Opening a pharmacy can be a rewarding and profitable business opportunity for anyone with an affinity for pharmaceuticals. All over the world, people need pharmacies every day to purchase patches and other remedies for daily use, and for doctor's prescriptions. However, as a pharmacy is a highly specialized business that has to meet many legal requirements, it will be helpful for you to know how to open a pharmacy before writing your business plan.
Steps
Step 1. Determine how much demand for a pharmacy is in your area
- Avoid areas like industrial and office areas, as people don't normally live here.
- In residential areas and urban centers there is often a high demand for pharmacies.
Step 2. Find out how much competition there is in the area and what sales prices they have set
If there are large franchised pharmacies with low prices, it would be difficult to attract customers and you'd better consider another area.
Step 3. Obtain all the paperwork necessary to open a pharmacy, including the pharmacy license and business registration
Some cities, states or countries may require additional licenses or permits, so check with your Chamber of Commerce to find out what you need.
Step 4. Draw up a business plan
Include your area costs, licensing, insurance, taxes, supplies, employees and marketing, as well as a revenue projection for the first 2 years.
Step 5. Get the capital needed to open a pharmacy as a private investor or with a business loan to your local bank
Step 6. Find an area that offers sufficient traffic as well as parking and easy access
Step 7. Refurbish the location to meet the physical needs of your pharmacy, including a people-visiting area, a waiting area, and a warehouse
Step 8. Find out in which terms the National Health Plan establishes the reimbursement of the drug and connect to the online database by agreeing your company with the National Health Service
Step 9. Obtain all necessary appliances and supplies, including computers, cash registers, software, medicines and other supplies
Step 10. Interview and hire qualified personnel who meet all legal requirements for a pharmacy
It is important to understand that most states and nations require a licensed pharmacist to be present during business hours. If you can't stay there all the time, you will need someone else with a pharmacist license.
Step 11. Install an audio surveillance system with an armed response team
Pharmacies are often targeted by criminals because of the amount of drugs they have, so protect yourself as best you can to ensure the safety of your customers, employees, and yourself.
Step 12. Advertise your pharmacy at local news outlets, health centers, and upscale housing complexes
Step 13. Open your pharmacy
Advice
- Join professional organizations and associations to keep abreast of new developments in the industry.
- Always consider using an employment agency if you are having trouble finding qualified staff.
