5 Tips for First Time Pharmacy Owners

Published by Erin Murray on

5 Tips for First Time Pharmacy Owners

Starting a new business is an exciting and scary time, there is a lot of uncertainty and risk involved. However it can also be really rewarding and worthwhile. Opening a pharmacy is no different to this, many open a pharmacy business to help and benefit the health of your community. To ensure it all goes smoothly, here are some tips for first time pharmacy owners:

1. Research & Be Prepared

Failing to prepare is preparing to fail right? Before opening a pharmacy you must do thorough research to find out which is the best possible way for you to achieve this. You need to find out:

  • Who are the consumers?
  • Who are the competitors?
  • What are the demographics of the location?
  • How much money will you need will you need to open and for business operations?
  • Will you buy an existing pharmacy or build your own? Will you chose a franchise or go independent?

After you have researched you also need a clearly defined plan on how you will continue to operate your business after opening, important things such as:

  • Operating systems and processes
  • Stock Inventory
  • How are you going to grow the business?
  • Where are the opportunities?
  • What are the threats?

2. Get Your Finances Ready

Once you have done your research you need access to the funds to turn your dream into a reality. When starting a new business many people will need to consider business loans. Look around and find which suits you best, banks and alternative lenders have different options to suit different needs. It is a good idea to have three to five times the amount of your initial inventory costs for working capital.

3. Employ Experts

A really good business needs a really great team, and you will need a support system to help you. It is really important to seek expert advice when starting your business to ensure you are complying with all legal requirements as well as operating in the best way for your business.

4. Location, Location, Location!

Location is everything when it comes to starting a business, when picking a location there are several things you need to keep in mind:

  • Traffic – how heavy is the foot/ car traffic in this area
  • Visibility- is it in an easy to see spot
  • Access & Convenience- how easy is it for your customers to get to your store and use
  • Size – will this space allow to to expand and grow

5. Be Patient and Persevere

In new businesses you often don’t have positive cash flow for at least 6 months, so be patient and persevere.  You also need to give yourself time to settle in and iron out the kinks. It can take up to a month to set up your computer and inventory systems, set up your space and train your staff. It is a good idea to have some practise time, where you run through your operations to identify where any faults may be.

Building a really good business takes time, don’t forget to have patience and enjoy the journey.