HOW TO OPEN AYURVEDA MEDICINE STORE
Ayurveda is considered to be the oldest healing science there is by many scholars. Ayurveda, which is a Sanskrit word, means ‘the science of life’. This knowledge of healing is known to originate in India more than 5000 years ago and is also called ‘the mother of all healings.’ Vedas, which are one of the oldest scriptures there is, also mentions of Ayurveda as the most effective medical knowledge. Most of the ayurvedic knowledge is unknown to us as it was mainly propagated through oral traditions and folklores but we have been able to know much about it through prints that were set thousands of years ago. Homeopathy, Naturopathy, Polar therapy, and other natural healing systems derive their roots from the Ayurveda. The main principle of Ayurveda is very different from how modern medicine works. It focuses on the individual, as everyone has a different body and possesses different characteristics, thus each body requires special treatment and you cannot everyone with the same medicine. Ayurveda focuses on finding the right balance of a person’s emotional and physical being, and that has cured a number of people naturally and as the result has drawn much attention towards itself. With the rise of many diseases and a global pandemic over our head, it is forecasted that the Ayurveda medical industry during the period of 2019-2024 will show a Compound Annual Growth Rate of 14%. It is the best time, if you want to invest in this industry, be it become an Ayurvedic Doctor, or open an Ayurveda Medicine Store. Since the qualification required to be a doctor is very high and in a poor country like ours, we don’t have enough resources to invest in it, opening a medicine store becomes a resort for many and is a fairly profitable business.
Let’s have a look at how one can open an Ayurveda Medicine Store:
Create a Plan
Decide the size of your Ayurveda medicine store. Decide what will be your reach and your location. If you want just an offline store or you are willing to extend to an online store? If it is offline will you also hand out deliveries and if it is also an online store what will be your area of service. Make a plan for what is going to be the size of your Ayurveda Medical Store at first. The growth will only follow if you thrive in the market.
Permits and Licences
To open an Ayurveda Medical Store, you much have a long list of permits and licenses that are assigned to start this business. Drug licenses in India are issued by The Central Drugs Standard Control Organization (CDSCO) and State Drugs Standard Control Organization. The standards are prescribed by the Central Drugs Standard Control Organization where the State Drugs Standard Control Organization grants the licenses after assessing certain parameters such as the area of the Ayurveda Medical Store shop, infrastructure, and whether the pharmacist has the minimum qualification to open an Ayurveda Medical Store.
Along with this, you’ll need to get yourself registered as a business person, get your GST registration, and all sorts of licenses and permits are done. Make sure you are ready with all the paperwork and to take multiple rounds of government offices because opening any business in India calls for this.
Location and storage space
You will have to rent/ buy a place where you can store your product and display them. Keep in mind that the location of your store matters a lot. A market place with high footfall is necessary. You can rent a place near a Hospital where you know even if there is competition, the demand is always going to be high and whenever customers visit the other shops, they are more likely to see your shop too. If you are renting a place away from the hospital or ayurvedic clinic, be aware of the competition around. Try to locate yourself when there are lesser stores like you. Also, keep in mind the storage capacity of your store. The infrastructure should be such that it is easier to organize and label the medicine so whenever a customer comes to your shop, there is no delay or confusion about the location of medication in your shop.
Have the right distributor
Make sure you have a distributor who can easily make you available with the supply whenever you demand them and have access to the drug that is being prescribed by doctors in your locality. If you want to have a successful Ayurveda Medical Store, you should know that customers should not go empty-handed just because you did not have that drug available on that day and if not that, keep an option that can replace the drug demanded by them.
Delivery and Marketing
Nowadays many medical stores are keeping the option of providing home delivery services of the medicines to the nearby localities. It is a very good option as it builds a good rapport with your Ayurveda Medical Store in that locality and people will most definitely recommend you to their peers. But don’t go overboard with the boundary. Deliver in the circle which you have set and expand only when your business is expanding or you will lose out on your profit.
You can also set up a website for your Ayurveda Medical Store and bring your business into the e-commerce world. Put up pages on Facebook and Instagram and develop a strong SEO, and invest in marketing offline up ads with discounts for your regular customers. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand our pamphlet whenever a customer arrives. Since you have an offline store and most customers will save your number for future reference, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one to one messaging which has become one of the best provisions of converting prospects to customers. Remember to greet them nicely and make them feel important.
Opening any kind of pharmacy or medicine store comes with a lot of responsibility. In India, it is seen that many people take advice from the pharmacist themselves and consume medicine hence the Indian government has come with a minimum level of education that is required to open any medicine store. If you are looking forward to having your Ayurveda Medicine Store please be assured to have the minimum qualification required for it as you’ll be responsible for many healthy lives. Enjoy the process of setting up your business. All the best!