Ayurveda has been on a roll in the past couple of years with more and more people following the “getting back to nature” mantra. Ayurveda offers great health benefits to everyone without causing any side effects. But, that’s not where the Ayurveda stops. It can actually be a rewarding business endeavor as well.
Pharma franchise is something that we are all aware of. The Ayurveda catering version is referred to as Ayurvedic pharma franchise where companies or individuals are dealing with ayurvedic products like medications or daily use products. There are plenty of Ayurvedic pharma companies in India who provide good economic prospects. But, you have to be sure of a few things before finalizing the franchisor. This blog will list things that make ayurvedic pharma franchise a profitable opportunity for you.
Evaluate the Franchisor
Before you get involved in a franchise, it is important that you scrutinize the franchisor on a few parameters. This evaluation plays a significant part in determining whether you will be at a loss or gain profit.Take a look at things that should be considered:
- Checking the reputation is the first step. Good Ayurvedic pharma companies India care a lot about their reputation and therefore, would not engage in fraudulent activities or skip quality measures that can hurt their reputations.
- Ensuring that the franchisor has a range that suits your marketing area is equally important. A product that is not relevant in your area might not give you any profit no matter what the margin is or how well the product is doing in other geographies.
- Maintaining a steady flow of supply of the products is imperative. All your networking and hard work will go down the drain if the franchisor is slow in supplying medications that are being prescribed the doctors.
- Appealing brand name or easy-to-remember medicine names go a long way. Doctors should not face any type of difficulty in remembering the name of the medicines that they are required to prescribe.
Negotiate the Deal
Once you have created a list of Ayurvedic pharma companies that are good franchisors, you can try to strike a deal with them by putting forward your requests. There are a few things that can help you increase your profit margins.
- Getting monopoly rights for a certain area can help you big time. This means that you are a sole marketer and distributor in an area and all the profit proceeds from that area are coming to you. This might mean a lot of work if the area is big; but, it also means huge rewards.Ayurvedic pharma companies usually do not shy from granting rights to a good franchisee. So, make a sweet deal.
- Framing a contract that lists the payment terms, frequency, and other important clause should never be missed. In business, there is nothing like good faith. And, if both the parties are honest in transactions, there should be no issue in getting involved in a legal contract that clearly states the requirements.
Become a Franchisee
After selecting the franchisor, it is now up to you to take up marketing work as per your geography. Hiring good marketers, networking with caretakers in your area, and maintaining a stock will play vital role in determining your profit.
The demand for Ayurvedic medicines has been on a rise because people are becoming more aware of the long-term benefits and cure. Taking up the franchise opportunities of Ayurvedic pharma companiescan be the big business breakthrough that you have been waiting for. If you are a pharma franchise, then don’t forget to share your experience with us.