How to Start 1mg Franchise, Cost, Investment, Profit

With the economic reforms and globalization, there has been an advancement in technology. To cater to cross border transactions and to make a variety of products available to the customer, everything has become possible with the help of the internet and online platform. With businesses running online, the owners have been able to draw more work from the available hours in a day and generate more revenue. Each sector had experienced a level up with online portals.

How to Start a 1mg Franchise?

Similarly, the pharmacy industry needed this change. There was a need for proper channelization of proper distribution of quality medicines to the end-users since drugs are the essential requirement that cannot be cut down as they are not a plush requirement but a necessity in case of health issues. Streamlining of distribution has become possible due to the trend of running a business online and Franchise opportunities available. 

1mg Franchise is an opportunity for pharmacists to join India’s most trusted supply chain of quality medicines. 1mg and online pharmacy is an online platform that can be used to place orders for drugs online, including orders through prescriptions as well as over the counter.

It can be used to place orders through Rx and OTC as well as to book diagnostic tests through the 1mg’s online platform. 1mg was founded by Prashanth Tandon, Vikas Chauhan, and Gaurav Agarwal. Pharmacists can have tie-ups with 1mg and supply medicines using the support system and brand name of 1mg.

When an order is placed online on the 1mg platform by filling the form, the orders placed are fulfilled by the partners who have tie-ups with 1mg. The ordering process is straightforward. The customer has to visit the website of 1mg for placing an order.

A form has to be filled, covering all the required details. The order can be placed either supported by a prescription or without it depending upon the medicine ordered. The order once placed by the customer reaches to the tie-up partners of 1mg based upon the customer’s location, and the availability of the product ordered.

In case a prescription is required for ordering the customer has to upload a valid prescription image and then the order is verified with the prescription. Once the verification is done, the delivery team picks up the order from the supplier’s store and then delivers it to the customer’s doorstep. 1mg partners with various suppliers in cities that they operate and then the order received by them is directed to the supplier closest to the customer’s location. The supplier does the billing of the law itself.

Img Franchise Requirement, Eligibility, Cost, Investment, Profit

Expansion Locations

Delhi, Haryana, Himachal Pradesh, Jammu and Kashmir, Punjab, Uttaranchal, Uttar Pradesh

Kerala, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana

West Bengal

Gujarat, Rajasthan, Maharashtra, Goa

Chhattisgarh, Madhya Pradesh, Bihar, Jharkhand

Eligibility criteria 

  • Hard-working, dedicated, and diligent individuals with an entrepreneurial bent of mind
  • Self- motivated and driven to provide seamless care to patients through 1mg services
  • While 1mg will provide technical support for enhanced patient experience, knowledge of basic computer skills is required 

Franchise Details

Exclusive territorial rights to a unit franchiseeYes
Anticipated percentage return on investment100%
Likely payback period of capital for a Unit Franchise 0-0 Months
Other investment requirementsNo

UNITS

Investment INR 10000 – 50
Franchise/Brand Fee INR 10000
Royalty/Commission8%

PROPERTY DETAILS

Type of property required for this franchise opportunity Commercial

TRAINING DETAILS

Franchisee training location at the franchisee’s preferred location
Is field assistance available for franchisees?Yes
Expert guidance from Head Office to franchisee in opening the franchiseYes

AGREEMENT & TERM DETAILS

Do you have a standard franchise agreement?Yes
How long is the franchise term for?1 Year
Is the term renewable?Yes

1mg charges commission to the tie-up partners for bringing in business for them through their online platform. The commission is based upon the nature and value of the medicines. The reason for having multiple suppliers joining them is to supply customers as per their location.

Various suppliers also ensure no stock out chances since another nearest supplier can complete an order in case the nearest supplier runs out of stock. Also, the billing is done separately by the suppliers for the orders fulfilled by them.

1mg provides a platform to takes pharmacies online and charges commission to the supplier for orders directed to them. 1mg platform can be used to place orders as well as book diagnostic tests online. 1mg just lime with supplies has tie-ups with laboratories that offer diagnostic tests.

1mg connects these laboratories that offer diagnostic tests and the customers seeking to book these tests through their online portal. Bookings for diagnostics tests are directed to these laboratories who offer diagnostic tests facility, and 1mg then charges a commission for directing the customers to such laboratories having tie-ups with them based on the value of the tests.

1mg is a growing platform joining hands with pharmacies to have a better future with the efficient supply chain of medicines in the country 

For More Information Click Here: https://www.1mg.com/contactUs

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