Blogs

Starting An Independent Pharmacy

By Jay Shelvin posted 03-31-2020 08:56 PM

  

Owning an independent pharmacy can come with multiple challenges due to the competitive rate that comes with retail pharmacy. However, many issues can be solved with proper planning. There are some steps that every pharmacist entrepreneur should follow,so we've made this short list of things you should do to help you start your business, along with some common mistakes that entrepreneurs make when building their start-up.

Develop A Business Plan

You should draft a business plan when starting a new business. Your business plan should consist of a mission statement, ownership structure, financial plan, financial expectations, a competitive analysis, and your expected competitive advantage. The pharmacy industry is not an easy industry to get into. Your business plan for your independent pharmacy should discuss how the pharmacy will improve the overall health of the potential patients beside filling people's prescriptions.

Talk With Peers

When starting your pharmacy, you should consult with other pharmacists who already have developed their business. You should ask benefits and negatives of owning a business and take advice about what you should do to beat any challenges you may come across. Find advisors that can advise you about the financial process of beginning a business.

Research Locations

This step can be difficult. It's helpful to know any other pharmacies that may be in the area that you are considering. Are these pharmacies in the area independent pharmacies or chain pharmacies? It tends to be easier to attract customers away from a chain company rather than an independent pharmacy that has developed loyal customers. What are the demographics of the surrounding population of patients? Does this area have a sufficient amount of customers for your business? Along with all of this, remember that your pharmacy will need to have a good amount of space for your growing business.

Select Your Financial Options

Like any entrepreneur that is looking to start their business, you will need to research and choose your practical financing options that are right for you and your business. Having a financial advisor could be beneficial in this process. There are many options available to start-up businesses. Small Business Loans are a typical option for many start-up businesses looking to start. When it comes to applying for loans, there are many options like banks, suppliers, wholesalers, and the Small Business Administration. These places are typically looking for a good credit score and working capital.


Common Mistakes Made


  • Many entrepreneurs believe that when starting their business, they have the financial wherewithal in order to start.
  • Many pharmacists don't think about the amount of working capital it takes to run the pharmacy.
  • Many pharmacists do not have enough management and retail experience it takes to run a pharmacy.
  • When developing their business plan, they neglect to give their marketing plan enough attention.

Hopefully this list was resourceful, straight to the point and will assist you in starting your independent pharmacy. Becoming an entrepreneur is a great step you are taking towards a life of financial freedom. With the right knowledge, right team, and hard work, success is just around the corner!

0 comments
5 views

Permalink