Rika Drugstore, one of the popular and considered as the pioneering drugstore in Cagayan de Oro City that provides quality and effective generic and branded medicines to their customers at a very reasonable and competitive prices. It was established way back October 2, 1987 by Dra. Segundina who is an Anesthesiologist by profession and later decided to entrust the business to her nephew and niece, Andrew Velasco and Christine Velasco.
When it comes to the market, Rika Drugstore is very flexible that it reaches all classes of people in walks of life. The drugstore is staffed with professional and well-trained Pharmacist and Pharmacy Assistants to assist and ensure the welfare of customers. The owners make sure that their tagline “Ang Drugstore ng Pamilya Masaligan Ta” which means “Ang Drugstore ng Pamilya na Mapagkakatiwalaan Natin” in Tagalog was realized.
As of now, Rika Drugstore has six (6) outlets in Cagayan de Oro City and performing outstandingly.
Mission:
At Rika Drugstore, we always aim to serve our customers quality and affordable medicines. Specifically,
- To source out medicines from trusted and well-known manufacturer and distributors;
- To directly involve in the daily living of people in the community by providing quality medicines situated in strategic locations;
- To offer generic and branded medicines in one location;
- To provide branded and generic medicines at a very reasonable and competitive prices; and
- To offer an opportunity to health entrepreneurs who desires to own a profitable business.
Vision:
To be the leading drugstore in Cagayan de Oro and eventually broaden the target market to conquer more places nationwide.
How to franchise Rika Drugstore:
Franchise Fee: Php300,000.00
Rika Drugstore Franchise Inclusive of:
- Use of Trade Name and Proprietary Marks
- Location Approval
- Training for Franchisee, Pharmacist and Staff
- Procurement Program
- Opening Assistance
- Operations Manual
- Research and Development
Initial Term: Six (6) years
Capital Requirement: Php1.8 Million (estimated)
Continuation Fee: Php15,000.00/Month
Required Space: minimum of 15 sqm.
Contact Details of Rika Drugstore:
Tirso Neri St., Divisoria,
Cagayan de Oro City, Philippines
Tel. No.: (088) 881-2250
Mobile No.: (0906)102-4652
Facebook Page (This link will open on a new window)
or
RK FRANCHISE CONSULTANCY, INC.
G/F Minnesota Mansion, 267 Ermin Garcia St.,
Cubao, Quezon City, Philippines
Tel Nos.: (02) 8912-2946 / 8912-2973
Mobile Nos.: (Globe) 0917.874.3620 / (Sun) 0933.864.2552
Email: [email protected]
Basics of Franchising Rika Drugstore
Franchising benefits
Franchisees gain access to a proven business model, established brand reputation, and ongoing support from Rika Drugstore, reducing the risks associated with starting a new business. They benefit from collective advertising and marketing efforts conducted by the franchisor, which can result in increased customer traffic and sales. Franchisees also have the opportunity to tap into the training and operational resources provided by the franchisor, enhancing their chances of success and profitability. Below are just a few pointers why franchising Rika Drugstore is beneficial for the inverstors:
High success rate due to its business model rather than starting from scratch.
Franchising Rika Drugstore offers the advantage of tapping into an established reputation and customer base, which can significantly reduce the time and effort required to build brand recognition. Additionally, franchisors typically provide comprehensive training, ongoing support, and proven business models, mitigating many of the risks associated with starting a new venture.
Franchisees benefit from economies of scale in purchasing, marketing, and operational support, which can lead to cost efficiencies and improved profitability.
Overall, franchising offers a structured pathway to entrepreneurship with a higher likelihood of success compared to launching a new brand independently.
Rika Drugstore is a recognized brand or trademark that can bring you success.
Success is achievable for franchising recognized brands like Rika Drugstore due to their established reputation, which can attract customers more readily and build trust faster than starting a new brand. Franchisees benefit from proven business models, operational support, and marketing strategies provided by Rika Drugstore, reducing the risks associated with independent entrepreneurship.
