Drug store owners can make a lot of money if they want to provide a service to the community.It is difficult to open an independent pharmacy.There are many things to do, including market research, financial arrangements to make, licenses to get, and staff to hire.If you want to open a drug store, you need to know a lot about it.
Step 1: Do you want to build a new pharmacy or buy an existing one?
When opening an independent pharmacy, you can either build one from scratch or buy an existing one.Some people think that option is better.Before making a decision, you should consider the challenges and advantages of each choice.You can buy an existing pharmacy that has already been established and has a consumer base.You may be able to keep some of the staff that worked in the previous pharmacy, which will save time searching for employees later.It is likely that it will be more expensive to buy an existing pharmacy.You have to get a bigger loan, find more investors, and wait longer before you start making money from your business.Buying an existing business is more expensive than building a new pharmacy.You can open the store faster if you don't have to worry about finances.It will take longer to earn a profit when you're starting from scratch.Before your store opens, you'll have to advertise a lot to make sure you have enough customers.It may take a while before you get enough customers to make a profit.
Step 2: Analyze the community.
This will give you an idea of what kind of services your pharmacy should provide.It's a good idea to talk to local residents about their healthcare needs.If the local population has any unique needs, you can see if your drug store can cater to them.You can compete with chain stores that don't offer specialized services by tailoring your services to the local community.This type of information can be provided by government agencies.Do you know what demographic information may affect your business?If the neighborhood has a large elderly population, you may want to cater to them.There is an economic state of the neighborhood.You will have to keep your prices low if the area is depressed.The cost of owning a business in the area can be determined by this.You will probably pay more in rent, taxes, fees, and other things if the area is affluent.If an independent pharmacy closed in the area, pay special attention.If you can, find out why it closed.You can find out if the owner made any mistakes that you can avoid, or if it is a sign to avoid the area altogether.
Step 3: Pick a location for the pharmacy.
A location is one of the most important aspects of a successful business.There are many things to keep in mind when investigating a location.What is the competition in the area?It will be difficult to build your business if there are several chain drugstores within a few blocks.It is possible, however.Independent pharmacies can compete with chains if they offer better service.If there are pharmacy chains close by, you will have to work harder to build a successful pharmacy.Is the area visible?Will people walking or driving by notice your pharmacy?When you're just starting out, you want to pick an area that's visible to the local population.There are nearby businesses that you should look for.If the area is good for business, then office buildings and businesses are a good source of customers.Large chains like McDonald's conduct extensive research before opening.This is a profitable area if there are some of these nearby.Take into account the accessibility of your store.If you had room for a parking lot or abundant street parking, it would be good.Since many of your customers are elderly, you'll want an area with no stairs or long walks.It's important to consider accessibility for those with disabilities as well.Additional information can be provided on the Americans with Disabilities Act website.
Step 4: Talk to other businessmen.
It's difficult to run a small business.It is reassuring to talk to people who have been through the same situation.If you meet with other businessmen and independent pharmacists, ask if they have any advice to give.You can join national organizations and talk with other professionals, who are not in competition with you, and get valuable advice if you join a national pharmacy organization.
Step 5: Find an accountant.
A good accountant is a must for a small business.Acquiring the capital to start a business and managing the business' finances will be a challenge, so you will need someone who is experienced to guide you through the process.An accountant will help you with taxes and balance your books, as well as be your financial adviser and counsel you on business decisions.You will want to hire someone you can trust.There are many things to think about when looking for an accountant.A personal referral is the best way to find an accountant.Ask other small business owners who their accountants are and if they're satisfied with their work.If your local Chamber of Commerce hosts networking events for small business owners, you can connect with potential accountants.Make an appointment with potential accountants.Potential clients can get a free introductory meeting from most accountants.If you want to find a good fit for your business, you should meet with the candidates and discuss their qualifications.If a candidate has experience working with small businesses and in the medical field, you should check them out.You want someone who has worked with small businesses and other businesses in the medical field before and understands how they work, because they have unique needs.
Step 6: A business plan is needed.
