorporation Certificate / MOA / AOA / Partnership Deed)
- Affidavit of no conviction of proprietor/partners/directors under the Drugs and Cosmetics Act, 1940
- Affidavit of a registered pharmacist or competent person working full time
- Appointment letter of registered pharmacist/competent person, if an employed person.
Setting Up Online Pharmacy Business
You can start the business in two ways. One is setting up your store through the WooCommerce plugin on WordPress. If you are technically good at WordPress and have knowledge about the plugin you can try WooCommerce.
Another option is initiating your store through eCommerce platforms. We recommend Shopify for Indian customers. Shopify is a website builder & online shopping cart system that has every feature you need to run your online business. With Shopify, You will get the following features for free.
- 100+ professional themes
- Mobile commerce ready
- Brand and customize your online store
- Your own domain name
- Work with an expert
- Automatic carrier shipping rates
- 70 payment gateways
- Offer free shipping
- Flexible shipping rates
- Automatic taxes
- Multiple languages
- Search engine optimized
- Product reviews
- Sell on Facebook
- Social media integration and many more.
If you want to allow more time for promotion, sourcing, and growing the business, Shopify is the best option. Creating and managing the store with a lot of technical aspects will be handled by the Shopify team. Their support system comes with a total eCommerce solution.
Promote Your Online Pharmacy Business
A Word-of-mouth campaign is the best option for a small online store promotion. Aware everyone about your store within your family, friends, and relatives.
You must promote the store online. SEO optimization is a must. Shopify will take care of the SEO optimization of your pharmacy. Every time you update your website, you want Google to know.
Shopify does this by generating the sitemap.XML files to help your edits get indexed faster. You can take advantage of Shopify’s coupon and discount feature.
Create coupons and assign discount codes to generate more business. Email marketing is another great way to promote an online pharmacy store. You can also promote your online pharmacy business with social media.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.