The Benefits of Opening a Franchise Pharmacy
The decision to open a small business can be a tricky one, and going down an independent path can expose you to even more risk. Opening a pharmacy as part of a franchise group has a wide range of benefits, and provides you with the support you need to get your business up and running. There are a number of pharmacies which operate under a franchise system across Australia, and buying into a proven business model with an established network can help put new business owners on a path to success.
The Power of a Brand
When buying into a franchise group, in addition to having access to their systems, services and suppliers, you are also buying into a name. Being able to trade under the franchises brand name is a major benefit for franchise owners, and provides instant credibility.
The ability to associate your pharmacy with a brand gives you access to an existing loyal customer base, meaning that when you first open your doors, you don’t have to start from scratch. Whilst it is always important to invest in Local Area Marketing, this existing brand recognition gives your business a head start. In addition to this, being part of a franchise network means that your individual location benefits from the larger national campaigns run by the franchisor.
Established Supplier Network
When walking into a franchise business, customers expect to have access to the same offerings, of the same quality and receive a consistent level of customer service, no matter which location they are visiting. It is the franchise networks ability to provide this structure and consistency across all of their locations that makes them strong businesses.
When starting up an independent pharmacy, establishing a reliable network of quality suppliers may be difficult. Having a trusted supplier is vital in the pharmacy industry, as customers rely on the ability to access the medication they need on a regular basis. Not only does buying into a franchise network give you access to their existing network of suppliers, but it also opens you up to the financial benefits of being part of a larger buying group. Franchisors can often make deals with suppliers to get goods at a better price if they are bulk buying for their whole network, meaning that you will likely be able to purchase these products at a better price than you would be able to negotiate independently.
Access to Proven Systems
Finally, if you are starting your first business, or even first pharmacy business, you may not know where to start when it comes to creating systems and procedures to support your operations. Even if your pharmacy team is small, having processes in place that outline how the business should be run day-to-day is important for longevity.
Opting to buy into a franchise network means that you are able to access the systems created by the franchisor, and used across the whole network. There are a range of benefits that come with this, including the fact that the procedures are likely informed by experts and have been fine tuned after being tried and tested across other stores in the network.
Ultimately, business ownership is a big decision, but buying into a franchise network gives you a support system. While no business is free of risk, having access to the knowledge and experience of the franchisor and others in the network will help set your pharmacy on a path of success.