Before you open your pharmacy, it’s important to take steps to prepare. This will help ensure that your business is ready to begin serving customers from day one. You will also need to ensure that you meet all of the necessary licensing and insurance requirements.
Choosing a Location
Your ideal location is crucial for your pharmacy’s success, so you should consider several factors when assessing the site. These include traffic and visibility, convenience of parking, access, and whether it is a good fit for your business. Additionally, look at how many other pharmacies are located nearby, so you can assess the level of competition.
Finding a Great Team
You’ll need to put together a team of professionals who can support your pharmacy. Make sure to hire people who share your vision and passion for the business, as well as who can help you reach your goals. It’s also a good idea to recruit people from within your community.
The average independent pharmacy has around eight non-owner employees, according to the NCPA Digest. Having a good team in place will allow you to focus on growing your business and providing the highest level of patient care possible.
Developing an In-Store Inventory
Your pharmacy will need an up-to-date inventory of all prescriptions, retail items, and medical supplies. This will help you keep your costs down and provide your patients with the medications they need. You should also partner with a wholesaler to get the best prices for your inventory and make it easier to buy the supplies you need.
Investing in Pharmacy Software
Whether you are planning to operate your pharmacy solely online, or you are aiming to add an in-store presence, you’ll need a system that allows for comprehensive management and workflow. This may include automated dispensing systems, mobile apps for prescription ordering and inventory, and point-of-sale systems.
Marketing Your Pharmacy
Creating a strong marketing strategy is a critical part of building a successful pharmacy. A solid plan will ensure that your business gets the attention it deserves from potential patients and investors. It will also outline your strategies for acquiring new customers and retaining existing ones.
Start by deciding what services you will offer to your target market, and then write them up in a detailed business plan. This will serve as a roadmap to growth and will also help you decide what type of funding you need.
Financing Options
Depending on your needs, you can choose to self-fund your business or seek out investors. These options come with their own set of risks and rewards, but they also provide a high degree of flexibility.
Aside from the cash you need to cover initial startup expenses, you’ll also need to factor in financing costs over time. A business plan can help you determine how much you’ll need for a mortgage, build-out, and operating costs.
You’ll need to register as a business in your state and request a federal Employer Identification Number (EIN), if required. Once you have this, open a bank account and begin the process of hiring workers and paying taxes. You should also secure workers’ compensation insurance and property insurance, if your pharmacy will be located on premises.
