Whether you are looking to open a franchise of a popular pharmacy or start a mom-and-pop shop, it is a good idea to know where to start. You will need to have products and equipment, the right paperwork and the right location. Some of the things that you need will be pretty general for starting any business, such as a business plan and filing the right paperwork to legally conduct business in your state and local area. Other things will be highly specialized such as a license to dispense medications and packaging equipment.
Equipment
Not only do you need to have the right equipment to store, sort and dispense medications, you also need a state-of-the-art pharmacy point of sale and inventory system to help you keep track of everything. It can be tough to realize everything that you need, but you can sometimes find checklists online from others who have gone through the process or even spend time brainstorming with your business partners and legal advisors.
Legalities
Not only do you have to have a legal standing from which to conduct your business, as a pharmacy owner, you need to understand the legalities of dealing with medications, physicians and insurance companies. It is a good idea to consult a good lawyer to make sure that you are not overlooking any important paperwork or certifications that you might need. Having an attorney on retainer can also help you if you need an advocate later. One thing you will need is either a Doctorate in Pharmacy or the ability to hire someone who has one.
Location
The right location is critical for any type of business, but doubly so for a pharmacy. Your potential customers will not want to go far out of their normal commute to pick up medications and other items that you have to offer them. They will want an easy location to get into and out of with a good face to the store. You will want to make sure you can negotiate the right price for the building as well as set the store up to be friendly and impressive for your customers.
Opening a pharmacy does not have to be an intimidating process, even if you are not a pharmacist yourself. Once you have the equipment, legalities and location figured out, you will have most of your business plan covered. There are many resources available to help you do this and you can even get help from an attorney for all of the legal paperwork and regulations.
