Nowadays its difficult to run a Pharmacy compared to other bussiness like Tea shops, Juice shops etc..Wherever we go we are seeing a Pharmacy running on nook and corner of a street like normal shops with or without Pharma graduates. Also coming to the core Pharma Franchise is increasing nowadays with or without knowing their bright and dark side of it.
A Franchise is nothing but in which a shop or pharmacy runs under an existing brand sticking to their rules and regulations. The initial investment of a Franchise requires higher investment due to setup cost,interior standard decoration and its fees .Brand recognition is higher when compared to Independent pharmacy. Major advantage of Franchise is Bussiness support which is 80% supported by Franchisor. One more thing we need to speak is marketting support which is full fledge supported by franchisor.
Independent pharmacy is nothing but an individual runs a pharmacy under his control with close ties with local customers.The major advantage in Independent pharmacy is company s plan can be changed based upon consumer demands. Other important thing is profit and here that individual gets all the profit without paying any fees to anyone and also no higher cost needed for interior decoration.The major drawbacks are bussiness support and marketting.Also one major drawbacks are finding good suppliers and maintaining inventory are difficult for beginners.
An independent pharmacy can be started at lower cost but a franchise model needs higher investment for its basic setup. Practical Training is given in franchise about inventory and logistics whereas its quite difficult in Individual Pharmacy. Market study is important in Individual Pharmacy whereas in Franchise customer study is important. If a Pharmacy runs under loss it can be renewed or changed(small or big shop) by increasing the vital or desirable goods in Individual pharmacy whereas in Franchise its difficult to change anything.Also in Franchise whether we run in Profit or loss ,fame goes to franchisor.Most important drawback in Franchise is local supppliers wont supply the out of stock goods(one or two medicine receiving from local suppliers) in quick manner compared to individual pharmacy.
Reference: Chemist shop Franchise Vs Independent Pharmacy: Which one is right for you?
