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Mar 24

Starting Your Own Independent Pharmacy

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.

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 companys 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.

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