Do you want to open a retail pharmacy business by buying Health Mart franchise? If YES, here is how much it cost to open Health Mart pharmacy franchise. Health Mart is a national network of independently owned and operated pharmacies, with more than 3,000 franchises in communities around the country, each offering special care and service only available from a trusted member of the community.
Health Mart establishes partnerships with pharmacists who are the neighbours and friends of customers, and who are clinically trained specialists that care deeply about the health and well-being of the community and people who live in it.
The company strives to be more than just a store at which to drop off and pick up prescriptions, going the extra length to offer services and care that customers expect and deserve. Health Mart pharmacists are known to take the time to get to know their customers, as patients and people, so that they can count on Health Mart in times of need.
In 1996 McKesson acquired FoxMeyer Drug Company. Note that with this acquisition, the Health Mart franchise started operation with several hundred pharmacies. Ever since McKesson’s acquisition of Health Mart, the franchise has grown rapidly, and has received many awards from leading pharmaceutical industry publications.
Health Mart was awarded First Place for customer satisfaction among chain drug dealers in 2009 in a J.D. Power and Associates pharmacy study. Health Mart was ranked Number One in pharmacy customer satisfaction in 2008 by Wilson Health Information in its WilsonRx Pharmacy Satisfaction Survey.
Health Mart also offers an innovative pharmacy franchise program designed to enhance an independent pharmacy’s ability to compete with chain, mail-order programs and other businesses. Health Mart franchisees are known to enjoy the contracting strength of more than 3,000 pharmacies.
Health Mart also offers extensive resources to improve in-store execution, which leads to greater revenue and heightened recognition by manufacturers. In addition, Health Mart’s décor and signage set the company apart from other pharmacies. The company’s local and national advertising and consumer-friendly website reinforce a commitment to personalized care.
Financial Requirements of Opening a Health Mart Pharmacy Franchise
- Total Investment: $2,275 to $654,250
- Working Capital: $0 to $280,000
Steps on How to Open a Health Mart Pharmacy Franchise
Health Mart is renowned as an independent pharmacy franchise with more than 5,000 member pharmacies across all 50 states. Each pharmacy is locally owned and operated, allowing Health Mart pharmacy owners to tailor their offerings to the specific communities they serve. However, if you are looking to buy into this franchise, consider the following tips below.
- To start on the path to franchise ownership, consider: 1) your goals; 2) experience; 3) available resources to become a franchise owner and 4) to what extent you share the business and management philosophy of Health Mart.
- Develop a full business plan—including legal, regulatory, operations and marketing direction. The core focus is on financial performance, with the goal of improving expense, inventory and accounts receivable (A/R) management.
- Evaluate your finances and understand item seven of the franchise Disclosure document dealing with the monies you will need to start Health Mart Pharmacy business franchise.
- Research and converse with other franchise owners to learn a thing or two more about running a Health Mart Pharmacy Franchise. In your conversations with franchise owners, ask them who they use for an accountant. You can also ask your attorney or Banker for a name. Don’t expect much tax advice from your accountant, your accountant will provide you more of a bookkeeping service than a tax and financial planner service.
- Carefully review the franchise Disclosure document with your business broker. Make note of any questions you may have to ask the franchise company
- Listen to Health Mart Pharmacy recommendation as to the area that you might consider for your business. After all, they made millions of dollars in the pharmacy industry and can identify successful markets. Ask them to explain to you why they think one market is better than another.
- If you decide to hire an attorney to help you with the franchise agreement, hire one that is very familiar with Securities laws. Most family attorneys are only familiar with contract law and to use them for your franchise is more like putting the attorney through an education at your expense.
Health Mart Pharmacy is a company that strives to be more than just a store at which to drop off and pick up prescriptions, going the extra length to offer service and care that customers expect and deserve. So if you are looking for a franchisor with the resources, experience and commitment to work with you one-on-one every day to help you succeed, then consider Health Mart Pharmacy and enjoy the experience.