Therefore, this is no wonder that various pharmaceutical businesses have continued to surface so as to meet the teeming need for proper medications for human beings .Although, getting the capital required to start out, as well as getting the much desired license to operate might be a herculean task sometimes, but truth still remains that this is one venture that gives great profit. It is worthy to note that this very lucrative business is worth billions of dollars in different countries of the world.
If you are looking to own a pharmacy soon, then making these surefire tips yours would do you a world of good. Here is a step by step guide on how you can build your own pharmacy business from the scratch.
Starting a Pharmacy – Sample Business Plan Template
1. Do the Almighty Research
Getting the necessary information you need to get started as a rookie or a semi experienced person still counts a lot. This is because it is a very expedient first step for you to take. Undertake the necessary research by browsing the internet to get the knowledge needed, as well as read books by various pharmacist authors on how you too might get started. You can also ask people who are already in the business on how they have managed over the years of operation and existence.
2. Get the Appropriate Documentation
This is the next step for you to follow and it would entail that you contact your countries chamber of commerce or corporate affairs department – depending on the appropriate authorities in charge of the establishment of pharmacies in your country. This is so that you can get the necessary documents to be completed, as well as get the necessary law backings before you start out in business.
3. Create a Business Plan
Before actually starting operation, it would really be a wise thing to draw up a business plan. This is so that you can outline properly what your pharmacy is all about, the type of services and drugs you would be providing, how the business would be operated, as well as the problem it would help solve for the community and society you serve.
You may also want to consider showing all costs associated with starting the pharmacy, such as the rent, electricity bill, the salaries, and cost of furnishing the space, your profit potential as well as the type of items that would be sold. If this might seem too technical for you, then you may consider having an expert draw this up for you. Here is a sample pharmacy business plantemplate to help you get started.
4. Volunteer to Be Trained
Since this is a new business, and which you perhaps haven’t dabbled into before, then you might really need to serve as either an intern or a trainee. This is so that you are conversant with things like where the suppliers are, basic information on how sales are determined, pricing, as well as the various markets for the products to be supplied. You may also consider asking questions exhaustively so as to leave no stone unturned as you launch out on your pharmacy business.
5. Get a Space
At this point when you might have gotten your license, then you might need to contact your realtor to get you a befitting space for your business. This is never a type of business you want to start from your home. This is because the appropriate drug regulation authorities in your country may likely clamp down on your business if you decided to run from home. So, like earlier mentioned get an office space or store good enough for your business. Be sure it is in a busy, accessible and profitable area.
6. Contact Drug and Pharmaceutical Companies
Your next step would be contacting the various drugs and pharmaceutical companies. At this juncture you would be required to establish a rapport with them by describing your pharmaceutical needs. This is so that you could determine early enough the best deals, as well as the best suppliers to procure the goods from at a friar price.
7. Hire Employees
The next port of call would be for you to hire qualified candidates to work with you. You may consider advertising on the internet, local directories, as well as the newspapers for the various positions you have. These posts would include the post of a pharmacist, a clerk or attendant/sales person, a cashier, as well as stock takers/store keepers. In hiring the right candidate is sure you know all what hiring a worker entails. If you think you need an expert to help you in the recruitment process, then you may seek help.
8. Put in Place a Good Advertising Strategy
Now that things are taking shape, the next thing to do would be to draw up a good marketing strategy on how to attract consumers. You may want to consider doing handbills/flyers, printing brochures that tells about your business and the quality of products you sell, you may also want to give out free drugs to a particular sect of people telling them that you have commenced operation is so and so area.
However, you must not neglect the good old word of mouth mode of advertisement. This means that your employees must be ready to give a top notch service so that those who patronize you may easily tell others about your new business and that way you are sure to attract new customers.
There you have it! 8 great steps on how you can start your pharmacy business. In addition to this, as a newbie you may also want to look into counseling people for free on some health issues. This for instance could be on subjects like; diet, exercise, weight loss and what have you. Above all, have at the back of your mind that you must go the extra mile to please your clients always if you want to continue to be in business.
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