Pharmacy franchise entrepreneurship

Pharmacy franchise entrepreneurship

Introduction

Entrepreneurship is the best business approached that can be used by individuals who want to be self-employed. The business organizations that have expanded and penetrated the global market through entrepreneurship though they started as small enterprises. There are several reasons which are credited for the success of the businesses who have gained business success through entrepreneurship. This topic has evolved into a reliable source of income which involves professional avenues which incorporate human skills and abilities which are transformed into action within a short period of time. The major reason why entrepreneurship concept has gained popularity is that it always ensures business owners make profits which are guaranteed.

Pharmacy franchise entrepreneurship provides products which are based on customer preferences and also well know products brands which are tailored in preference of customer’s geographic fits. The pharmacy franchise entrepreneurship enables business associated to use personal brand names and also support co-branding with an entrepreneur pharmacy. The business strategy supports flat monthly charter fees which also include the major services which are offered (Collyer, F., 2017). Medicine Shoppe is one of the business organizations that deliver health care services which are clients oriented and focused on providing support for patients and pharmacy investor.

The Medicine Shoppe provides selective services plus resources which are designed to assist independent pharmacy proprietors to transform into healthcare last stop for personalized medical care for community members where the business is located. The core services which are provided entail agreement on a franchise where pharmacy investors receive three hundred dollars solutions credit which is applied when enrolling for recommended services. MSI is focused on providing high-quality services which are result oriented for pharmacy owners together with ownership changes in the entrepreneurship pharmacy retailing business. The pharmacy franchise offers business owners with various tools plus support required to succeed and maintain a competitive environment in the constant changing industry(Batenhorst, G., Gilbert, J., Perkins, H. C., & Enter, M., 2015).

Becoming the healthcare endpoint for patients oriented care for families and community enables a pharmacy owner to become component of well known, reliable and high-performance charter system. Patients medical care solutions and support are provided to obtain overwhelming adherence and results. The charter business mentors are accountable for personalized support for pharmacy investor at no charges. There is also the presence of marketing activities advantage since the company has a world top digital marketing podium that drives the refilling for the investing pharmacy.

The services that are advantageous to investing pharmacy enable the proprietors to gain a competitive advantage in the constantly changing market. The agreement and core services include franchise business consultancy, service credit of $300, automated MAC merit, Compliance plus market share initiatives, auditing assistance, compliance management service, guided care account administration, dashboards, centralized pay, sales capture plus reporting and information service help center (Collyer, F., 2017). The patients who will be buying products from investor pharmacy will receive services at discount rate and monthly credit limit of $300 associated with purchased services.

Medicine Shoppe provides flexible franchise proprietorship options which have been supporting pharmaceutical retailers with experience of almost fifty years. Whether a proprietor is interested in opening a brand new pharmacy, acquisition of existing operation or even converting present pharmacy location. MSI always offers effective tools and associated resources that are required for succeeding in this competitive business sector. The attraction of a franchise is the chain-like nature with which an investor is capable of leveraging the collective size of franchisor (Batenhorst, G., Gilbert, J., Perkins, H. C., & Enter, M., 2015). In cases where the chain basically focuses on the productivity of the pharmacist, the pharmacists are provided with time to give attention to the patients.

The MSI is maintained by cardinal health an organization that charges the franchisee monthly fee for royalty on the gross sales. Community pharmacies and other entrepreneurship businesses need a central identity and platform which is used for leveraging collective power. This is considered as the cornerstone that the business utilizes to build its franchisee. In the business environment, there are various obstacles when an investor embarks on a journey of building pharmacy business alone. The only major obligation for the franchise is to maintain marketing presence and look after the patient’s needs.

Entrepreneurs are considered to be investors who take risks to expand and promote their business presence. In order to develop a successful business it is important for the investor to work with established organizations like in this case there is Medicine Shoppe and other entities such as community drugstores and hospitals. This entrepreneurship strategy is considered to be safe, provides continuous employment opportunities and availability of steady paycheck. The following three recommendations are important to ensure business success and continuity.

Being paranoid- successful entrepreneurs are always fearful that if they spend even a single day away from their business they will end up making losses. Use of technology always has a great impact on the new business because medicine Shoppe strategies and services utilize technology to ensure their business growth. Some of these services will be extended to the new pharmacy which should also offer services and products just as the main franchise. Technology innovations assist employees to perform efficiently, keep track of services and sales (Collyer, F., 2017). It is also important to develop a training program that enlightens the new pharmacy stakeholders on skills that will ensure their success in business. Therefore being paranoid enables franchisee to develop business skills, expand knowledge, enhance performance abilities and be competitive.

All decisions have a risk- making the decision to join a start-up is considered risky by many business persons however the individuals fail to identify that there is a risk also associated with starting a new standalone pharmacy. Therefore it is advantageous to invest in a business that will share the risks as well as profits.Having mentors-for successful entrepreneurship it is important for the new business to develop a healthy network with stakeholders that can be used to identify a new market, attract more clients and exploit opportunities that are available for business growth.

The new franchise will get the opportunity to conform to the standards of the partnering with high and preferred by many business clients (Collyer, F., 2017). The guidelines of medicine Shoppe are globally credited and will provide a business advantage to the new pharmacy and make patients gain trust in the products and services. They have been dominating in the healthcare business for several years with high levels of success and huge profit margins. This makes medicine Shoppe a potential partner that will guarantee successful start-up and business growth.

In starting pursuit of franchise ownership, it is important for the entrepreneur to set goals, bank on the experience, consider available resources and extend business management being used by the investing pharmacy (Batenhorst, G., Gilbert, J., Perkins, H. C., & Enter, M., 2015). It is important to explore available opportunities from franchisor to understand the business scope, requirements for success and set target and goals for the business. On the other hand, it is vital for the franchisor to fully understand the business generating activities and understand that the franchise is responsible for providing full business, patients care plus support and brand. This process entails development of the comprehensive business plan; conduct an analysis of the market; evaluate revenue potential depending on the population of patients; work with a real estate agent to shop for retail location; implement the business functions and conduct extensive marketing activities.

It is also important to focus on community involvement and educate them about available health care services (Collyer, F., 2017). In order to achieve business success, the new pharmacy should adequately offer services alongside dispensing of medication. The new pharmacy should incorporate professional personalized patient care for the community. The medicine Shoppe will start by focusing on the brand experience using digitized marketing to develop stronger bonds with patients.

Conclusion

Entrepreneurship in health care services such as pharmacy is challenging when a business is developed from scratch. For successful entrepreneurship in pharmacy, it is important for the new business to collaborate with the existing franchise which has a remarkable reputation, has a high business presence, provides quality products and services and also has successful strategies of the business. The franchise should assist the new business to expand and grow; provide credential services which are tailored according to client’s requirements. This paper focuses on Medicine Shoppe as the main franchise which the new pharmacy will be operating as a franchise. Success for new business is quite challenging and the content above describes various avenues that will install success without failure.