Medicine is among the basic needs in every society worldwide. This explains why the pharmaceutical industry continues to thrive even in tough economic times. You can also have a piece of this vastly lucrative industry if you start your own pharmacy. Nonetheless, establishing even a small pharmacy is not that easy. Working with an experienced Pharmacy Consultant is always best.
Seek Expert Advice on Pharmacy Staffing
First, you need will to find an experienced firm who is familiar with matters surrounding retail pharmacy business, as well as healthcare and pharmacy staffing employment law. They should be able to help you set up your business’ legal status, and the firm will advise you accordingly. Again, working with someone who has setup pharmacies before is a sure way to avoid pitfalls with finding experienced pharmacy consultants in this field.
Write a Business Plan
In developing your business plan you will have to consider the following:
- Analyze the population: Is the area’s population enough to support your pharmacy? Are there enough prescribers for the niche services you intend to offer?
- Evaluate Customer’s Needs: Consider talking with the community members to know what they want. Also, ask about the frustrations they get from the existing pharmacies. The physicians will be able to tell you the problems they face from their patients.
- Evaluate the Market Opportunity: You have to understand the present state of the pharmacy business and pharmacy staffing and where it will be in the next few years.
- Advertising Strategy: While it’s often overlooked, advertising is a key area in a retail pharmacy’s business plan. You need to figure out an advertising strategy that will help you overcome the stiff completion in the industry.
An experienced pharmacy consulting and staffing expert can help you with this process.
Decide on the Location for Pharmacy
Invest money and time in choosing the perfect location for your pharmacy. This could be an area with high pedestrian traffic. You can observe the area for a week or two, in addition to walking around the neighborhood to find more insight.
The location should be easily accessible and big enough to allow for future expansion. If you pharmacy is going to be a specialty pharmacy, pedestrian traffic may not be a requirement. Either way, an experienced pharmacy consultant will be able to assist with choosing a location.
Capital
In the business plan as well as the financial statements, include the following types of financing:
- Real Estate Capital: This is a common expense to purchase the property where your store is along with renovations
- Inventory Capital: You may use your own capital or get financing for inventory for your pharmacy’s products. If you do get financing many lenders offer good terms because pharmacies always have a cash flow from supply and demand.
- Working Capital: Working Capital is for daily operations within your store.
Note that one of the major reasons why start-up retail pharmacies fail is undercapitalization. You need to understand your financial needs in order to know whom you can approach for a loan, whether a Small Business Administration lender, a commercial lender, or a wholesaler. An experienced pharmacy consultant will be able to assist you with determining your expected expenses based on the type of pharmacy.
Pharmacy Staffing Requirements
A pharmacy requires a Pharmacist to be registered with your State Board of Pharmacy, as the Pharmacist is Charge (PIC). The consulting firm you choose may be able to provide you with the pharmacy staffing you need. You will need a pharmacist, pharmacist manager and pharmacy technicians to staff your pharmacy.
Open Before the Grand Opening
While a grand opening is a brilliant way to show off your new drugstore, you need to give yourself at least one month to work out any flaws in your operations. Then you can organize for a grand opening.
Conclusion
Running your own pharmacy can be a fulfilling experience, but there is a lot that is needed to get it up and running. If you keenly follow the above steps, hire an expert and experienced pharmacy consultant, you will be well on your way to starting your successful pharmacy business.