Many licensed pharmacist are seeking to venture into entrepreneurship by
utilizing his or her talents to create their own pharmacy. In addition
to possibly increasing their earning potential, independent pharmacist
have the reputation of providing better comprehensive service and
consultations to their patients according to studies. Essentially, by
providing improved one-on-one interactions, patients usually remain
loyal and committed. Independent pharmacies are usually owned and
operated by licensed pharmacist who typically acts of the sole
pharmacist. On average, independent pharmacies are open 60 hours per
week, hence owners are required to put in as much as 20 additional hours
per week to serve their patients. Nonetheless, these long hours are
usually rewarded with a substantial salary increase depending on the
various services offered. Among the services and products offered by
independent pharmacies include sterile and non-sterile compounding,
durable medical equipment and medication management therapy. So, how
exactly does one go about owning their own pharmacy?
The first option in obtaining your own pharmacy is purchasing an existing business. There are many advantages to purchasing an established pharmacy. First, an established pharmacy will most likely have existing patients who frequent the store and systems in place which outlines suppliers, pricing, etc. When looking for a pharmacy to purchase, look at businesses with an established relationship in the community, good organizational structure, and great financials. Visit the business and monitor the day-to-day operations to ensure that they correlate with your vision.
The first option in obtaining your own pharmacy is purchasing an existing business. There are many advantages to purchasing an established pharmacy. First, an established pharmacy will most likely have existing patients who frequent the store and systems in place which outlines suppliers, pricing, etc. When looking for a pharmacy to purchase, look at businesses with an established relationship in the community, good organizational structure, and great financials. Visit the business and monitor the day-to-day operations to ensure that they correlate with your vision.
Next, you have the option of starting your pharmacy from scratch. This
option requires more work then the previous plan, however can prove to
be more rewarding in the long run. Once you have decided to start your
own store, a business plan need to be created. This business plan should
include your company’s mission statement, organizational goals,
competitor analysis, location, legal structure, marketing plan to name a
few. It is imperative to have an air-tight business plan that can be
flawlessly executed to ensure the success of your new endeavor.
The road toward being an entrepreneur is challenging yet regarding at the same time. While starting your own pharmacy will surely expose many challenges, be sure to focus purely on your ultimate goal.
The road toward being an entrepreneur is challenging yet regarding at the same time. While starting your own pharmacy will surely expose many challenges, be sure to focus purely on your ultimate goal.
