10 Things to Consider If You Want to Open a Pharmacy
No matter if you’re tired of working for other people or you’ve heard that opening a pharmacy can be lucrative, you need to know that starting any business requires a lot of work and dedication. If your mind is set on doing this, here is what you need to consider if planning to open a pharmacy.
1. Do your research
For starters, you need to learn as much as possible about the industry. Is the market in your area oversaturated? Can you actually get regular customers? Is there a gap in the market that you could fill? Analyze your competition and do market research to better understand what your target audience requires.
2. Consult with experts in the field
As part of your research, you can also consult with various professionals and see what useful advice they could provide you with. For example, there must be someone in the same industry that could mentor and advise you. They surely have some insights and experience that would be helpful in your situation. Moreover, look into legal counsel as that might be necessary when filing the necessary documentation. Finally, if you are not versed in accounting and bookkeeping, you can also look for a financial advisor who will help you stay on top of your finances.
3. Make a business plan
In order to be successful, you need a good business plan. From a summary of what your business will do to competitive analysis and financial projections, you have to cover all aspects here. Write down where you see your business in three months, nine, a year, five, and so on. Do you think you will ever want to expand? How many employees do you plan to take on? Include how your company will be structured and how you plan to run it on a daily basis.
4. Find the necessary funding
If you don’t have the necessary funds already, you might have to look into loans that will allow you to start your pharmacy business. On the other hand, you can look into venture capitalists and angel investors as well as crowdfunding. If all else fails, perhaps your friends and family can chip in to help you turn this dream into reality.
5. Obtain all necessary licenses
When setting up your company, in addition to picking the right business model, you need to ensure you have all licenses that are obligatory in your area. Furthermore, you cannot disregard taxes, so make sure you set up all the necessary tax accounts. If you’re having trouble here, consult with a specialist. Finally, you also need insurance that will both protect you from liability and make it easier to engage with suppliers and other businesses.
6. Pick the perfect location
The next step is deciding where your business will be located. Moreover, will you build, buy, or rent a space? To get the most out of the space, it needs to be visible and accessible. For example, you could set up shop near a big pharmacy chain. They’ve probably done a lot of research and think that they are in the optimal location. That way, you can either compete by offering lower prices or servicing those customers that don’t have time to wait in a long line.
7. Equip your pharmacy
Once you’ve picked the perfect location, it’s time to equip your business. While purchasing inventory and supplies can be a bit overwhelming as there are so many items that you need, by partnering with the right people, you will be able to get a wide variety of medications. You want products that you can easily acquire as well as suppliers that offer top-notch customer service and various incentives and discounts. Then, you cannot forget about storage. From having a high-quality pharmacy vaccine refrigerator to installing various cupboards and display cases, there are many pieces of equipment to keep in mind.
8. Hire the right people
Then, if you don’t plan on working on your own, you need to hire top talent. Post about a job opening on local job boards and online. Of course, you want someone licensed and educated in the field. However, keep in mind that you might still have to train them in order for them to understand your company’s goals and vision.
9. Invest in your marketing
Marketing is a vital part of opening any business. If no one hears about it, there is no way your company can survive, let alone thrive. So, combine the online and offline approaches and promote your business on all available channels. For instance, you want TV, radio, and newspaper ads as well as social media and email marketing. If you’re not sure how to approach marketing, it might be best to outsource this task.
10. Consider a soft opening
Finally, you can consider a soft opening for your company. That means that, instead of opening your doors to the wide public, you will invite a select few to have a test run and see if everything goes smoothly. This allows you to tackle various road bumps immediately and properly prepare for your grand opening.
Having your own company can be a fulfilling experience. This is why you want to make sure you don’t skip any steps when preparing to open a pharmacy.