A plan for your business is needed before you can get a loan or investors.You will present the plan to potential investors.Draw up a plan for opening and growing your business with the help of your accountant and any other financial/legal advisers.The following should be included in a good business plan.A description of the services your business will offer.Do you have something that distinguishes you from other drug stores?Will you be able to cater to a specific group?If your business will offer the kind of service that makes it profitable, investors will want to see this description.There is a projection for the profitability of your business.What are projected earnings for your business?How long will it take for you to make a profit?Where will your business be in the next few years?Long-term calculations show investors that they will earn a profit if they give you capital.There is a breakdown of your costs.How much capital do you need to open this store?Rent, legal fees, advertising costs, renovations, and anything else will go into opening your store.There is an amount needed for day-to-day operations.You will need money to cover your expenses until you receive revenue from insurance companies, which can take several weeks.It's the money you've already acquired or will be putting down.If you put down money for the business, investors and banks will want to see that.It's usually around 20%.
Step 7: You can apply for a loan from the bank.
Depending on the type of loan, bank loans can cover a few months to several years of pharmacy expenses.While applying for a loan, present your business plan to your bank.A well-drawn out business plan will demonstrate to the bank that your drug store will be a sound investment, and it will grant you a loan.Also remember that the bank will probably ask more questions about the business in addition to what is in the plan, so be prepared to explain your own finances.
Step 8: Find private investors.
Private investors can help cover the opening and operating costs of your business.These can be friends or family of a business owner.To demonstrate that your pharmacy will bring in money, present your business plan to potential investors.Define exactly what your relationship will be with investors in your agreement.Are they just giving you a loan that will be paid back with interest, or are they buying into your business?If they give you capital, make sure you know what your relationship will be so you don't have problems in the future.To make your agreement legally binding, it would be helpful to draw up a contract and have it notarized.
Step 9: Make sure your pharmacy is insured.
To prevent financial loss for yourself, you need to have insurance for your drug store.Small businesses have standard insurance, like theft and fire.Professional liability insurance is more unique than others.To find out what kind of insurance you need for your business, speak to your accountant, insurance agent, or lawyer.
Step 10: The manual should be written for employees.
It can be difficult to run a small business.It's important to have procedures in place so that your employees are prepared for any situation.New employees need to read the manual as part of their training.All of your staff will be familiar with the store's policies and procedures.The proper way to interact with customers should be included in your manual.When starting a small business, it's important to make sure your employees are friendly and helpful.What is inappropriate behavior should be included.Make it clear which activities are grounds for a warning and which are not.You can say that this was spelled out in the manual if you have to fire someone.
Step 11: Inquire about all staff before you hire them.
If you're good at multi-tasking, you need a good staff in your pharmacy to help make it succeed.Don't forget to hire all of your employees, from cashiers to pharmacists.Check their background, interview them, and make sure they are up to the task.A bad employee can hurt your business.
Step 12: A pharmacist is a good hire.
Pharmacy staff need to be licensed.If you are going to start a pharmacy, you might be a pharmacist.If this is the case, you should still have a few backups in case you need to take a day off.The business owner has to make the business successful.Sometimes it's necessary to take a step back from pharmacy duties.
Step 13: Pharmacy technicians are needed.
Techs help the pharmacy by counting pills, typing prescriptions, and making phone calls.Pharmacy students are more likely to be hired for these jobs because they are familiar with drugs and pharmacy management.If you're looking for good technicians, try advertising at nearby pharmacy schools.If your store gets busy you may need more pharmacy technicians.
Step 14: Pay cashiers.
Drug stores have a pharmacy and a convenience store that sells household items.If this is the case, you should have two cashiers, one for the pharmacy and one in the front.You will keep everything running smoothly if you use this method.
Step 15: Stock workers should be hired.
The workers make sure the store is clean and well-stocked.The untidy store will drive away customers.Smaller stores usually only have one stock worker on duty at a time, but larger stores will probably need more.
Step 16: Managers can be hired.
If you have a small store, you can take care of the pharmacy and front yourself.You will have to delegate some duties for a larger store.Managers are in charge of the employees and activities in their area.They help with insurance, billing, accounting, and other office tasks.If your store is large, you may need two managers, one to oversee the pharmacy and the other to run the front.They can keep you updated on what's happening in the store by reporting to you.