Additionally, being part of a well-known brand network offers access to economies of scale, collective marketing efforts, and a support system among fellow franchisees, enhancing the likelihood of success.
Availing financing from various sectors is highly likely due to a good brand reputation.
Financing is often more readily available when franchising a reputable brand due to several factors. Banks and lenders are typically more willing to provide loans to franchisees of established brands because they have a proven track record of success and lower risk compared to new, unproven businesses.
Additionally, franchisors may have relationships with financial institutions or offer financing options themselves, making it easier for franchisees to secure funding. The recognizable brand name and business model of Rika Drugstore also provide a level of security for lenders, increasing the likelihood of loan approval and favorable terms for franchisees.
Formula for success that a franchisor may provide.
Low-cost supplies and efficient supply chain management contribute to higher profit margins for franchisees by reducing the cost of goods sold. Effective marketing increases brand visibility and customer traffic, leading to increased sales and revenue. A prime location maximizes foot traffic and accessibility, further enhancing the franchisee's revenue potential and profitability.
5 things to consider when franchising Rika Drugstore
1 Make sure that you really want to own this franchise and this will best fit your venture among other offered business opportunities.
2 Be certain that you can work harmoniously with Rika Drugstore franchise and it is within your interest. A visit to one of the franchise store will help you be more aware of operation and proceedings.
3 Carefully study the Terms and Condition, Franchise Agreement, and what are included in franchising Rika Drugstore.
4 Check if Rika Drugstore franchise will be compatible with the rules and regulation, as well as existing laws on chosen location.
5 Best location is one key aspect to have a successful Rika Drugstore franchise. Study the environment and see if your business suits the surroundings.
Successful frachising 101
Becoming a successful Rika Drugstore franchisee requires a combination of strategic planning, dedication, and hard work. Here are some steps you can take to increase your chances of success:
Research
Start by researching various franchise opportunities to find one that aligns with your interests, skills, and financial resources. Look for franchises with a proven track record of success, strong brand recognition, and a supportive franchisor.
Understand the Franchise Agreement
Carefully review the franchise agreement, including all terms, fees, and obligations. Make sure you fully understand the expectations and requirements of being a franchisee.
Financial Planning
Evaluate your financial situation and determine how much capital you have available for investment. Consider not only the initial franchise fee but also ongoing expenses such as royalties, marketing fees, and operational costs.
Training and Support
Choose a franchise that offers comprehensive training and ongoing support to franchisees. Take advantage of all training programs provided by the franchisor to learn the ins and outs of the business.
Location Selection
If the franchise involves a physical location, carefully choose the location for your business. Consider factors such as foot traffic, demographics, competition, and lease terms.
Follow the System
One of the benefits of franchising is that you're buying into a proven business model. Follow the franchisor's system and guidelines closely to increase your chances of success.
Provide Excellent Customer Service
Focus on providing excellent customer service to build a loyal customer base. Happy customers are more likely to return and recommend your business to others.
Marketing and Promotion
Take advantage of the marketing support provided by the franchisor, but also be proactive in promoting your business locally. Utilize social media, local advertising, and community events to attract customers.
Manage Finances Wisely
Keep track of your finances closely and manage expenses efficiently. Monitor your cash flow, budget carefully, and seek professional advice if needed.
Adapt and Innovate
Be willing to adapt to changing market conditions and customer preferences. Look for opportunities to innovate and differentiate your business from competitors.
Network with Other Franchisees
Connect with other franchisees within the same system or industry to share insights, experiences, and best practices. Networking with fellow franchisees can provide valuable support and advice.
Stay Committed
Building a successful franchise takes time and effort. Stay committed to your business, remain focused on your goals, and be prepared to overcome challenges along the way.
By following these methods and staying dedicated to your business, you can increase your chances of becoming a successful Rika Drugstore franchisee.