A lot of pharmacists dream of venturing into the pharmacy business. Nonetheless, many of them do not know what is entailed in starting a pharmacy business. This article informs you what you must know before starting out into pharmacy business. This will help you avoid making mistakes when you are ready to start.
Money comes after altruism
The profession of pharmacy is one of the health professionals guided by the philosophy of altruism. The main duty of a pharmacist is to serve the client.
Whilst you will be running a business, your core mandate still remains to be attending to the pharmaceutical needs of your cliends. These include pharmaceutical care, drug counseling and advice.
Even though you are going to make money off the business, making money should not be your primary aim of setting up a pharmacy business. Money following value is a common business practice that can also work for you.
Not a short-cut to becoming rich
Pharmacy business is not a get rich quick scheme.
Do not set out into pharmacy business and expect to be a millionaire in a year (although this is possible but in rare cases under certain circumstances).
Just like any other business, pharmacy business requires a vision and a written business plan. Executing your plan and strategy will help you attain your financial and business growth goals faster and easier.
Client is king
This is a common phrase in the business sphere which is also true.
Whether you will make money or not in your business is dependant on your clients. Train yourself together with your staff on how to be courteous to your clients.
Strive to understand the needs of your clients and meet them appropriately and promply. Go an extra mile in giving them best of experience that they will not forget easily.
Retail or wholesale business
Your community pharmacy business can be set up as either a retail or a wholesale outlet.
Decide which one you are to start with. The business model and strategies applied to each are different. Do a thorough research into what it entails running any of the outlets to find out which one fits with you.
Expect more work at the beginning
Many pharmacists desire to go into community pharmacy practice because they want to be their own bosses. Unfortunately many mistake setting their business as a license for freedom and plenty of time to do whatever they please.
You should expect spending more time in your new business that you may have spent in your previous employment. Be prepared for this before setting out in starting your own pharmacy business. The good news is that ultimately you will have less work once the business has matured.
Your business is different from your ATM
When you open shop, your business will start to make money.
At this point, many people make the mistake of spending out of the money that comes into their business on their personal needs.
Make arrangements for your personal upkeep and expenses. You may pay yourself a salary just like any other staff of the business. This should be a predetermined amount, which will be part of the business expenses.
Be aware of all the law and process involved
Pharmacy practice is a tightly regulated profession.
There are some basic legal conditions and procedures to meet before you are allowed to set up a pharmacy business. Ensure that you meet all the conditions before going ahead with your plans to open a pharmacy.
Some of these conditions include;
- Business registration with the office of the attorney general
- Registration with the Pharmacy and Poisons Board
- Inspection of your premise
- Availability of official books and materials among others
Be quite knowledgeable on these requirements beforehand to make the process of setting up your pharmacy hitch-free.
Have a succession plan
This is commonly known as exit plan.
What is your exit strategy? This will help the business outlive you as the owner.
Your succession plan can be taking up an investor or selling of the business. It is crucial that you take the decision about your exit plan at the beginning of your business.
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