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What is Pharma Franchise Model? A blog about how franchising works in pharma.

In this article I will tell you about the Pharma Franchise Model and how it is different from other franchise models. Along with Pharma Franchise, I will drop you some basic knowledge about the entire franchise model. Franchise marketing meaning varies from industry to industry. A franchise is a model of distribution and represents the most common business structure that enables the franchisor to capture recurring business from their franchisees. The franchisees are then able to earn profits from the same set of rules, systems and standardized products sold by other franchises across the country. In today's world of marketing, franchising has emerged as a lucrative option for new ventures as it simplifies and streamline the process of starting a business. With so much advanced equipment, efficient manpower, trained professionals etc., many entrepreneurs find it financially rewarding to take up a franchise business. What is Franchising? Franchising is a business strategy that involv

When to Start taking Orders for your new business?

Start taking Orders

(Step 15 of our how to set-up new business guide)

You have completed all steps for setting up new business. You have promoted and marketed your business, you have recruited sales staff or working as a salesperson by own self. Now it’s time to do work in field and collect order.

Why we have placed taking order at fifteenth step because without complete preparations, you shouldn't go to collect orders. Without preparation, there may be possibility that you can’t fulfill their orders or may get unexpected huge order and you aren’t in position to complete it. If you don’t fulfill any order timely, you may lose a good customer for lifetime. So, once you have completed all your set-up and in position to fulfill it, you should start taking orders.

Order processing part should be easy and free flowing, and don’t include any unnecessary barriers.

You should take care of certain factors while taking orders:

Reputation of your customer: Whether they payment schedule is good with other vendors or not. If they don’t clear due payment to others on time, then you should be careful because you can also get same treatment. At that situation, either you can do business only at advance payment or with payment security majors.

Keep market investment in check: If you are doing all your business at advance payment, then you don’t need to worry about payment credit into the market but if you are selling goods at credit then you need to keep your liability in check. You should cover limited area, so you limit your market investment. Once your payment circulation has started routinely at a location, you can expand your area and investment at another locations.

Learn to say ‘No’: Every business has limitations; you also have limitations. You must learn to say ‘NO'. Customer in market will ask for any unique things, you can’t procure. They will ask for more offers, less rates, and extra benefits etc. If these are reasonable then you can give but if these are unreasonable then Say ‘No’ politely and try to describe benefits with offers and services, you have.
You should also avoid to take big others of products/services that you have but you can’t procure that quantity. Take only orders that you can fulfil at time. One Benefit is saying No is that it will create trust at customer mind that you will not do bogus commitment with them and second is that they will only concentrate at products/services you offer.

Clear specifications and Term & Conditions: Don’t hurry or mis-communicate with customer while taking orders. You need to check about customers’ requirements and open-up about all your term & conditions like payment terms, delivery schedules, rates, and offers etc. It’s good to finalize all things before taking order, otherwise you may face rejection of products, payment delay, return of products and much more. You should communicate with customer clearly without hiding any facts. You are going to maintain a long going relationship with your customer, so you should work like that.

Respect Customer’s Time: You should visit or contact customer at convenient time when your customer isn’t busy with other necessary works. You should build your schedule accordingly. It will help to communicate more and possibly to get more orders.

Availability of Products: If customers have order for the items you don’t have then you should inform them timely and give exact status when it will be available with you.

Recheck Order: You should recheck order, you received, so you can deliver expected and required material to customer. This will prevent your time and help to keep healthy relationship with customers.

Follow-Up and Products review: Taking order is not just enough, you need to follow up and ask for review of customers about product after supply of products/services (Supply part, we will discuss in next step). Try to rectify problems and keep healthy relationship with customers. 

Other Steps:

Step 16 : Closing the sale (Supply Goods/services and collect payment)


Hope above information is helpful to you…

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