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5 Steps to Start a Pharmacy Business


So you’ve done a lot of thinking on what business to start and you have chosen to start a pharmacy. With all the hard-earned money that you’ve saved through the years, you want to venture into something that will potentially grow your money and get more sustainable, growing income in the years to come. However, stepping into the water of hyper-competitive businesses is scary. You need to take important measures to ensure your business’ success and longevity. Here are the steps to start your own pharmacy business:

  1. Do Your Market and Industry Research. You must start by scanning your area for all pharmacies. Make sure you get all the numbers about how the pharmacy industry is doing, as well as the trends in prices and services. Here are some things to consider in your research:

    • Who are the big names in the industry? How long have they been in the business?
    • What do you think you can improve the current pharmacy industry practices?
    • In terms of supplier pricing and actual market prices, how much profit margin do they earn?
  2. Conceptualize a Competitive Advantage. With the number of pharmacies around you already, what’s something new you can bring to the table? Is it quick delivery? Efficient online order systems? Whatever it is that you want to be known for, make sure you put it in pen and paper.

  3. Think of a Good Business Name. Your name is going to be part of your brand. Try listing down some names on paper and say them out loud. Your name should be easy to say and easy to remember. If you use a very long and difficult name, people will give up on the first try.

  4. Meet with your Attorney and Accountant. Your attorney will help you with the paperwork you need to file in the government offices, while your accountant will help you draw a rough list of things to put in the starting budget so you know how much you need to put up. If you think your money is not enough to start the business, try approaching the bank for some loans.

  5. Hire Competitive Pharmacy Staff. Your business’s brand will only be as good as how your employees run it. Your brand will be how your staff treats your customers and how your customers will feel after getting out of your store. Make sure your staff is reliable and well-trained.

If you’re looking for Pharmacists in New York, at Payless Staffing and Consultants, Inc. can provide quality staff who do the job right. We offer excellent Pharmacy Staffing in Astoria New York. If you want to learn more about us please visit our website at www.paylessstaffingandconsultants.com or call us at 347-771-2075.

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