Opening an independent community pharmacy requires patience, hard work and perseverance. And, even if you think you’re ready to take on the challenge, you may not be prepared for the harsh realities of starting a new business. Consider these three hard truths (although there are many more) about opening an independent community pharmacy.
If you want your pharmacy business to succeed, you have to accept that you don’t know everything. It’s important to learn to put your ego aside and choose individuals who are as smart—if not smarter—than you. No successful pharmacy owner does it alone!
It doesn’t matter how great a pharmacist or a businessperson you are, your pharmacy won’t succeed unless you do your research and get to know your patient demographic. Regardless of the innovative services you’ve thought to offer, state-of-the-art equipment you’ve invested in or outstanding store layout you’ve designed, patients won’t visit your pharmacy if you don’t meet their needs!
For example, if your pharmacy is located in an area heavily populated by millennials, implementing disease state education courses or selling durable medical equipment does not make sense. However, creating a smartphone app or offering energy and nutrition products may be exactly what the patients in your area are looking for. Find out what your patients really need, and then tailor your pharmacy to them.
The reality of opening a new independent pharmacy is that profits aren’t guaranteed, and you won’t see any right away. That’s why having enough capital is extremely important. For example, startup costs, such as the pharmacy location, licensing, staffing, equipment and inventory, add up quickly—especially when you aren’t making money yet.
The freedom and rewards that comes with owning and managing your own pharmacy are unmatched in our industry. Take advantage of our Turn-Key Pharmacy Ownership Program to help you start your own pharmacy.
This program covers virtually every aspect of opening of pharmacy! Here are some but not all of what's included:
2. Determining Corporate Structure
4. Finding a wholesaler
5. Insurance Contract
7. Policy & Procedure Manuals
8. Pharmacy Software
9. On-Site Representation for Board Inspection