Do you think you’re ready to start a pharmacy in your neighborhood?
You’re likely to face stiff competition. The independent pharmacy market is getting smaller, while online pharmacies and big corporations move in.
Yet, it’s still possible to survive. You just have to know the steps to opening a pharmacy you can call your one. Ready to learn what it takes?
Let’s get started!
Education and Experience
You can’t just decide to open up a pharmacy. You have to go through a rigorous process to become a pharmacist that takes years. You start out as a pharmacy technician, gain experience, and then go back to school.
You’ll become a Doctor of Pharmacy. You’ll then have to pass state board exams and get licensed. Then you’re in business.
Financing
Opening a pharmacy requires money. Not many people have that kind of cash available, which means you’re likely to have to get outside investment.
You’ll need a solid business plan to get started. In your plan, take a look at the competition. You can find them online and in your neighborhood.
You’ll then need to decide the type of investment you want.
You can get loans, which you have to pay back with interest. Grants may be available in your town which are used to help small businesses.
You can also seek investors, but they’re going to want something in return for their generosity. They are usually willing to invest, but for a percentage of your pharmacy.
Pick a Location
The location of your pharmacy is going to determine the success or failure of it. The location has to be someplace central and accessible.
You also need to have plenty of parking available. As a pharmacy, you’re likely to have a lot of elderly customers who don’t get around as well as they used to. You don’t want to remind them because they had to park a block and a half away.
Hire Staff
You can’t do everything on your own. Your primary duty is to help your customers get the medication that they need.
You also have to run a business. Think about the areas that are your weaknesses and strengths. You’ll want to hire people who are skilled in your weak areas.
For example, you may not know much about accounting. You can outsource bookkeeping to someone who handles that side of the business for you.
Market Your Pharmacy
You’ll need to get people in the door, which means you need to market your business. You want to utilize both online and offline forms of marketing.
For online marketing, social media and search engine optimization are great tools to introduce people to your pharmacy and drive traffic to your website.
Opening a Pharmacy for Long-Term Growth
If you have dreams of opening a pharmacy, know that it’s possible. It’s not easy. You have to have the right education and the right location.
You want to make sure that you give your customers such a great experience at your pharmacy, they won’t dare go to anyone else. That starts with marketing your pharmacy and ends with giving prescriptions to your customers.
Visit this site often for more creative ways to market your business.
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