Step 17: If necessary, hire security.
Pharmacy robberies are becoming more common because of the drugs they carry.It might be a good idea to have a security guard on duty who can help keep the store safe.
Step 18: You need all the necessary equipment for your business.
The following are needed to make your drug store ready to open.If you need other items to get your store ready, you'll find that this is only a suggested list.Computers and software.There are cash registers.There are phones and phone lines.The chairs are good.Elderly or disabled patients should be able to get up easily if the chairs have arm rests.Paper towels, OTC drugs and products, food, cleaning supplies, and anything else you'd like to sell are in the front of the store.The pharmacy has Vials and pill bottles.
Step 19: You should set up your store well.
The layout of the store is important.A cluttered store with a poor layout will hurt or even sink your business.When designing your floor plan, keep in mind the following guidelines.The front door has a cash register that customers can use to check out.There is a pharmacy in the back of the store.Ensuring that pharmacy staff can work efficiently will be important for safety.The aisles should be wide enough for wheelchairs and people with disabilities.There should be an area for counseling.Patients can be counseled on their medications in a private area of your drug store.This is a law in some places.If this is back by the pharmacy, your pharmacist doesn't have to travel far from his post to counsel a patient.If you want to know which products are in the aisle, hang signs above the aisles.It will help customers find what they need quickly.
Step 20: A security system should be set up.
Businesses need security in order to keep employees safe.You should look into cameras, alarms, and safes to help prevent robberies.
Step 21: Licenses, permits, and certifications are necessary for opening.
Depending on the location of your pharmacy, you'll have to consult local laws to ensure that you are meeting all necessary qualifications.If you want to make sure you are getting all the paperwork you need, you should consult a lawyer who is familiar with the laws in your industry.The United States has a state pharmacy license.Each state has a board of pharmacy that grants licenses.You can get this certification by contacting your state's board of pharmacy.If the state board of pharmacy wants to inspect your pharmacy before it opens, you should stay in contact with this office.There is a requirement for a Drug Enforcement Administration number in the United States.If you want to sell narcotics, you will have to register with the Drug Enforcement Agency.You can get federal certification by contacting your local office of the Drug Enforcement Administration.
Step 22: You should open your pharmacy before the grand opening.
Any new business will have a few bugs that have to be worked out.It is a good idea to have some time before the grand opening to work out the issues.If your grand opening has a lot of customers and you experience problems, you and your staff can easily be overwhelmed.Your store could get a bad reputation from the start if service suffers.One or two months before your grand opening is a good time to open your doors.With only a few customers to deal with, this will help you work out any issues in your system.It's a good idea to make sure everything runs smoothly at your grand opening.
Step 23: It's a good idea to market your store before it opens.
By your opening day, everyone in the community will know about your store.There are many ways to promote your business.You can advertise in the "Coming Soon" section of your local newspapers if you want to let people know that a business is about to open.Place circulars on houses manually by sending them in the mail.Your business and services should be described in the flyers.It would be great to have some opening day sales.Social media can be used.It's a good idea to start a social media page for your business.Ask your friends, family, and staff to do the same by sharing it on your own personal page.You can get a lot of free advertising if you have enough shares.
Step 24: Sponsor a big event for your opening.
When your store is all set up and you've worked out any problems in your system, announce to your local community that you have officially opened.If local news outlets will cover the event, you should contact them.The ribbon-cutting ceremony will attract the press and a lot of community attention if the mayor or another local politician is in attendance.Ensuring that the entire community knows about your store opening is possible with a big grand opening event.
Step 25: Local community organizations are a good place to join.
Many small business owners are active in their communities.This helps expose them and their businesses to the public.There are events at local schools, parks, religious institutions, and civic associations.Your business can be recognized if you stay active in your community.
Step 26: There are other medical professionals in the area.
Referrals from doctors can be a great way to grow your consumer base.Go to the doctor's office and introduce yourself.Ask the doctor if he would mind if you left a few business cards in his office.If you show that you care about your patients, he may refer them to you.