What You Need to Know If You Wish to Open a Pharmacy

by Ronald Wolf Business Consultant

When it comes to buying over-the-counter medicines, customers like to shop at local pharmacies. In most of the world, running a pharmacy is a lucrative business but there are a couple of things you need to keep in mind if you wish to open a pharmacy.

Research the local market

Even if you introduce online shopping, the location of your pharmacy is going to play a decisive role in attracting customers. The pharmacy should ideally be located in a neighborhood where there aren’t many pharmacies around.

Furthermore, the pharmacy should be easily accessed on foot for the sake of elderly citizens. Also, there should be a parking lot nearby, so your customers have where to park. Finally, don’t forget to list your pharmacy on Google My Business, so you get a pin on Google Maps.

Find legal guidance

Opening a pharmacy is as much an economical and medical venture, as it is a legal enterprise. Laws regulating entrepreneurship are sometimes so intricate that it’s better to leave the legal battle to a lawyer. Their fee is lower than the time and energy you would lose collecting paperwork.

Labor allocation

The secret behind the success of many international companies are the workers they employ. Running a pharmacy is no different, as pharmacists behind the counter are the ones interacting with customers.

Needless to say, you should only hire licensed pharmacists who are amicable and experienced or willing to learn. Also, you need to be able to trust your employees.

Consider taking out a business loan

Unless you have a lot of money sitting on the side, you will need to take out a business loan. There is nothing wrong with this, as many small businesses took out a loan at the beginning.

Banks are well aware of this entrepreneurial need, so they offer business loans with low-interest rates. The loans are necessary to hire the aforementioned staff and purchase supplies.

Purchasing quality equipment

Before the pharmacy is ready to welcome its first customers, you need to set up op a lab in the back that will make all sorts of concoctions. The equipment you buy for the laboratory should be top quality, made from durable materials.

From a pharmacy fridge for storing vaccines to magnetic stirrers, all lab equipment should be sourced from trusted manufacturers. The same goes for the rest of the equipment, such as cold plates and biological safety cabinets.

Stock up on products

Turning to the front of the pharmacy, the shelves need to be well-stocked with drugs and medical aids. This means you should have a good business relationship with pharmaceutical companies that will perhaps offer you great deals.

When ordering medicines, you should think about the supply and demand, the quantities, and the turnover. Customers should be presented with the image of full shelves, so they know your business is doing well.

Making a name for yourself

Your customers might not notice it but your pharmacy might be part of a bigger franchise. This is a great business solution for startup pharmacies, as they get instant brand recognition.

As an alternative, you can take over a well-established pharmacy from the previous owners. By retaining the pharmacy’s name, you will retain loyal customers.

The hardest way to open a pharmacy is to start a brand new franchise. Before you are ready to make such a bold move, you should have researched the local market several times over.

Getting a license

Just like you are going to hire licensed staff, your pharmacy needs a license from the authorities. The health department or the ministry is usually in charge of licensing pharmacies but if you hire a good lawyer, as described above, you shouldn’t dabble too much with legal conundrums.

Doing community work

Because of the humanitarian nature of a pharmacy, it is fairly easy to reach to connect with the local community. From organizing immunization day at the pharmacy (e.g. the COVID-19 vaccination is in full swing now) to inviting lecturers, there are plenty of events you can invite the local population to.

Also, you can sponsor the local rugby/football team or organize a lecture at the local school about the advantages of eating healthy food. Working for a pharmacy is every marketer’s dream, as promotional opportunities are endless.

Stay patient

Once you get the state pharmacy license, you are not going to hold the grand opening the next day. Shelves need stocking and staff will need to undergo a short training course. If nothing else, they have to get acquainted with the IT system, as not all pharmacies use the same software.

We hope that you now have a clearer picture of what it takes to open a pharmacy. Find a lawyer that will help you with the legal issues, apply for the state license, and buy quality equipment. After you complete all the steps listed above, you are finally going to be ready to welcome the first customers.

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About Ronald Wolf Freshman   Business Consultant

11 connections, 0 recommendations, 32 honor points.
Joined APSense since, January 10th, 2018, From Perth, Australia.

Created on Feb 24th 2021 04:10. Viewed 43 times.


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