Starting your own pharmacy can be a fun and lucrative business venture that allows you to earn a living while helping others. If you consider yourself a ‘people’ person and enjoy the fascinating world of medical science, owning a pharmacy might be the perfect career path. It’s not uncommon for pharmacy owners to bring home an annual salary of $200,000-$500,000, when it’s done correctly. But you need to know a few things about the pharmacy industry in order to succeed…

TIP #1 Location

The location of a pharmacy can either make or break the business. If it’s located around numerous other pharmacies, it will likely be difficult to attract and maintain a strong customer base. Preferably, you want the location to be in a high-traffic area with minimal competition. Cheap industrial parts of town might be enticing to some entrepreneurs, but unfortunately it’s a poor location for a pharmacy. You have to remember that pharmacies rely on walk-in customers; therefore, you want to set up shop around a residential area with lots of people. Do some scouting to locate a highly populated area with little-to-no competition. Even if it costs a bit extra, the price of a ‘premium’ location will prove to be a smart investment.

TIP #2 Hiring Employees

A common mistake new pharmacy owners make is hiring unqualified employees. Pharmacy technicians and assistants with experience will likely request a higher pay than a worker with no experience. However, hiring unqualified employees will not only reduce your business’s efficiency, but it will also leave you vulnerable to lawsuits. The bottom line is that you should only hire experienced, qualified employees for your pharmacy.

TIP #3 Licensing

You’ll want to get all of the necessary business and drug licenses before opening your pharmacy. The exact requirements varies from city to city, but you can contact the local business planning and development center for more information. They’ll be able to guide you through the process of applying and obtaining all of the necessary business licenses..

TIP #4 Customer Service

Customer service is a key element that defines a successful pharmacy. Most people continue to shop at their preferred pharmacy, so it’s your job to set your pharmacy apart from the competition. Be sure to greet each and every customer who walks into your pharmacy with a friendly “Hello, how are you doing today?” And train your staff to place an emphasis on customer service. Taking just a few extra steps to show the customer you care will leave a lasting impression that ultimately encourages them to come back in the future.

TIP #5 Webiste

In today’s high-tech world, more people are using the internet to locate businesses rather than the phone book. Pharmacies with active websites will attract more customers and ultimately more sales. You should strongly consider having a professional website up and running when the pharmacy opens its doors.

Author: Michael S. Furlong - President

Mike has been assisting Doctors with their practice finance needs for over 10 Years has personally been involved in $100+ Million in closed practice transactions.

Mike can be reached at:
(800) 318-7125 x 201 or mfurlong@1stmedfinancial.com

Recommend Articles

Quick Quote!

100% confidential

Our Streamlined Process is simple

  • 1

    Consultation

    Complete our Practice Loan Quick App and one of our loan advisors will contact you to discuss your financing goals.

  • 2

    Loan Proposal

    Upon receipt & review of our initial checklist, a Loan Proposal with Rate & Term options will be issued.

  • 3

    Closing

    Choose which options work best for you and move forward to closing! Our entire process typically takes 30 - 45 days.

What Our Clients Have To Say

  • First, let me take a minute to say Thank You! The time and effort you and your team took to get me the financing I needed for my buy-out, acquisition and consolidation was, to say the least, beyond awesome. I was treated by everyone as if we were long lost best friends.

    Through the entire process, it felt as though getting this done was a personal task....not a job. Embarrassingly enough, I had come to you once, but decided to go to my bank "because they knew me". They were terrible, to put it nicely.

    Bottom line, I'm where I am today with my practice because of you.

    Dr. Chris Coplin, DMD

Recent Closings

  • Mar 21 2019

    Optometry Practice

    $2.35MM OPTOMETRY PRACTICE 2ND LOCATION RE CONSTR...

  • Mar 15 2019

    Dental Practice

    $415K DENTAL PRACTICE DEBT CONSOLIDATION, 5.50% 1...

  • Feb 28 2019

    Dental Practice

    $1.41MM ORTHODONTIST PRACTICE ACQUISITION, 5.75%,...

Questions?

Ask a specialist

To speak with a Practice Loan Advisor Call Us: (877) 625-8531 or