Never. Not once.
I’ve never had a client ask me if there were any pharmacy franchise opportunities available. Pretty strange now that I think about it. Talk about sales volume. Talk about a business that’s growing-mostly due to our aging population. There would seem to be a lot of beef in a franchise business that sold prescription and non-prescription medications. Heck, I could even see a pharmacy franchise business (with a forward-thinking CEO) offering compounding products, too.
CVS Is Huge
CVS is one of the dominant names in the pharmacy business. I remember going in to my neighborhood CVS a couple of months ago (to pick up a prescription) and being in awe of the constantly ringing phones, the number of cars lined-up in the drive-through, and the line of people in front of me waiting to pick up their $50.00 prescriptions. Seeing the amount of money coming in-in only 30 minutes time got me thinking. That’s when I wrote this.
But, if you could buy a pharmacy franchise business, would you want to compete with a CVS-or similar drugstore chain?
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If your answer is no, maybe that’s why my clients have never asked me about a Pharmacy franchise.
If you’re answer is yes…you may want to check out this type of franchise-because you are obviously fearless.
From A Press Release:
Benzer Pharmacy, a chain of independent retail and specialty pharmacies, introduced its franchise model early this year with an aim of providing independent pharmacies with a platform to leverage their collective strength under one brand.
Benzer is focused on “conversions.”
A conversion is when an independent pharmacy owner decides to go the franchise route and re-brand the store.
One obvious benefit of converting a store into a franchise operation is group pricing. A group of business owners can usually buy products for less than one owner could because they’re buying in bulk. Now all of a sudden they can compete with the major drugstore names.
Branding is another potential benefit, depending on how many franchise units are around. A franchisor has the ability to launch local and national marketing campaigns that are designed to increase awareness of the brand.
Finally, having a proven business system behind you is a huge advantage.
If you’re an independent business owner, you’re basically on your own. With a franchise business, you’re not on your own. Go here to learn about the many benefits of franchise ownership. Anyway, this is what I found on the Benzer Franchise Website:
With decades of experience in the independent pharmacy business, we know that a successful pharmacy must pay constant attention to both improve quality and increase profitability. With Benzer you will have support every step of the way.
Go here to see* more about their franchisee support.
*I have not seen a Benzer Pharmacy in action. I have no idea what their support is like. And, I haven’t been able to figure out if franchise owners have to be pharmacists. Still, it’s an interesting franchise business…a pharmacy. The numbers could turn out to be good.
Employment Outlook For Pharmacy Professionals
Here is the U.S. Department of Labor’s occupational outlook for pharmacists:
Employment of pharmacists is projected to grow 3 percent from 2014 to 2024, slower than the average for all occupations. Increased demand for prescription medications will lead to more demand for pharmaceutical services. Employment of pharmacists in traditional pharmacies is projected to decline slightly.
There are lots of Pharmacy schools, and with them, a lot of graduates. Read this article from Medscape to find out if they’re finding jobs.
Would you own a pharmacy franchise?
Have you ever thought about owning one?