Franchise Business Model for An Online Pharmacy

 


Introduction:

It is the truth that a business will flourish if it successfully spreads its root as far as it can. Any business runs on the demand and supply chain. The more a business can fulfill the demand of a customer, the better profit it will make. As it is said ‘never keep your eggs in one basket’, so spreading business in different directions will make it easier for a business owner to understand the competition in the market and focus more on the weaknesses. So, with all these ideas the idea of Franchise got introduced into the business world.

The term franchise means taking the legal authorization from a government or company to use their brand name for a continuation of commercial activities or acting as an agent of the company. Taking the franchise of any company provides a person to lead the business under their ownership which also formed a profitable base in the preferred location.

Current situation of online pharmacies: 

In the year 2020, e-commerce businesses got uplifted and achieved a concrete platform to flourish in their particular fields. Online pharmacies also grabbed this opportunity and came up with many new ideas to uplift their business.

People suffering from different ailments chose online pharmacies to get access to their prescribed drugs as no one was allowed to step out of the house during the lock down period. Maharashtra and Delhi were the most affected states in India, so people bought drugs from online pharmacies in India. 


One cannot deny the fact that COVID 19 helped the pharmacy business to show their credibility and grow their clientele as fast as they could. Medicines are in more demand. So, pharmacy owners need more platforms to spread their branches. They preferably approach people to invest in their business by taking the franchise so that their brand will be advertised to more customers who eventually will help in making more profit.

Young money:

A strong business needs a strong shoulder to run on. Many different pharmaceutical schools are educating today’s youth in the field of health-care systems. They will earn a degree which will prove their credibility and make them eligible to apply for the government license to own or work in an established pharmacy. 

It is also the truth that today everyone loves to feel independent or wants to be a boss of their own. After spending half of life in pursuing education and the next working under someone for a large sum of money is very difficult for everybody to accept. Most of us are more interested in building our own business, but then the concern for money enters. For starting any business, money is vital, and it is not easy for a jobless person to arrange for it. So, the franchise system enables them to fulfill their dream. 

Integration of the franchise model in the online pharmacy business:

The web is a vast world where abundant knowledge exists and the source to spread that knowledge is not only in quantity but also in quality. A bulk of applications have been launched on which today's youth are more depended. Each application is updated with multiple features. So, it is very tough for any business to make it possible that their customers will stay stick to their products. And the only way to grab their attention is through advertisements. The more one will advertise their product, the better business they will run. The same rule applies to the online pharmacy business in India. COVID has compelled people to opt for buying medicine online. However, different companies are launching multiple applications to conquer the online pharmacy business. 

Business tycoons came out with the solution that instead of buying new applications with a huge amount of money if they encourage the young generation to take their franchise then their product will be sold on different platforms, also they will make a profit through them. 

Before setting a business rather than money the SWOT analysis also a prime criterion to look into. The SWOT is the assessment and analysis of various aspects, “strength, weakness, opportunity and threat” related to a product to be launched in a new market. It is a very important business study as it deals with the product itself along with the various market opportunities such as the target audience, the shelf life of the product, the product's survivability, and the potential profit associated with the product. So, if a person takes the decision of taking a franchise of any new brand then they do not have to be concerned about all this factor. The owner will do the needful and the franchise owner only has to sell the product. 

The key features that are important to take franchise are:

  •  Looking for a proper place to settle the business.
  • Proper documents and credentials of a person who wants to take the franchise.
  • A sum of amount to give deposit money to a principal business.

 In conclusion: there are many online pharmacy businesses that even put more effort to provide simplified facilities to their business partners by giving relaxation in the eligibility criteria. 3MEDs online pharmacy in Delhi is one such instance. They do not ask for any area or floor to set up the business. A person can easily run the business seating at home with the help of 3MEDs franchise. For verification of credentials, they only ask for a valid pan card. Also gives many relaxations in earning. 

 Key Words: Franchise Model, Online Business in India, Pharmacy providing franchise.

 


 


Popular posts from this blog

E-Pharma vs Offline Pharmacy: Which Segment to invest in?

Image
Introduction: With each passing day, the more we are forwarding toward the development, the more we are drowning into the field of artificial leaving. From day to night, whatever we consume everything is genetically modified. The air that we breathe is polluted, and the water that we drink is contaminated. Hence, each passing day we are indirectly inviting several diseases in our body. And these compel us to take the shelter of medicines, which raise the pharmacy business. Pharmacies are always promising business options. With the increasing number of customers, the said business is enhancing its growth. There are many segments in the health-care industry and pharmacies have proved the most profitable one. India is known as the pharmacy of the world due to its huge medicine production capacity. Government announces several projects for the health industry that will provide more job opportunities. Therefore, with more job opportunities, high profit, and a promising future makes peop...
Read more

Kidney Stone: Treatment and Home Remedies

Image
The human body is sensitive and needs special care to keep it in a safe zone. Maintaining a balanced diet, regular exercise, and healthy habits are key factors to live a healthy life. But it is not possible to adhere to the strict norms or checklist all the time. People have tendencies to avoid minor pains and body irregularities that often lead them to face trouble in the future. A kidney stone is one such issue that does not shows any signs or symptoms in its initial stage, and little pain does not call for medical help. Therefore, people do not care about the issue. This issue may later develop into a severe ailment with each passing day and the patient might take long to get cured. Understanding Kidney Stone: Symptoms and Cause When crystalline minerals and salts get deposited within the Kidney and the Urinary tract, it develops into a kidney stone. Kidney stone does not show any symptoms in its initial stage, but once the stone starts moving down the ureters, it causes sev...
Read more

All You Need to Know About Diabetes!

Image
Food is one of the prime resources for life. Everyone loves eating. Different flavours of food give pleasure to the palate and satisfaction to the soul. People mostly follow abbreviations like “live to eat or eat to live.” However, they forget the repercussion of reckless eating. A diet that contains high calories, saturated fat, sodium, and high lactose contributes to the development of various diseases that could lead to life-threatening situations. These diseases include: Obesity Heart disease High blood pressure Cholesterol Stroke and Diabetes.  Diabetes is one of the major diseases that affect a large section of people worldwide each year. Almost every house has a couple of diabetic patients living in it. Therefore, the issue needs the focus for discussion so that people will be aware of the disease and could avoid the factors that can push them towards it. What is Diabetes? The pancreas is one of the organs in the human digestive system that produces a hormo...
Read more