Most people consider their medications a high priority necessity and will move mountains to make sure they fill their prescriptions. That’s why starting a pharmacy seems like a great business idea!
But, opening a pharmacy isn’t cheap. Experts suggest that new pharmacy owners expect to spend up to $1,800,000 per year! You should do as much research as possible before getting started so your pharmacy business doesn’t fail in a year or two.
If you aspire to open a pharmacy, we have a guide to get you started. Keep reading to learn everything you need before starting your pharmacy business.
Put Together a Bulletproof Business Plan
Market research and financial projections should become the basis for your pharmacy business plan. If you plan on getting any loans or investors involved, your business plan should look immaculate!
These are the aspects of a business plan you need:
- summary page
- business description
- competition analysis
- market strategy
- operation plans
- financial projections
If this part seems daunting, you can hire a business advisor to help get your business plan in order.
Handle All the Legal Formalities Before Opening a Pharmacy
One of the most important parts of this process is to ensure your pharmacy covers all the legal bases and passes inspection. Plan to have any licenses and insurance set up early and make sure you know how to file taxes in your area.
Your pharmacy location should have wheelchair access and adhere to any local building/ safety codes. Have an inspector comb over the interior and exterior of your building before you open the doors for business.
Also, some medications need temperature-controlled storage. Head over to this page for Medical Refrigeration Temperature Guidelines: What You Should Know before you open a pharmacy.
Assemble Your Team of Pharmacy Employees
Putting together a good team is important when opening any new business. In a pharmacist business, you want to make sure your pharmacists are top-notch!
Spend some time writing out the job ad and make sure your ad appeals to the kind of employee you want as part of your team. Include as much information about the position as possible in the ad.
Once you get some interest going, start doing interviews. Make sure you have your interview questions planned before you sit down with your candidates.
Also, don’t feel like you need to settle for a mediocre employee. You can always continue interviewing until you find a person that clicks with you and the business.
Open Your Pharmacy Doors for Business!
Once all your ducks are in a row and all the employees know what to do, the only step left in opening a pharmacy is to start filling prescriptions! Introduce yourself to the neighborhood and consider throwing an “opening day” event to draw attention to your new pharmacy business.
We hope you enjoyed reading this article and that you learned a few things about how to open a pharmacy. If you need more information about businesses, news, lifestyles, and much more, check out the rest of our blogs today!