Opening a pharmacy business of your own?
There is a growing trend for smaller individual businesses offering a personal touch as opposed to the large impersonal superstores that have dominated over the last decades. This is particularly true for pharmacies, where the relationship between the pharmacist and their clients builds consumer confidence. Below are the main points to consider if you are planning to open your own pharmacy.
Franchise, takeover or start from scratch?
These are the three main choices when deciding to open a pharmacy. Franchises are easier to open, as you already have a brand name, but they do not allow you the freedom to follow your own personal path. Purchasing a running pharmacy with an established customer base is a good option but may come at a high price. Perhaps the most difficult route is to start up a completely new business and build it from scratch; however, in this way you can be in total control and be master of your own destiny. Sometimes it’s easy to forget the small simple things like a cash register, pens or even a selection of Operator Chairs for your staff to sit on to stay comfy. Whatever business you are in it might be worth heading over to a company that have great deals on Best Buy Office Chairs and see what options they have to suit you.
Make sure you meet with a solicitor to guide you through the legal process of setting up your own business.
Initially your business will need capital to purchase items such as assets, consumables and stock. There are many options out there for small business loans; look around for one that suits you and discuss it with your accountant.
Needless to say, you will have to hire appropriately qualified staff, including a licensed pharmacist if you are not one yourself, an accountant, and friendly, considerate and patient frontline staff to communicate with your clients. There are also companies with highly-trained personnel that can work alongside you in your business as consultants. Pharmaceutical consulting services can suggest successful paths for your business and prevent you making expensive mistakes, often paying for themselves by the end of the year.
Spend time building your product base by examining throughput and communicating with pharmaceutical companies. You need the best deals, a good range of products and a fast supply chain.
All pharmacies need to be registered; for example, the General Pharmaceutical Council (GPhC) is the independent regulator in the UK, while the National Association of Boards of Pharmacy (NAPB) is the regulator in the US.
Owning a pharmacy requires careful setup and maintenance, but can be a very rewarding career choice.